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Thread: The Reality...

  1. #1
    Join Date
    Oct 2004
    Location
    Hot dang...I made the medal stand...
    Posts
    920

    The Reality...

    I have completed my retirement transition after 26 years as an 1811 and wanted to share some nuggets of acquired knowledge to maybe help the brethren along...

    After leaving at the end of the calendar year with eons of planning under the belt...these are a few of my favorite things...

    That retirement date is important...you can go on any day you want but for paperwork processing purposes you wont be a retiree until the first of the following month...I retired on the 31st...so a day later was my processing date...why is it so important?...you can expect your first estimated OPM payment 4 to 6 weeks after your first of the month processing date...just so happened I got my estimated OPM payment February 1...so if you retired the 15th...you wait two weeks for the first and then 4 to 6 weeks for that estimated payment...meanwhile you'll get a check for your last week or two working...and the residual annual leave check will come 2 to 4 weeks after the processing date...

    The OPM estimate will be a percentage of your actual pension and will not include the Special Supplement...health care deductions aren't made during this estimate period but the insurance continues and the G continues to make the payment...when your final pension and supplement amounts are determined OPM will send a separate check covering the pension shortage...same with the special supplement...though the payments come from different sources during retirment...

    In total OPM adjudicated my retirement within two months...not too shabby...but here is the take away for me...someone with a full functioning household with ample savings...

    OPM is going to start taking a lot longer with their adjudications when the retirement tsunami hits...and you'll need a fair amount of cash to handle the income shortfall you could experience for up to six months...that amount could be up to $20,000.00...my retirement date choices were based on my personality and situation...I didn't want to disturb the household budget and veer far from the income routine so I chose the 31st to retire...my spouse's reaction to any perceived or real income instability...was for me...something to be avoided...no matter that you've saved a cajillion dollars and are alive to enjoy what you've planned so hard for...some people find any change hard...

    Your TSP will be available to you after your agency tells the TSP you are retired...and then the TSP will get the money to you pretty quick after your submit the paperwork...however...if you are married...the spouse has to sign off on your TSP withdrawals...never mind that its your money...so don't be planning any financial shenanigans...ain't gonna happen...

    Lastly...I chose my retirement date because I concluded that financially...I have enough...I used my 26 days of AL my last year of work and left with almost 240 in the bank...I've noticed that some of our peers have invested lots of energy in squeezing every last cent out of the retirement scenario...and that wasn't for me...I prioritized other things because I had been saving from day one in the G...so...I have enough...

    Saludos...CC
    "Every hero becomes a bore at last." Ralph Waldo Emerson

  2. #2
    Join Date
    Oct 2003
    Location
    Behind a desk, crying
    Posts
    2,563
    Thanks for the advice and allow BIG to extend his congratulations on making it through to the end. *insert clapping hands*
    It is better to be feared than loved, if you cannot be both. - Niccolo Machiavelli

    Most people respect the badge, everybody respects the gun.

    I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, and then questions the manner in which I provide it. - Colonel Jessup

  3. #3
    Join Date
    Jan 2005
    Location
    West of Ireland
    Posts
    645
    Congratulations!
    A former colleague at the old INS put in his retirement papers six months ahead of time, and when he finally pulled the plug, OPM didn't pay his proper annuity for another four months...so, potential retirees have to take into account that the shortfall [pension vs salary] may last longer than expected.
    My OPM disability annuity was approved in February 2014, but I continued on OPM Workers Comp until October, when I got kicked off in lieu of the Scheduled Award for permanent lost of function. On October 23, 2015, I notified OPM that I wanted my annuity to commence immediately. Apparently, there's a "special office" at OPM that handles that, plus I even asked my House Rep to make an inquiry with OPM. So, I didn't get my first annuity payment until March 1st, and even at that, it's only about 60% of what I'm supposed to get. I'm keeping my fingers crossed that not only does OPM get the annuity right by May 1st, I get my back due annuity around then as well. But I won't be surprised if it takes longer, and all potential retirees have to prepare for extended waits. OPM is overwhelmed, and, it's for a reason.
    ESFLEA
    Life is what happens while you're planning other things.

  4. #4
    Join Date
    May 2011
    Location
    East Coast
    Posts
    89
    Congrats on your retirement, CC!

  5. #5
    Join Date
    Oct 2004
    Location
    Looking through your bank records & garbage..
    Posts
    1,301
    Congratulations, CC! It's gotta be an incredible feeling to have all the good parts in the car with you and the not-so-good in the rearview mirror, disappearing over the horizon.

    Thanks also for the insights.

  6. #6
    Join Date
    Mar 2004
    Posts
    1,941
    congrats !!!!!

  7. #7
    Join Date
    Mar 2004
    Posts
    1,941
    ** any post-retirement job hunting tips for us CC ?

  8. #8
    Join Date
    May 2004
    Location
    New York
    Posts
    1,207
    Welcome to the Pension Fairy Club. May your beer always be cold and the fish always bite.

  9. #9
    Join Date
    Dec 2000
    Location
    Henderson, NV
    Posts
    5,542
    Congrats on your retirement! Make it a long and healthy one!
    Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!
    Hunter S. Thompson

  10. #10
    Join Date
    Oct 2012
    Location
    NY
    Posts
    46
    Quote Originally Posted by satpak77 View Post
    ** any post-retirement job hunting tips for us CC ?
    Mr. Satpak, granted I am not even out of college yet I would suggest the following:

    If you retired out of an IG I would suggest to join the association of IG's great way to meet fellow state and local counterparts. I went to a meeting a while back I was the only one there in my 20s(and 30s). Also a lot of former counterparts that went private for firms also go there. If you did a lot of AML, Financial Crimes in terms of case work and want to go that route, there are a few AML associations (ACAMS). Also look at some state IG's and Local IG's. I know if you are in New York, NYS IG is looking for investigators(non LE authority to my understanding), DOI looks for members all the time. Some other NYC agencies are looking for background investigators. Also see if you can come back as a rehired annuitant, this has been cut down a lot to my understanding from the places that I have looked at. Some agencies will bring you on as a contractor look at Deloitte from the accounting area(only contractors I have meet at those from this agency and those from FSA).

    Linkedin
    Go over your linkedin contacts and see who you know that just went private sector that might be able to bring you over as well. Also get a Linkedin, if you don't have one(This is not facebook do not add people you may know, add those you have worked for and can put a name to face, I know many of you here know this but it is still good to reiterate this. Also if you put a picture on your linkedin make sure you do not have the same picture on your facebook its not hard for someone to backtrack it now).

    Any questions for Cyber and all that other fun stuff for job searches/positions PM me I respond in a timely manner.

    Did not mean to hijack the thread but C.C I wish you the best on your retirement I have nothing but good hopes for you.

  11. #11
    Join Date
    Dec 2000
    Location
    Henderson, NV
    Posts
    5,542
    Before searching, you'd better decide WHERE you want to live and HOW. If you want to move, explore the job market before putting in your papers. Take a week's vacation with the significant other and see what's there. When I retired, my kids were grown and out of the house, so where I went for a job posed little problems. (OK, there were SOME places I refused to return to). If you can do DC, it's not that hard to score a job with one of the Beltway Bandits. Many, many do post HQ tours.

    If you're where you want to be, then you should be out there networking with everyone and anyone that could employ you. Or might have a friend that can employ you. Invest $30 a month and join LinkedIn and develop a network of associates with interests common to yours. No pressure and you can pick and choose who you allow in your network,

    I've worked 16 years post-retirement and I left a great paying job last year when my great CEO retired and I couldn't stand the new guy. I'm doing some consulting 1-2 weeks per month for an Intl company and I'm at the point that I can't imagine doing a 9-5 gig again.

    BTW, I'm writing this sitting in a lovely cafe in Costa Rica watching the view. If anyone needs any job search help, PM me and I'll try to point you in the right direction. Pura Vida!!
    Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!
    Hunter S. Thompson

  12. #12
    Join Date
    Oct 2004
    Location
    Hot dang...I made the medal stand...
    Posts
    920
    Quote Originally Posted by satpak77 View Post
    ** any post-retirement job hunting tips for us CC ?
    Why yes...like most gringos I am enchanted by the opportunity to tell you about anything...whether I am educated on the subject or not...

    I'll start the same way I began my briefings with the bosses...where I eventually want to end up...and I write this while sitting in a high school classroom at a small magnet high school with a bunch of over achieving kids...not a regular, large, steaming high school, but a smaller magnet school drawing from 34 different communities with kids who actually want to be here...I wouldn't recommend any situation but this one for those contemplating a second career in education...while I originally, for about a month, created and delivered the Spanish language content here I have now become the house sub when the regular teacher returned...and house tutor...usually helping ESL kids with concepts and others with their writing...and I do love the time I am here...but I expect I will retire for good when classes end this summer...here's why...

    I retired at 51...because I saved a lot of money...because a penny saved is a penny earned...and I realized that I saved a lot which required an inherent sacrifice and by gosh...its time to enjoy the fruits of my labor...additionally, my head lost in a fight with some concrete just before retiring which personalized for me the reality that we should enjoy the time we are allotted...

    Prior to all this I contemplated getting a legitimate post retirement gig...I dressed up the social media sites...networked...educated myself as to the possibilities available...and realized I have absolutely no interest or financial motive to participate in the traditional job market ever again...thusly, I am blissfully sharing my time with young people who appear to appreciate it...

    With that being said...being content is one thing but being intellectually idle is, in my opinion, self-destructive...so I continue with my language studies...and search for that international contractor gig that will place me in the booth next to DMClark...but I don't search particulary hard...CC
    "Every hero becomes a bore at last." Ralph Waldo Emerson

  13. #13
    Join Date
    Oct 2003
    Location
    Behind a desk, crying
    Posts
    2,563
    Quote Originally Posted by dmclark View Post
    I'm writing this sitting in a lovely cafe in Costa Rica watching the view. If anyone needs any job search help, PM me and I'll try to point you in the right direction. Pura Vida!!
    Quote Originally Posted by Can't Commit View Post
    and search for that international contractor gig that will place me in the booth next to DMClark...but I don't search particulary hard...CC
    Goals.
    It is better to be feared than loved, if you cannot be both. - Niccolo Machiavelli

    Most people respect the badge, everybody respects the gun.

    I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, and then questions the manner in which I provide it. - Colonel Jessup

  14. #14
    Join Date
    Oct 2001
    Location
    Where I hang my hat.
    Posts
    1,696
    Congrats.

  15. #15
    Join Date
    May 2011
    Location
    East Coast
    Posts
    89
    Just 12 more years and I'll find my own personal bliss, somewhere between DM's Costa Rican coffee shop and CC's commitment to the kiddos. I won't say I'm jealous. I'll be content and say I'm envious but patiently waiting. Carry on, good Gents!


 

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