2014 retired FED and going to retire FEDs...

@Kaufmanrider what great news, things are moving along for you!

Like Redbugdave said, there are two types of Federal retirements and I am under the old CSRS. Also my 38 years was with the same agency and there was no separation, so it was a quite an easy process. I am so looking forward to Monday for my finalized deposit, I must say it's nice to know for budgeting purposes. On another note I mailed my TSP request Feb 19 and today the deposit was made into my checking account. I will move that to Vanguard as every penny is earmarked including holding some in case I have to pay more taxes on it next year.

Thanks for reading, Cassie
 
Kaufmanrider said:
Checked my OPM services online account this morning. My retirement package was assigned to a specialist for processing Feb 27, 2014.
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I have not been assigned a specialist yet. But since Kaufman just has been assigned one, maybe in the next week I will too.
 
Yippee, my pension deposit is in my account...it's pending....but it's there AND the amount is correct. Redbugdave and Kaumanrider...you're next!
 
Cassie said:
Yippee, my pension deposit is in my account...it's pending....but it's there AND the amount is correct. Redbugdave and Kaumanrider...you're next!
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Good for you. Nothing in my account, yet. I finally received a letter from OPM confirming what I will get as interim payments. It says paid the first business day of the month so tomorrow.

On another note, the only deduction they are taking from my interim is federal income tax, no state tax in Texas. I thought the amount is extremely high (they take Married with 3). I will probably make an initial change during interim payments and another when I am finalized.

I took my Leave and Earnings Statement for what I made in 2014 before I retired, added my Lump Sum and what I would make (agency estimate) in retirement for 11 months in 2014. From this total I deducted the standard deduction ( I usually itemize) and the deduction for two dependents, wife and I, and came out with my total taxable. I took this number and looked at the 2013 IRS tax table to get the taxable amount for Married Filing Jointly.

I have already paid what I would have had to pay in 2013. 2014 might change slightly but not much.

I also have a 19 year old daughter who decided to start college in the Fall and another graduating in May, so I'll get additional write off for for dependents and as a retired LEO I can write off up to 3000 in health insurance premiums (Pension Protection Act of 2006).

I figure could not pay anymore federal tax the rest of the year and get money back.
 
Check was deposited this morning. I went on-line on the OPM Retirement Site and saw my next payment, April 1, has the numbers posted. They corrected the Fed. Income Tax. Next payment they will take out less than a third of what they did on this first one. Someone must have keyed it incorrectly on this first interim payment.
 
Kaufmanrider said:
Check was deposited this morning. I went on-line on the OPM Retirement Site and saw my next payment, April 1, has the numbers posted. They corrected the Fed. Income Tax. Next payment they will take out less than a third of what they did on this first one. Someone must have keyed it incorrectly on this first interim payment.
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Most excellent! It's a good feeling when the stars align and things come together! I beginning to love the 1st of the month, and I'm getting better at managing a monthly budget. This weekend I had to make do with what I had in the fridge & pantry because my grocery envelope was empty.....soup, salad & cheese toast for dinner last night.

Congratulations Kaumanrider!
 
martyb said:
tock-tock..tick-tock......I'm not far behind you folks!
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Marty, Marty, Don't be tardy!
Come on in, the water's fine!
Red Rover, Red Rover, send Marty on over...

Hey, I got my first annuity deposit, and I noticed that I was assigned a specialist. It also shows April's annuity where March was.
 
Redbugdave said:
Marty, Marty, Don't be tardy!
Come on in, the water's fine!
Red Rover, Red Rover, send Marty on over...

Hey, I got my first annuity deposit, and I noticed that I was assigned a specialist. It also shows April's annuity where March was.
Click to expand...

What wonderful news, glad it's working out for you, congratulations!
 
Redbugdave said:
Marty, Marty, Don't be tardy!
Come on in, the water's fine!
Red Rover, Red Rover, send Marty on over...

Hey, I got my first annuity deposit, and I noticed that I was assigned a specialist. It also shows April's annuity where March was.
Click to expand...

Haha...I'm coming, I swear! Just trying to gather up the nerve...and fatten the TSP just a little more... :rolleyes:
 
Marty...Keep a good percentage in the S and C funds...

Thank you Cassie. Now I feel like an official retiree! That's something to be proud of!
 
My retirement was the end of January 2010 and it took exactly 6 months for the pension to be adjudicated. I retired under CSRS.

Congratulations to the new retirees!
 
Hey...A question about State taxes.

I think OPM and TSP are only taking out Federal taxes now when you get your retirement deposits. How should I handle the state tax side since they are getting none? Opinions and directions from the new retired gang and long been retired gang...
 
The OPM Service Online site has a link on the Main Menu to enter state withholding if you so desire. It also has a link to change your Fed withholding as well.
 
Thanks Greg! I did not know that. I will get into it this morning.

What about TSP?
 
Greg V said:
The OPM Service Online site has a link on the Main Menu to enter state withholding if you so desire. It also has a link to change your Fed withholding as well.
Click to expand...

I did not see where the link was for State tax. Just shows Federal tax. I dug around and researched... and it looks like the state option only becomes available after you become finalized. Then you can add it, (each state that has taxes has it's own ID number to enter), and how much to deduct each pay period. I suppose OPM does not want us twiddling around with tax withdrawal amounts when they have not figured what our final retirement numbers are, nor have paid what we are owed, yet.

Bottom line...When you become finalized, the OPM Service Online site adds the state tax option as well as making the federal tax option available for you to adjust the tax deduction amounts.
 
My bad...thought you were finalized. BTW, in my experience, the online process to change withholding has worked well. I've had my change confirmed relatively quickly along with the pay date it would take effect.
 
Hey Greg...No problem! It gave me a chance to explore the OPM web site and I learned some things I did not know.

How long have you been retired? CSRS?
 
Greg V said:
Retired under FERS in mid-2012. Though I enjoyed my career, it has been a nice upgrade in lifestyle.
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That's great! How come you didn't hold out till January and get 100% on SL applied to your time?

As for me...this has been a great way to end a career! Once OPM gets things settled, my take home pay will almost double as compared to when I was working. We had been living on a portion of my salary, had everything paid off for about 15 years and investing heavily. Is this a great life or what?
 
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Based on change in Bosses, having already been a commuter to the job for 11+ years, etc, mid-2012 was the right time. The difference in annuity wasn't very much.

Interesting that the vid link you attached showed up in email, but not in the forum. It reminds me of flying, many years ago, with a pal who owned a 1947 J-3 Cub.

If you like the powered version, take a look at this link for unpowered.

Touch - Jean-Baptiste Chandelier - YouTube

I bet we could get to this level of skill in no time...NOT.
 
Wow! I have never seen skill or anything like that before. That gets me pumped! What a rush!

I have been interested in powered parachutes for awhile. And I think I will get into it this summer. A one seater with training. I know which model I want to get. With powered parachutes, the two seater requires Sport Pilot License, flight time, solo, FAA registration, inspection, recertifications, and numbers. That's because of having a passenger, more weight, more fuel, etc. Regulated.

One seater requires nothing. No license, no inspections, no numbers etc.
Gotta be 254 pounds or less, 5 gallons fuel, any more...gotta be registered and licensed. But it's good to get some training before you get one and have someone test fly your ride before you get in it. Touch and go's are some of the most important training.
New Perspectives On Flying, Powered Parachutes - YouTube



I had originally posted about getting a chute, then retracted it because it might be over the top in the ER forum...But now you got me going...
 
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I was finalized by OPM yesterday, March 10, 2014. Two months to finalize as I retired Jan 11, 2014. They say I should receive the little booklet in the mail in two to three weeks. Numbers were right on line with what my agency had calculated. My final FERS after survivor is $3 less than what my agency figured and my SS Special Supplement is 25 dollars more. So I'll be making $22 more than I thought.
 
Congratulations Kaufmanrider, that is wonderful news...another retirement milestone! It's a good feeling, enjoy.
 
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