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04-28-2012, 08:08 PM
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#1
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Dryer sheet wannabe
Join Date: Apr 2012
Location: Tyler TX
Posts: 12
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Hoping to retire soon
Hello all,
My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation.
Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
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04-29-2012, 01:10 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Welcome to the forum.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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04-29-2012, 09:23 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,433
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Welcome aboard.
Lots of good folk (including some LEOS) and tons of information here.
omni
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11-20-2013, 07:13 PM
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#4
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Dryer sheet wannabe
Join Date: Apr 2012
Location: Tyler TX
Posts: 12
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 Quote:
Originally Posted by Federal LEO
Hello all, My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation. Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
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I have been offered a $30,000 high school teaching job starting August 2014. I currently make $166,331. My pension, FERS Supplement, and TSP IRS Min. Withdrawals = $95,000. Therefore, the teaching job would provide me with approximately $125,000 gross semi retirement salary. I am intrigued by (semiretirement) of having holidays and summers off. What do you think?
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11-20-2013, 07:25 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Quote:
Originally Posted by Federal LEO
What do you think?
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I think you're delusional if you consider teaching high school being semi-retired. 
__________________
Numbers is hard
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11-20-2013, 07:36 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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+1 if I was a student...or my kid.
__________________
FIRE'D in July 2009 at 51...Never look back!
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11-20-2013, 07:47 PM
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#7
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Dryer sheet wannabe
Join Date: Apr 2012
Location: Tyler TX
Posts: 12
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Quote:
Originally Posted by RockyMtn
+1 if I was a student...or my kid.
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Okay.... I get it. But after 25 years of a law enforcement career, having summers off does sound nice. No offense to the teachers out there.
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11-20-2013, 09:05 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Posts: 1,994
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Quote:
Originally Posted by Federal LEO
Okay.... I get it. But after 25 years of a law enforcement career, having summers off does sound nice. No offense to the teachers out there.
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Holidays and some weeks during summers are nice but the days in between you may think you are back in law enforcement. 
I'm not a teacher, my daughter is.
Welcome to the forum.
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11-20-2013, 09:25 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 1,555
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My wife - the teacher - worked longer hours than I did in law enforcement. Spent more of her own money on purchasing supplies, as well.
__________________
"Growing old is no excuse for growing up."
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12-05-2013, 10:38 PM
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#10
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Recycles dryer sheets
Join Date: Jun 2011
Posts: 81
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Quote:
Originally Posted by Federal LEO
Hello all,
My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation.
Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
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Additional years beyond your 20 or 25 or whatever you have had to reach your FERS/LEO retirement eligiblility age do not really add all that much to your base pension.
You've been faithfully contributing to your TSP ... yes? Got pretty much everything paid off? Have your eggs safely dispersed in different baskets? Then just do it brother, and don't look back! You'll be fine.
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12-06-2013, 10:45 AM
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#11
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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Welcome to the forum. If you are passionate about the teaching. Give it a try for a year and see where it goes from there.
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12-06-2013, 11:03 AM
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#12
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,346
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An item for thought from the book What Color is Your Parachute? is to take a teacher or three from the same school where you are thinking of teaching out to lunch and ask them to talk about their job.
It might solidify your intentions or scare you away. Either one is a good thing if it saves you lots of grief later.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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12-06-2013, 11:03 AM
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#13
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 78
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Quote:
Originally Posted by Federal LEO
Hello all,
My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation.
Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
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What is your age now?
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12-07-2013, 10:07 AM
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#14
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Recycles dryer sheets
Join Date: Jun 2013
Location: Forney
Posts: 120
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Congrats. I retire Jan 11, 2014, 25 years as a LEO, only 49. Time for a change of scenery. You mention minimum withdrawals from TSP. I believe at age 55, you only pay Fed/State Tax on TSP withdrawals, no more 10% penalty. Therefore, I believe you can tell TSP to give you what you want each month, i.e., monthly dollar amount withdrawal rather than Life Expectancy.
If you're interested, PM me as I am not sure if I am allowed to put external links on this message board and I'll send you a link to a free FERS LEO retirement booklet, updated annually, written by a now retired Fed LEO, Series 1811, that is probably the best booklet there is. He also does a non-leo Fed booklet for you regular Feds. :-)
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12-07-2013, 10:47 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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If you're retiring in Texas, you'll only pay federal taxes on your TSP. And, as Kaufmanrider says, no age-related penalty since you'll be age 55 or older when you retire. I will be taking annually-adjusted monthly withdrawals from my TSP. No annuity or rollovers. I recognize leaving my money in TSP as the best choice for me.
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12-07-2013, 05:08 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Location: Columbia, SC
Posts: 1,132
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FYI...Your FERS Supplement will be reduced if you go back to work and make more than about $15,120, (2013 level). If a retiree's earnings exceed the annual earnings limit, the supplement will be reduced by $1 for every $2 earned above that amount. LEO's may have different rules about the earnings limits...I am not sure, though.
Yes, you can also adjust your TSP monthly withdrawal amounts once a year, too. It can be done at the end of each year and the TSP has to receive form TSP-73 by Dec 15 for the upcoming year.
And hey...My last day is Jan 11, 2014, too!!!!
__________________
"I either want less corruption, or more chance to participate in it." Ashleigh Brilliant
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12-07-2013, 05:16 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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Quote:
Originally Posted by Redbugdave
And hey...My last day is Jan 11, 2014, too!!!!
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Sure Dave, rub it in!!! 
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12-07-2013, 05:18 PM
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#18
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Recycles dryer sheets
Join Date: Jun 2013
Location: Forney
Posts: 120
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LEO's can work and make as much as they want until they reach MRA, then the reduction you mention kicks in. For me that's 56.
Congrats on your retirement.
Quote:
Originally Posted by Redbugdave
FYI...Your FERS Supplement will be reduced if you go back to work and make more than about $15,120, (2013 level). If a retiree's earnings exceed the annual earnings limit, the supplement will be reduced by $1 for every $2 earned above that amount. LEO's may have different rules about the earnings limits...I am not sure, though.
And hey...My last day is Jan 11, 2014, too!!!!
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12-07-2013, 05:25 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Location: Columbia, SC
Posts: 1,132
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Hi Marty...Hang in there, it's almost over! I've been keeping track of you, too!
Having to work has been messing up my deer season this year. But not next year! It's going to be nice not having to work for money...
__________________
"I either want less corruption, or more chance to participate in it." Ashleigh Brilliant
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12-07-2013, 05:37 PM
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#20
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Full time employment: Posting here.
Join Date: Nov 2008
Location: Harrogate, UK
Posts: 921
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As an ex-teacher......sometimes you get summers off.....sometimes you don't. I always had to take a certain number classes every 5 years or so to stay certified. If the job was that easy.....everybody would be doing it. Some people just can't handle being around kids.....let alone the other teachers  And on the other side of it.....no way would I want to be a policeman.
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