bobbybaker: I plan on taking 40,000.00 out as a lump sum, and I am holding back 10,000.00 of that for taxes. I really don't know=I asked a couple of different people at IRS and they all give me the info to keep anywhere from 15-20%. I am going by the amount of my earnings of last year-(on your W-2)--to give me a rough idea. Hope this helps. I know this will be more than enough-but, I would rather be safe than sorry. I know of someone who took out his TSP in a lump sum-spent all the money-paying off his mortgage, vehicles, credit cards and buying lots of "toys for his adult children-like motorcycles, quads, snowmobiles-swimming pools. Well, last income tax season-he was now 25,000.00 in debt to the IRS-and he retired 3 yrs. ago. So, even if you take the money out-do not be foolish and spend it, until after you see how much you need for taxes!

bobby baker /m1201 I can not say how much tax they take out for a lump sum withdrawal, but I am taking out a monthly withdrawal and they take out 20% for federal taxes. I would expect they take out the same amount for a lump sum withdrawal.

it's 20% for lump sum and for monthly payments

Has anyone heard of many people taking VER? I'm still on the fence....

Heard that it is not being offered in the Royal Oak (metroplex) area at all. Even though they are only letting the favorites have overtime (that apparently is fudged) and of course management is so top heavy that they are spending their time cutting each others throats to justify themselves.

  Does anyone know who i can contact about getting a copy of my retirment award letter from the post office thanks

bobby baker - my guess would be-your Postmaster or Supervisor. My MPOO gave mine to an employee to give to me, at a meeting he attended, on March 16th. I still have not received it, nor does he remember who he gave it to!
   Does anyone know how long it takes for the Special Supplement for Fers Retirees to kick in. I just got my OPM booklet and it only deals with the information that pertains to my retirement from the Postal Service. No mention of the Special Retirement Supplement. Thank You

      THANKS BUDDY

Someone told me there is a formula to help you come up with the time to retire to get maximum annunity (about 75 % of salary). Something to do with number of years plus something equaling a certain number. Anyone know what I am talking about ?

Edited by author 06-20-2009 10:34 AM
mann53:There is no "magic" number for CSRS. There is a simple formula to give you an idea of what your annuity will be: Here is mine, 36 (total years)-2=34x2=68. 68% of current high 3 ($51,326)= $34901. Again, this is only a low ball estimate. If you go to the NALC site, under retirement you will find a whole publication with charts to plug in your total years, months plus sick leave... my total is actually 68.92%. When you get down to under three years you can request annuity estimates, on line, through the PostalEase website. Max retirement is 80% but why in hell anyone stays longer than needed is crazy. 41 years 11 months is the MAX, but last time I checked there weren't any guarantees in life, so your appointed "Dirt-Nap" can come at anytime. Money shouldn't be the only determining factor, Live Life!

Edited by author 06-30-2009 10:23 AM
Soon to Retire, your calculations are about $240.00 over the amount HR quoted me on an early release (EO). Whose calculations should I trust more, yours or HR's? I like yours better....

I just went to the retirement calculator and it was somewhat higher than my HR estimate. Rumor is they will be offering another EO this fall... I will most definately think about taking this one. Things have gone downhill in the past year that it's unbelievable.

/m1215 you must supply details like years and age for any calculations. Another easy, more accurate calculation is (Years X 2) - 3.75 = % ie someone retiring with 40 years would be (40 X 2) - 3.75 = 76.25% with no reduction for age.