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Old 03-05-2013, 08:46 AM   #1 (permalink)
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Default Any retired traditional guardsmen?

Are there any retired guard or reserve members on the forums? (I'm sure there are lots of retired AD and AGR folks.)

I have contacted the admin person from my base who is the retirement guru. She didn't have much to say besides participate in TSP and search the internet about other retirement info, because 'everything is on the internet.' (not a direct qoute, but pretty close)

Through the internet I've done lots of searching, and I've tried to search these forums to find out more information.

I thought maybe there were some folks on here who have retired out as a traditional and therefore have first hand info on the matter. It seems if I have a question, someone on APC has an answer or good advice

(so far, I have not begun participation in TSP-but I do have a civilian 401k with a small company match-plus I've been building my own Roth IRA since the end of high school)

Thank you for your time!
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Old 03-05-2013, 09:59 AM   #2 (permalink)
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I've been AD, traditional Guard and traditional Reserve. I retired from the Reserves but I've known plenty of people who have retired from the traditional Guard.

That's the only question you asked.
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Old 03-05-2013, 10:46 AM   #3 (permalink)
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Quote:
Originally Posted by MongoPawnInLife View Post
I've been AD, traditional Guard and traditional Reserve. I retired from the Reserves but I've known plenty of people who have retired from the traditional Guard.

That's the only question you asked.
Ha. True.

I'm particularly curious about how the health care works. I've read and heard things, but I'd like to know from somebody who really knows or is actually retired now. So when I retire after 20 + years, do I lose the ability to use TRS until age 60? Then at age 60 I get Tri Care again? And my spouse, too? Is Tri Care free or at a cost then? I've heard the health care benefit is where the Guard retirement is really valuable.


I'm also interested in opinions on using TSP.

I pretty much know how the pay works...wait til age 60 then points times paygrade/years service formula, right? I am also aware of the pre age 60 pay for time deployed...I should get a few months credit for that.

Oh, if I am drawing my guard retirement pay check, does that affect my social security check? For example if I am getting 1,000 dollars a month from the military, does my SS go down by 1,000 dollars a month? (if SS even exists in the future)

It seems nobody I talk to really knows. A guy in my shop is about to retire after 24 years, and he doesn't really know. I harass all the older guys. Pretty everyone says, "Well, ya turn age 60 and.... that's...uh...ya know, when it kicks in."

Define "it".

I appreciate your time.
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Old 03-05-2013, 11:32 AM   #4 (permalink)
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I retired in 2010 so things may have changed a bit, but I doubt much. I spent a lot of evenings reading the regs online because I've found through the years that those that are supposed to know the rules generally don't know them.

In more than 30 yrs AD/Gd/Res, I was able to cobble together more than 7305 AD points (there are 5 leap years in 20 years) so I qualified for an AD retirement. I actually had to switch from Gd to Res because they weren't going to allow me an AD retirement; otherwise I would have stayed Guard. Once I hit ~6300 AD points, they throttled back on my AD orders.

I'll assume you're only referring to a traditional Gd/Res retirement
Collecting retirement below age 60: Early Retirement for National Guard and Reserves

Medical: You may be eligible for VA medical benefits; I never looked into that.
Prior to age 60, you can get Tricare Retired Reserve. It currently costs $402.11/mo for individuals and $969.10/mo for family. Not sure on benefits. Here's a link: Health Plan Costs - TRICARE Retired Reserve Costs
At age 60 (doesn't change even if you're drawing retirement pay earlier than 60), you become eligible for tricare standard, extra, and prime. I'd discuss them further but that will change quite a bit before you get there.
At age 65, you get Tricare For Life. It's a medicare supplement.

TSP: I dumped as much money as possible in it. I've always been a huge saver. However, you've got 401k with matching in the civilian world. Make sure you don't exceed maximums between your civilian 401k and TSP. That's $17,500 that you can contribute (doesn't count civilian match).
I cashed out my TSP at retirement, rolling my taxable portion into a tradtional IRA. I then rolled that money over 2010, 2011, and 2012 into a Roth.



For retirement points, that's correct. However much per point you're paid at retirement times the number of points you've earned. I can't remember how to get a Guard points printout; does the AFRPC handle that? Here's a year old retired pay calculator: https://www.hrc.army.mil/Calculators/ValueOfAPoint.aspx
Assume you're an E-8 over 24; that's .354/pt. If you've earned 4000 points, that's 4000 x .354 = $1416/mo.

Military retirement check doesn't directly effect SS. However, once your retirement income reaches a certain amount, more of your SS becomes taxable. Example: If you're drawing a military retirement plus SS plus you have to withdraw taxable IRA, you will likely have to pay taxes on SS. Are Your Social Security Benefits Taxable?

Be careful about assuming everything happens 'automagically' at age 60. It doesn't. You have to apply for your retirement check. Retirement application process centralized for reservists
Factsheets : Retired Pay Information

It:
1
: that one —used as subject or direct object or indirect object of a verb or object of a preposition usually in reference to a lifeless thing <took a quick look at the house and noticed it was very old>, a plant <there is a rosebush near the fence and it is now blooming>, a person or animal whose sex is unknown or disregarded <don't know who it is>, a group of individuals or things, or an abstract entity <beauty is everywhere and it is a source of joy>— compare he, its, she, they
2
—used as subject of an impersonal verb that expresses a condition or action without reference to an agent <it is raining>

3
a—used as anticipatory subject or object of a verb <it is necessary to repeat the whole thing> ; often used to shift emphasis to a part of a statement other than the subject <it was in this city that the treaty was signed>
b—used with many verbs as a direct object with little or no meaning <footed it back to camp>

4
—used to refer to an explicit or implicit state of affairs or circumstances <how is it going>

5
: a crucial or climactic point <this is it>



OK, you now have more retirement information than 90% of your coworkers. If you want to garner favor with them, become an expert on this stuff and pass it on to them. The Guard's all about networking and if you do favors for the right people, it will significantly enhance your Guard career.
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Old 03-05-2013, 02:44 PM   #5 (permalink)
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Default

Mongo-great information! Thank you! Very thorough! I think you have a little streak of wise *** in you, too! I see you are new to the forums, but I think you're gonna fit right in here!
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Old 03-05-2013, 03:24 PM   #6 (permalink)
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Quote:
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I think you have a little streak of wise *** in you, too!
I thought that was a requirement in aviation.
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Old 03-05-2013, 04:35 PM   #7 (permalink)
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Quote:
Originally Posted by MongoPawnInLife View Post
I thought that was a requirement in aviation.
I have to admit-and I'll put on the dunce hat for this-when it came to your "it" section....I was confused for awhile. I thought maybe something accidentally got copied and pasted.
......
.....
...
.

Then it dawned on me. He who laughs last thinks slowest! I guess that's me!
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