2014 retired FED and going to retire FEDs...
- Thread starter Redbugdave
- Start date
OP
OP
Redbugdave
Thinks s/he gets paid by the post
Woo Hoo Cassie! It DID come! And you got a specialist! The ball is rolling, now. I know you are relieved. Whatcha gonna do with that extra money!
You know...we can live more in the present now. Don't have to worry about getting laid off or making the boss mad and getting written up.
70% is pretty darn good Marty. Plus all your other investments and when your Reserves comes due. You will be on easy street. You will be out in the boat pondering what's going on with the downsizing...then you will shrug and forget it because you spot an osprey in a cypress tree...
You know...we can live more in the present now. Don't have to worry about getting laid off or making the boss mad and getting written up.
70% is pretty darn good Marty. Plus all your other investments and when your Reserves comes due. You will be on easy street. You will be out in the boat pondering what's going on with the downsizing...then you will shrug and forget it because you spot an osprey in a cypress tree...
martyb
Thinks s/he gets paid by the post
Congrats, don't spend it all at those Bosier City Casinos.
If these casinos were depending on me to stay in business....let's just say there'd be some prime riverfront real estate for sale.
I've go other places to blow my money....not flushing very much of it down the casino-bowl.
martyb
Thinks s/he gets paid by the post
Dave, that's pretty much the way I picture it, too. Going fishing on Caddo Lake this weekend, just to remind myself what's waiting for me!
Kaufmanrider
Recycles dryer sheets
Good for you Cassie. I have been told CSRS retirements get finalized faster than FERS. The Social Security/FERS Special Supplement is what slows the FERS retirement calculations down. OPM doesn't have a computer program to calculate it, they do it by hand. Welcome to the 21st Century.
Cassie
Recycles dryer sheets
- Joined
- Jul 3, 2012
- Messages
- 281
Yippee, I received the personalized "blue" book W2R referenced. Looks like I am finalized in less than two months. THANK YOU OPM.
@kaufmanrider....You're right CSRS does process quicker.
Kaufmanrider
Recycles dryer sheets
Cassie
Recycles dryer sheets
- Joined
- Jul 3, 2012
- Messages
- 281
I'm going to put $100 of the extra money into the "gifts, going out to lunch, pocket money column. $50 will be added to savings or house maintenance fund.
@kaufmanrider, I hope your information come soon.
Congratulations RedbugDave on your retirement.
I retired a GS-11 CSRS 06/02/06. I had 32 yrs and 8 months and I was 53. I took an early out. I had had enough! I don't remember what my step was now. I remember receiving a check for my annual leave and I also remember having to pay for my LTCI by check for a short while. I have not touched my TSP yet, nor has my DH touched his 401K yet. We also have our IRAs at Vanguard. It seems like such a long time ago, that my memories are fuzzy on the length of time. I do not remember it being bad though.
I am so thankful for this board. I don't know that I would have even considered retiring at 53, if it had not been for this board and all of the wonderful people here.
Last edited by a moderator:
W2R
Moderator Emeritus
That's the one! CONGRATULATIONS!!!!
BTW, I retired via FERS, with no supplement, on 11/9/2009 and received my blue book on 2/3/2010. Given the backlog OPM has had for the past few years (which wasn't an issue when I retired), their speed with your processing is absolutely outstanding!
Cassie
Recycles dryer sheets
- Joined
- Jul 3, 2012
- Messages
- 281
That's the one! CONGRATULATIONS!!!!
BTW, I retired via FERS, with no supplement, on 11/9/2009 and received my blue book on 2/3/2010. Given the backlog OPM has had for the past few years (which wasn't an issue when I retired), their speed with your processing is absolutely outstanding!
Thank you W2R....I thought all FERS was a 3 legged stool...FERS supplement, SS, and TSP. Maybe I'm not understanding......you didn't get the supplement? And yes, I am amazed and impressed with OPM.
Greg V
Recycles dryer sheets
The 3 legs are your FERS Annuity, TSP and SS. The FERS Annuity Supplement takes the place of SS until you reach age 62 and goes away. You then have the option of taking SS immediately to keep 3 "legs" or waiting to draw SS if that fits your situation best
It's possible to retire under FERS without a the FERS Supplement if you retire at age 62 or later because you are already eligible for SS.
Congrats. When I retired in 2012 I also thought OPM did a good job working my retirement requests and answering questions.
It's possible to retire under FERS without a the FERS Supplement if you retire at age 62 or later because you are already eligible for SS.
Congrats. When I retired in 2012 I also thought OPM did a good job working my retirement requests and answering questions.
Kaufmanrider
Recycles dryer sheets
Password arrived. Logged onto retirement services. The good news, I was approved on Feb 20 for interim payments beginning March 1. The bad, it says $0.00.
If I don't get anything on the 1st I may have to call them and my Senator, Ted Cruz involced? Maybe I can get him to push them along. Of course, they could just lose my paperwork if he contacts them.
If I don't get anything on the 1st I may have to call them and my Senator, Ted Cruz involced? Maybe I can get him to push them along. Of course, they could just lose my paperwork if he contacts them.
OP
OP
Redbugdave
Thinks s/he gets paid by the post
Password arrived. Logged onto retirement services. The good news, I was approved on Feb 20 for interim payments beginning March 1. The bad, it says $0.00.
If I don't get anything on the 1st I may have to call them and my Senator, Ted Cruz involced? Maybe I can get him to push them along. Of course, they could just lose my paperwork if he contacts them.
Kaufman...I don't know why they are so slow. I think I would call them and see what they say. I have had an amount posted in mine...it was that way when I first logged on.
I wonder if all the non-govt people retiring from private companies go through this long drawn out interim partial pay process where they get partial pay for months on end? Or is it just Uncle Sam?
OP
OP
Redbugdave
Thinks s/he gets paid by the post
Cassie and Dreamer...My way of celebrating was to give myself a present of getting back into beekeeping!
http://www.early-retirement.org/forums/f29/beekeeping-70407.html
Cassie
Recycles dryer sheets
- Joined
- Jul 3, 2012
- Messages
- 281
Congratulations Redbugdave and good luck on your beekeeping hobby, the pictures of your supplies looks like you're ready. Sorry Kaufmanrider about the $00 balance, keep us posted after you call.
Hermit
Thinks s/he gets paid by the post
I retired from a government contractor megacorp and had my first pension check deposited the Friday I retired. That was the last day of the month. I've been getting them on that day since. I gave about 30 days notice.
Kaufmanrider
Recycles dryer sheets
Strange how OPM works? I posted on another Federal Forum and another Fed who retired same day I did responded and stated he received his password the day before me (Monday) and his on-line account also showed a 0 dollar interim pay. However, he said the next day, yesterday, he received a letter from OPM with his interim pay calculations and a dollar amount that will be 78% of his FERS, no Special Supplement. First payment March 1. So I am waiting for the mail.
OP
OP
Redbugdave
Thinks s/he gets paid by the post
Hey...I got a letter in the mail yesterday, too. It showed the same amount that the on-line account says for interim pay. Maybe yours will have your amount on-line today or tomorrow. Other forum...Federal Soup?
Kaufmanrider
Recycles dryer sheets
TSPTALK.
No OPM mail today so I called the OPM number. Third try I got the automated answering system. I entered my menu number and was on hold for 20 minutes until I spoke to a real person. She was testy, I was nice. I guess all day dealing with angry retirees? Go figure.
I explained my on-line services account showed my interim payments were going to be $0.00 and I was concerned there might be an error. She told me she didn't know what I was talking about, I had been keyed in for interim payments and will receive them. I replied yes, the services on line account says I was approved interim payments on Feb 20, 2014 with a total amount of 0.00 and gross of 0.00. She couldn't explain why it said that but told me how much I will get Gross and Net. Based upon my agency pre-retirement calculations it is about 67% of what I will eventually receive.
Hermit
Thinks s/he gets paid by the post
Wow! That's quite an ordeal. My megacorp had an on-line tool that you could put in the date you expected to retire and any pay raises you expected to get prior (%/yr) and it would tell you how much your pension would be. Everything was calculated from your start date. If you had a break in service, the start date was adjusted accordingly. When I retired, I told them the day and what medical insurance I wanted and everything else was pretty much automatic.
Kaufmanrider
Recycles dryer sheets
That's the Fed's for you. Too many departments involved. My agency HR did my packet, crunched the numbers and told me what I would get based on their calculations which included health insurance, taxes, survivor benefit, etc. I am told my agency is fairly accurate but final numbers could swing as much as a couple hundred dollars in each direction. The Office of Personnel Management is the final adjudicator of our retirement numbers.
Here is how my (and other Fed's are similar) retirements processed. After I retired my agency sent my retirement packet to another agency that processes our payroll, the National Finance Center (NFC) run by the Department of Treasury. After I retired NFC added my payroll documents to my retirement packet they received from my agency and sent it all to the third and final agency, the Office of Personnel Management. Once they receive it you sit and wait. A few years ago they had a backlog and took upwards of 9 months or more to finalize retirements. It appears they have somewhat caught up and average 90-120 days. Some people are done sooner, like Cassie, others later. I hope I am like Cassie and on the sooner side. Not so much for the money as I have a cash reserve and will get made whole when it is all finalized, but more so to have it all done and behind me so I can relax and enjoy more ER.
OP
OP
Redbugdave
Thinks s/he gets paid by the post
Hermit..And there's 2 types of retirement systems going on, too. An older one with just an annuity, and a newer one with a small annuity and 401K. The older system gets finalized sooner than the newer one it seems.
OP
OP
Redbugdave
Thinks s/he gets paid by the post
Also...another good ongoing thread to keep up with since it concerns us...
http://www.early-retirement.org/forums/f28/withdrawals-and-taxes-70765.html
http://www.early-retirement.org/forums/f28/withdrawals-and-taxes-70765.html
Kaufmanrider
Recycles dryer sheets
Checked my OPM services online account this morning. My retirement package was assigned to a specialist for processing Feb 27, 2014.
