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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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Stupified  
#1 Posted : Thursday, September 27, 2018 8:25:26 AM(UTC)

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And so it begins.

Got my first monthly TSP payment a few days ago. SS will begin in January which means I'll probably get a raise there (COLA) before my first payment. FERS is still the wild card. Papers have been mailed, but I don't when they'll be processed. Web information implies that will be done before January, but a call to them indicated they won't even look at it uintil then and it could be a few months before the first payment. They said it would be backdated to January though so no payments will be missed. Guess we'll see.

SS goes into my main checking account for normal expenses.

Opened a USAA checking account to take the FERS payments (long story).

TSP is going into a separate (third) checking account that is being used to make a loan payment on a fairly large (for me) purchase. I won't have to handle that money or payment at all as it's all being done automatically. Outflow will be smaller than inflow, so a small balance will accumulate. Did that to better keep track of deductible farm expenses.

On average over the last five years, TSP has been increasing by about double what I'm taking out, so unless the Markets tank it should continue to grow, just a bit slower.

All in all, it should still be completely tax free, though I won't know that for sure until I file in '20.



Just rambling.

Edited by user Thursday, September 27, 2018 8:26:58 AM(UTC)  | Reason: Not specified

roger.d  
#2 Posted : Thursday, September 27, 2018 4:20:23 PM(UTC)
roger.d

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Your FERS payment shoud be calculated based on your last day of work.

And I thought you receive a partial payment until they finalize it. Then you are paid a lump sum to make you whole.
Learn to discipline yourself, so someone else doesn't have to
Stupified  
#3 Posted : Thursday, September 27, 2018 5:51:18 PM(UTC)

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My last day of work was over 20 years ago.

postalvet  
#4 Posted : Thursday, September 27, 2018 5:53:41 PM(UTC)
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Originally Posted by: Stupified Go to Quoted Post
My last day of work was over 20 years ago.






these posts do not pass the smell test!
Postal employee (retired) 38 yrs who helps even if some do not believe me! I was a Steward, officer & trouble maker. Just Sayin'
NeutronBoy  
#5 Posted : Saturday, November 24, 2018 10:12:23 AM(UTC)
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I am nor sure when you retired Stupified, but if it was recent, you will likely not get the entire COLA. You only get the full amount if you were retired for the entire year prior to the COLA. I was officially retired on June 1 of 2018 and will get 7/12 of the 2.8% COLA because they prorate the amount.

Edited by user Saturday, November 24, 2018 10:25:10 AM(UTC)  | Reason: Not specified

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