retiring to save the taxpayers money

[s_boy]

hey all... i am a federal employee with @ 32.5 years service. i'll be 52 next month (december) and have just written a restaffing plan for my division which restructures a few positions and takes me out of the picture (ha ha). the good news is - the plan saves the taxpayers about $125k p/yr forever and allows me to retire early - with a buyout bonus.

my last day with uncle sam is february 1, 2008.

i could have done this at any time over past 2 years but was waiting for my middle son to finish college... this fall is his last semester so no more excuses. the wife is pushing me to make this move NOW! she is more excited about me being free - than i am.

we're totally out of debt, except our mortgage payment ($800/mo). we've done the math and we can live comfortably on my annuity... but she wants to work a bit longer to be sure. we also have 2 small 401s on the back burner and both of us will be eligible for social security in 10 years -at age 62.

also - i have already been approached about some part time consulting work, which pays pretty good (the work could be fun). so i am considering that proposal. i could work out of my home, with some traveling and am leaning towards a few years of doing this mainly to pay off the house and allow us to do some long vacations, in style ?

just wanted to say hello and start getting smarter about the big shift to freedom.

God bless all - alex & linda

 

[Sandy]

Welcome s boy. You have come to the right place.

Your plan sounds grand. As I am a state government employee focused on redesigning programs and public policy to efficiently use state $$, I applaud your efforts in that area as well. The only part you didn't mention was health insurance, but as a fed you likely have access to good continuing coverage.

 

[s_boy]

hey sandy

exactly - my health ins goes with me and i am taking the full survivor's annuity as well. north caorlina does not tax federal pensions, so with our reduced cost of living, our net reduction in pay does not feel as bad.

also, i did not mention - i am taking @ 5.8% penalty. but the job has gotten to the point, i doubt i would have any sanity and/or self respect remaining 3 years from now (age 55)...

al

 

[Coach]

Alex, welcome to the board. It sounds like you've got the plan. Congratulations!

Coach

 

[martyb]

Hi Alex. Sounds like you're a CSRS'r. I'm a fed too, coming up on my 31st year. I'll keep plugging till 55, unless I get an early out offer. I work for the Air Force, and I haven't seen too many VERA offers for us lately. I'll be 50 in January, but the final countdown has already begun as far as I'm concerned! Like you, I fall under the old retirement system, and am truly happy for that, for the full COLA and other reasons as well. Just curious, have you taken advantage of the TSP? I realize it's possible, that even though you have over 32 years you could still be FERS, but I'm assuming CSRS. Either way, welcome to the forum!

 

[s_boy]

coach... i have a real peace about going. it just feels right (finally). thanks.

martyb... yep doing a VSIP/VERA. i am in the old CSRS system, like you, and feel very fortunate. i considered converting to FERS back in the 80s, glad i didn't. i work for the USN/USMC - was active USN (73-77). i will have to pay those 4 yrs back before i leave ($6k). i have been in TSP for a few years on and off... appx $20k in the L2020 plan. we plan to either convert that to something similar to a 401 when i leave... or cash it out after my salary drops and buy a small travel trailer... ? i will be selling back 256 hrs of leave (GS13 st/7) and walking out with a $25k VSIP. i'm blessed - and stoked.

as much as we'd like to stay to 55... we have decided that those 3 precious years mean more to us than the extra $750 (or so) a month on my annuity if we stay. as everyone knows - we can make more money - but we can't make more time...

 

[Getting short]

Hi Alex,
Clever plan to write yourself out of the picture! I'm a CSRS Fed too and will be retiring this leap year at 55 yo w/30 yrs of service. We haven't had an early out option for many years now, so I've had to keep at it until the numbers clicked. Nice that NC doesn't tax Fed pensions, here in OR there's a partial tax based on when you worked. I'll be happy to leave with 200 hrs of AL as I've been taking more than normal this year to keep sane until I cross the finish line. Take care and welcome to the board.

 

[martyb]

North Carolina is my home state. Most of my relatives live there. I left when I went into the Air Force in 1977. The jury's still out as to whether I'll end up moving back there after retirement. For now, I go back to NC about 2X a year for visits. I was even stationed there when I was active duty. Seymour Johnson AFB in Goldsboro.

 

[s_boy]

Hi Alex,
Clever plan to write yourself out of the picture! I'm a CSRS Fed too and will be retiring this leap year at 55 yo w/30 yrs of service. We haven't had an early out option for many years now, so I've had to keep at it until the numbers clicked. Nice that NC doesn't tax Fed pensions, here in OR there's a partial tax based on when you worked. I'll be happy to leave with 200 hrs of AL as I've been taking more than normal this year to keep sane until I cross the finish line. Take care and welcome to the board.

i am writing myself out of the picture because we have to reduce labor costs in our field (environmental)... we have enough management folks, so felt it best to take the hit within management rather than on the operation side of the division. also, i am a dinosaur of sorts... once i leave, my position will require a science or engineering degree... preferably a masters. i do not even have an associates, ha! i am surprised that other fed activities aren't reducing via VERA as we are? we retire at least a dozen a year this way and have been for years. if i don't bail out by february, i'll have to start burning up my AL too (to stay sane).

 

[s_boy]

North Carolina is my home state. Most of my relatives live there. I left when I went into the Air Force in 1977. The jury's still out as to whether I'll end up moving back there after retirement. For now, I go back to NC about 2X a year for visits. I was even stationed there when I was active duty. Seymour Johnson AFB in Goldsboro.

seymor/ goldsboro area is growing leaps and bounds... a very popular retirement spot for USAF folks. i am east of seymore about 2 hours, over by MCAS cherry point. lots of retirees here as well. fairly low cost place to live... not over crowded... close to lots of beautiful water, beaches, and woodlands. come on back!

btw, my youngest son is USAF... currently stationed at elmendorf.

 

[martyb]

hmmm...maybe I'll take a drive to Goldsboro next time I'm home. Should be sometime in Jan or Feb. I used to drive over to Atlantic Beach on some weekends. I applied for a job a Cherry Point once back in the 80's. We used to get Harriers from CP on our ramp at Seymour when I was stationed there. Since I worked on the flightline, I got to see all the neat & unusual planes come in from all over. My hometown is Rockingham, in Richmond County. That's about 123 miles southwest of GBoro. Fayetteville is around 1/2 way. Lived in Goldsboro 4 1/2 years. I've been back once (about 10 yrs ago) and I could tell it had really grown a lot. Ever heard of Wilbur's BBQ??

 

[yakers]

Another soon to retire Fed here, 57 years old w/34.5 years. Ah, CSRS. Now work wise I really like working for NASA. If my old boss was still here I would have to be pulled out kicking & screaming. But its time to go on, medically its time and budget wise its time and the buyout offer should come around the end of the year so I will be gone abut March 3rd. If it doesn't, I'm out in July anyway, 35 years is enough.
Yep, I really like my job but I imagine having more time for the wife & kids & grandkids & kayaking will work out even better.

 

[s_boy]

hmmm...maybe I'll take a drive to Goldsboro next time I'm home. Should be sometime in Jan or Feb. I used to drive over to Atlantic Beach on some weekends. I applied for a job a Cherry Point once back in the 80's. We used to get Harriers from CP on our ramp at Seymour when I was stationed there. Since I worked on the flightline, I got to see all the neat & unusual planes come in from all over. My hometown is Rockingham, in Richmond County. That's about 123 miles southwest of GBoro. Fayetteville is around 1/2 way. Lived in Goldsboro 4 1/2 years. I've been back once (about 10 yrs ago) and I could tell it had really grown a lot. Ever heard of Wilbur's BBQ??

harriers have put a lot of food on our tables here in eastern nc... too bad that aircraft has never "really" proven itself to be overly valuable (imho)... however we also overhaul the h46 and h53... of which there is no way to ever measure the tremendous value those birds provide to military operations. so i guess all things balance out.

yep - Wilbur's is one of the best pork BBQ in eastern nc. and thats saying something, cause there's lot of great BBQ joints in these parts.

 

[s_boy]

Another soon to retire Fed here, 57 years old w/34.5 years. Ah, CSRS. Now work wise I really like working for NASA. If my old boss was still here I would have to be pulled out kicking & screaming. But its time to go on, medically its time and budget wise its time and the buyout offer should come around the end of the year so I will be gone abut March 3rd. If it doesn't, I'm out in July anyway, 35 years is enough.
Yep, I really like my job but I imagine having more time for the wife & kids & grandkids & kayaking will work out even better.

cool deal - 57, i wouldn't hesitate.

and i know what you mean, there are still immensely rewarding moments in my management job (especially during this time of year)... but each year, the warn and fuzzies are getting to few and too far between.

 

[s_boy]

wow - i found this in my archive forum folders and forgot about this post.

update - i did not retire early. but i did retire 12/31/10 - about 2 months into the lifestyle now and loving every minute of it. i plan to goof off this year and maybe get a part time job next year if i get too bored.

 

[East Texas]

What caused you to delay leaving for three years? It sounded like you were more than ready to go in 2007.

 

[s_boy]

management offered me another position... since my wife still had a few years to work i figured i would take the new position thinking doing something different would help my interest level (and it did). but at 55 i couldn't take it any longer - i had to get out.

no VSIP - but a better annuity.

so i'm done and the wife has about a year to go.