Federal spouses planning to leave service together

[OfficeSpace]

Thanks! That's good advice; I have a digital countdown clock and a paper calendar with months crossed off but hadn't thought about doing that weekly, which might be a better frequency. I currently have 2109 hours of sick leave (after taking 8 hours last pay period to recover from Pfizer dose #2, which turned out to be no big deal) and aim to keep the balance above 2087 hours to count as another year of service when my FERS annuity is calculated if I return to Federal service later and retire at my MRA.

 

[goingtotravel]

Sounds like you are both heading for the finish line! Congrats. I mentioned last year that DH and I are both feds. We are both retiring this year at our MRA.

I just wanted to comment on the job becoming a grind even if you enjoyed it in the past. As soon as we realized we had more than enough $ to retire my interest in my job changed drastically. Since I wanted to make it to my MRA I ended up dropping to working 4 day weeks since last summer and have recently dropped hours again to 3 days a week. The leave payout seemed insignificant compared to our pension and savings and we have enough cash to last several years. Using my leave has made it a lot easier to get though the last few months and it has forced other (younger) staff to step up and fill my shoes on the longer term projects. Not all the stress is gone but a good bit of it has started to fall away so I have no regrets burning through my leave before retirement.

 

[OfficeSpace]

Thanks! That is exactly how I have been feeling, and I sincerely appreciate hearing your experience. Congratulations on making it to your MRA!

 

[OfficeSpace]

When the market closed yesterday (at record levels), VG + TSP > $5M for the first time. Though it is "just a number" (and one that the market may not sustain), we consider it a milestone, and after reviewing our latest FIRECalc results, agreed that I should resign at the end of this year. Let the final FI/RE countdown begin: eight weeks for me (at 50) and 16 months for DW (at 56)!

 

[OfficeSpace]

Update: The market did not sustain that number, of course, but we stuck to our plan: I resigned at the end of 2021 and DW retired this past Friday (the very day she reached MRA). Later this week we will embark on our inaugural open-ended road trip; it feels surreal! Thanks again for the insight and encouragement.

 

[Out of Steam]

Instead of cashing out your leave, consider using all of it to make the job more tolerable. You don't need the extra money.

This is what I did; retired with only about a day of annual leave on the books.

 

[Out of Steam]

Update: The market did not sustain that number, of course, but we stuck to our plan: I resigned at the end of 2021 and DW retired this past Friday (the very day she reached MRA). Later this week we will embark on our inaugural open-ended road trip; it feels surreal! Thanks again for the insight and encouragement.

Congratulations to both of you!

 

[Blue Poles]

Congratulations! I'll be joining you in 25 days, though I only actually have to work for two more days if I burn my leave. But I will take the leave payout, I plan on blowing that dough on a set of Klipsch Cornwall speakers. I figure that's a pretty decent prize for making it this far.

 

[OfficeSpace]

Congratulations to both of you!

Thank you!

Congratulations! I'll be joining you in 25 days, though I only actually have to work for two more days if I burn my leave. But I will take the leave payout, I plan on blowing that dough on a set of Klipsch Cornwall speakers. I figure that's a pretty decent prize for making it this far.

Nice! My first retirement project in early 2022 was building a center channel speaker to match the Teledyne AR9 speakers in my home theater (details here). Enjoy the Cornwalls!

 

[pacergal]

Congratulations and enjoy your trip!
Safe Travels.

 

[FedRetired50]

Congrats! My own story, a fed for 23 years, I took an early-out last July at 50. I had 4 glorious months of rest and getting stuff off of my to-do list (while also adding 2 more items for each one I crossed off), a cruise to Alaska and other trips. Then my boss talked me into coming back for a 6-month appointment which ends on June 2nd. Then I'll be done-done. Figured an extra 6 months of income can't hurt. I have a cruise set up for May, a trip to Hawaii in June, and several more trips through September.

By taking the early-out I locked in FEHB which was one of the bigger reasons I felt I could go out at 50 instead of dreading waiting until MRA.

 

[Blue Poles]

Congratulations! I'll be joining you in 25 days, though I only actually have to work for two more days if I burn my leave. But I will take the leave payout, I plan on blowing that dough on a set of Klipsch Cornwall speakers. I figure that's a pretty decent prize for making it this far.

So my final L&E statement shows my annual leave payout at just under $4k which will hit my bank on Thursday. Unfortunately, I just paid my first quarter estimated taxes of just under $4k today. The speakers are still on my list of things to blow money on, but until my retirement checks are finalized and I sort out my tax payments going forward, they will have to wait. Not to worry, I did have a set of KEF Q350s at the office that are now at home. I won't be suffering.

 

[OfficeSpace]

I just paid my first quarter estimated taxes

Congratulations! We did, too, which was substantial as DW had increased her exemptions to eliminate all Federal tax withholding from her final (PPD 1-6) paychecks to maximize Roth TSP contributions (Payroll was unable to do similar for State withholding but she nearly reached the $30k annual limit anyway and now we don't owe MD anything for Q1). I found 1040-ES confusing (equal payments for irregular income) so based the amount on our usual annualized spreadsheet, but that approach would have to be somewhat predictive for Q2 and Q3 since those payments are due during rather than after those quarters...

By taking the early-out I locked in FEHB which was one of the bigger reasons I felt I could go out at 50 instead of dreading waiting until MRA.

Congratulations to you, too! We certainly would have accepted an early out had one been offered by our agency (even VERA without VSIP)...

 

[FedRetired50]

Congratulations to you, too! We certainly would have accepted an early out had one been offered by our agency ...

Well, they keep sucking me back in, I may now stay part-time in a 2nd appointment through the end of the FY. My Team Lead is going on maternity leave and will return at about that time. I was Acting for 2 years in the past - on top of my regular duties - so not really a big deal. It will mean a bit more money and a slower easing into full retirement, mentally. While I can't contribute anymore to the TSP (and actually took my first SEPP distribution last month) this is increasing my SS high-35 at least.

 

[OfficeSpace]

I may now stay part-time in a 2nd appointment through the end of the FY.

Sure, as long as it's on your terms rather than their terms!

After 16 months of freedom, especially this last one with DW free as well, it's hard for me to imagine going back, though in ~5 years I may pursue a part time Federal gig from which to retire at my MRA ("immediate voluntary" vs. "deferred") without forfeiting the FERS annuity supplement and a full year of sick leave credit toward my annuity...

Congratulations and enjoy your trip!
Safe Travels.

Thank you! We traveled for three weeks and drove ~5,700 miles. It was wonderful to explore such amazing parts of this country without the compounding stress of jobs awaiting our return. This is the life!

 

[FedRetired50]

Sure, as long as it's on your terms rather than their terms!

Absolutely! Only working 16 hours per week, and I end up with enough extra net for 2 more cruises without touching my existing fun money.

 

[cnocmmz]

Thanks!

DW is a few years older than me, so statistically we are pretty close WRT life expectancy. Her TSP is invested in L-Income (71% G) and my TSP is invested in L-2030 (33% G), at least until the next correction...

If DW postponed at her MRA to avoid the reduction, then it would take 12 years to break even, so we aren't considering that option. It's moot in my case since I am resigning before my MRA and therefore ineligible for the annuity (I must defer). If SRS still exists at my MRA, then to be eligible I must return to work (anywhere in the Federal Government) and then retire.

Expenses are locked in, though I'm sure discretionary spending will be more than it was last year during the pandemic (that said, we did establish new, inexpensive travel habits that most likely will endure). We recently refinanced the mortgage for another 30 years at 2.375% which reduced the monthly payment by nearly $700, which will help bridge the years between her MRA (reduced annuity) and mine (unreduced annuity).

cnocmmz, congratulations to you and your DW! And thank you for your service, both military and civilian.

Thanks, and yes Retirement is awesome!!!!!!