15 Month Count Down

[cnocmmz]

WOW! What a ride. 25 years in the military, retired and have been working for the Federal government for almost 8 years and will have almost 9 when I walk away. (not much difference in that pension), we only get 1% of our High 3 years X years of service. I am 57 and DW is 63 both will have annual Cola'd pensions totaling 70K and she can draw SS @12K=82K after taxes. The 4 year gap until 62 is the only issue since we presently spend about 90K with mortgage included in that number. Kids are all grown, no other debt except the home.
Financial status:
-My TSP and Roth IRA will be $550K
-DW 401K will be $250K
Total 800K
-At 62 I can add another 22k Annually from Gov pension and SS

Like most, worried about he future and just wondering if this Doable during that 4 gap prior to collecting gov pension and SS? looking for any ideas or other issues I should be thinking about
Thanks for listening

 

[Walt34]

Congratulations and welcome to the forum!

If you haven't seen it here is a series of questions you'll want to have solid answers to: http://www.early-retirement.org/for...re-asking-can-i-retire-69999.html#post1399715

A 3.5% WR on $800k comes out to $28k & change so it looks like you're golden.

 

[evilanne]

TSP should be accessible for monthly payments retiring over 55, but not sure if taking deferred TSP pension, which it sounds like you are, would have any impact or not.

What would be the difference if you worked at least 10 years under TSP? Would you qualify for immediate pension with TSP? I'm not that familiar with MRA+10 but I'm guessing that the additional $22K at 62 is deferred TSP since you would already be getting your military pension.

Did you purchases part or all of your military time? If not would that change the numbers any?

 

[cnocmmz]

TSP should be accessible for monthly payments retiring over 55, but not sure if taking deferred TSP pension, which it sounds like you are, would have any impact or not.

What would be the difference if you worked at least 10 years under TSP? Would you qualify for immediate pension with TSP? I'm not that familiar with MRA+10 but I'm guessing that the additional $22K at 62 is deferred TSP since you would already be getting your military pension.

Did you purchases part or all of your military time? If not would that change the numbers any?

Hi Evilanne
No impact on taking tsp early as long as I am over 56. No pension with TSP, separate pension with Gov.
Thanks

 

[Bigdawg]

reduced gov pension at 57? Full at 62/63?

 

[cnocmmz]

If I take it, yes reduced...So I am deferring to 62. Don't think I will need it