I retired on December 31, 2014 and carried over 448 hours of Annual Leave from the previous year. I received my pay the next pay period for the Annual Leave and got my first check in March. So the process was quick. The drama of being retired hit me in April after filling out my taxes. No job don't know if our income would be adequate. I decided to take a draw down on my TSP of roughly $100,000, to pay off our bills. It has been nice not having bills, kids college was paid, wife's car etc. I got bored and took a job in May to get me out of the house and later sold a rental property that we had acquired over the years. Long story short is my income was almost $300k for the year, not bad for a someone newly retired. Wow, even with buying another rental we wound up owing 8,000 to the IRS. The only reason I post anything is to remind folks to with hold more than the 20% that is the minimum. It was as hard to write that check at the end of the year due to my poor planning. I was LEO so I did not get the extra penalty on the withdrawal.
From: "sarah_oz@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com>
To: TSP_Strategy@yahoogroups.com
Sent: Monday, April 25, 2016 9:04 AM
Subject: [TSP_Strategy
A
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Posted by: Thomas Roberson <troberson58@yahoo.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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