Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
10 years to go
Old 11-29-2018, 03:47 PM   #1
Confused about dryer sheets
 
Join Date: Nov 2018
Posts: 5
10 years to go

Hi,

I am a government employee and plan to retire January 2029 at 56 with 33 years of service. I am covered under the Federal Employee Retirement System (FERS) and will have a 20 yrs law enforcement retirement and 13 years civilian retirement pension.

My retirement plan includes:
Annual pension of around $61k
FERS Social Security supplement around $19k (ends at 62)

TSP (Gov employees 401k) estimated balance of $1.2 million at retirement
Roth IRA estimated balance of $400k at 62. I plan to continue to contribute until my SS supplement ends. I estimate based on continuing max contribution and 6% return, Iíve had much better returns over the life of each account but am estimating on what I consider the conservative side.

The TSP payment calculator says I can take over $5000 a month for over 30 years before my balance is depleted so I figure I have that income in to my mid to late 80ís.

I donít plan to start taking social security until I am 67, and as of my last benefit statement it is currently $2740 a month

My wife also is a Govt employee, she is a few years older so is eligible to retire the summer of 2025. She is not law enforcement so her pension is less, she has both a Roth & TSP but lower balances, that being said I think she will be good.

We have a house but are not trying to pay off the mortgage as it isnít located where we want to live in retirement. We will probably sell it sometime after she retires but before I do. Any income we make from the sale is a bonus as we donít use that in any of our estimates.

We have our retirement dreams, we plan to be snowbirds and own a motor home and 2 small houses, a summer place in Wisconsin or Minnesota and a winter place hopefully on the Gulf Coast of Texas. We have no kids so no need to leave any money to heirs

Unfortunately dementia runs in my family and it scares me quite a bit so I want to cram as much traveling and fun in to my early retirement years as possible.

I look forward to learning from everyone elseís experiences.
__________________

KDC1972 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-29-2018, 03:55 PM   #2
Recycles dryer sheets
 
Join Date: May 2017
Posts: 379
Welcome and sounds like a good plan. I wish you luck. Stick around here and you'll learn a lot from some smart folks.
__________________

brokrken is offline   Reply With Quote
Old 11-29-2018, 04:57 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,162
Welcome to our wonderful site. Keep up the savings and investing and it sounds like everything will be great.
Try checking out this site's calculator called Firecalc.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 11-29-2018, 05:33 PM   #4
Confused about dryer sheets
 
Join Date: Nov 2018
Posts: 5
10 years seems like forever but I know it will be here before I know it. I want to do everything I can to have as comfortable a retirement even if it means having a little less right now. What doesn’t go towards retirement mostly goes to paying off debt (car and credit cards), don’t get me wrong we still do vacations but don’t splurge on our everyday stuff, less eating out no real luxury purchases.

My Dad died this past summer and his death really motivated me to really take preparing for retirement seriously. He got a solid 20 years of retirement before dementia really took its toll and I’d like the same opportunity.
KDC1972 is offline   Reply With Quote
Old 11-30-2018, 04:17 AM   #5
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 1,328
"My wife also is a Govt employee, she is a few years older so is eligible to retire the summer of 2025. She is not law enforcement so her pension is less, she has both a Roth & TSP but lower balances, that being said I think she will be good."

I'm sorry but can you explain what you mean by "I think she will be good"? Is there a reason you analyze "your retirement" numbers and "her retirement" numbers as opposed to "our retirement " numbers?


Sent from my iPad using Early Retirement Forum
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Old 11-30-2018, 04:28 AM   #6
Confused about dryer sheets
 
Join Date: Nov 2018
Posts: 5
Quote:
Originally Posted by Golden sunsets View Post
"My wife also is a Govt employee, she is a few years older so is eligible to retire the summer of 2025. She is not law enforcement so her pension is less, she has both a Roth & TSP but lower balances, that being said I think she will be good."

I'm sorry but can you explain what you mean by "I think she will be good"? Is there a reason you analyze "your retirement" numbers and "her retirement" numbers as opposed to "our retirement " numbers?


Sent from my iPad using Early Retirement Forum
It is the way we have always handled our finances, we each have our own savings, checking and credit card and we have a shared account as well. A portion of each of our paychecks goes to the joint accounts for bills but whatever is left is our individual money to spend as we please. I donít pay her car payment or credit card bill and she doesnít pay mineówe share mortgage, groceries, utilities & insurance, Health/dental/vision insurance comes out of my check as I am the higher earner.

I donít contribute to her retirement so I have no idea what her current TSP or IRA balance although I do know she contributes regularly I know she does not max out the contributions.

There will probably be less of the separation in retirement but this is what has worked in our marriage so far, finances are never an issue of contention with us.
KDC1972 is offline   Reply With Quote
10 years to go
Old 11-30-2018, 02:39 PM   #7
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 1,328
10 years to go

“I don’t contribute to her retirement so I have no idea what her current TSP or IRA balance although I do know she contributes regularly I know she does not max out the contributions.”

Well that sure answers my question about you “thinking” she’ll be OK. Let’s just say I don’t find it totally unusual that you don’t comingle your assets, (obviously retirement assets are individual), but I find it very unusual to not know how much money your spouse has at least in round numbers. What would you do if she hadn’t accumulated enough retirement assets to carry her through her retirement?
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Old 11-30-2018, 03:21 PM   #8
Confused about dryer sheets
 
Join Date: Nov 2018
Posts: 5
Quote:
Originally Posted by Golden sunsets View Post
ďI donít contribute to her retirement so I have no idea what her current TSP or IRA balance although I do know she contributes regularly I know she does not max out the contributions.Ē

Well that sure answers my question about you ďthinkingĒ sheíll be OK. Letís just say I donít find it totally unusual that you donít comingle your assets, (obviously retirement assets are individual), but I find it very unusual to not know how much money your spouse has at least in roynd numbers. What would you do if she hadnít accumulated enough retirement assets to carry her through her retirement?
I have a rough idea of what she has but with the recent market struggles I really canít say for sure where she stands. Since I donít have those numbers nor do I know exactly what she contributes it is a bit hard for me to project her accounts going forward. We should have enough assets with just me alone and her pension & SS, so her IRA and TSP is really just gravy. If I were to guess I would say $600k in TSP and $100k in IRA at retirement for her, but that is just a guess.

We do sit down with our financial advisor once a year together and go over everything so I should know then.
KDC1972 is offline   Reply With Quote
Old 11-30-2018, 03:36 PM   #9
Thinks s/he gets paid by the post
SumDay's Avatar
 
Join Date: Aug 2012
Posts: 1,511
Welcome! Sounds like you'll have a great, comfortable retirement. Reading your pension #'s made me wish I'd stuck with federal employment. Oh well, it all worked out.
__________________

__________________
FIRE Class of 2018 @ 61

Old men and women sit in the shade of trees they planted long ago
SumDay is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
20 years old, shooting for ER in the next couple years jadd806 Hi, I am... 65 05-28-2014 02:12 PM
Couples retiring years apart(at least above 10 years) Moscyn Life after FIRE 22 06-28-2012 07:39 AM
Go Go Years vs. Slow Go and No Go Years Cruisinthru Other topics 23 12-16-2009 10:38 AM
2 full Years after ER 32 years to go dex Young Dreamers 10 07-28-2008 06:20 PM
52 years old; want to retire in 2-3 years Barb301 Hi, I am... 2 03-07-2008 08:02 AM

» Quick Links

 
All times are GMT -6. The time now is 02:01 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.