I was told last week that I will not be selectively continued in the AF after the results of the O-5 board that met in Mar. I was planning on PCSing to a job in Texas early July. A part of me is relieved that I will not be stuck as an O-4 for the next 5 years on active duty. The other part of me is sad/upset that my active duty pension and upcoming position are both completely jammed up. This year started off promising, I was selected for a major command award, my Promotion Recommendation Form looked better than last year, found missing decoration paperwork, etc...However, as fate would have it, to serve the 5 years on active duty in a higher grade, is not in the cards. Even though my professional development would have been limited (decayed), I thought I would be able to finish out my 20 years on active duty.
I will get a severance of about $118,000 before taxes. I've saved about $89,000 in my TSP and $57,000 in my IRA. I have about 3 months of terminal leave and 1 month of permissive TDY. I am pretty sure I will have to pay hefty taxes this year because of the severance. My goal is to not live on that and land a GS job by the end of next year. I have a pretty good lead on one, but do not want to "count my chickens before they are hatched."
I am also planning on joining the Reserves, so I can make up the 5 years for a reserve pension. I am encouraged by what I read in the ATC thread about the Reserves, but would like to get advice/opinions on my overall situation. TIA.
I will get a severance of about $118,000 before taxes. I've saved about $89,000 in my TSP and $57,000 in my IRA. I have about 3 months of terminal leave and 1 month of permissive TDY. I am pretty sure I will have to pay hefty taxes this year because of the severance. My goal is to not live on that and land a GS job by the end of next year. I have a pretty good lead on one, but do not want to "count my chickens before they are hatched."
I am also planning on joining the Reserves, so I can make up the 5 years for a reserve pension. I am encouraged by what I read in the ATC thread about the Reserves, but would like to get advice/opinions on my overall situation. TIA.