Well to tell the truth my plan is still under construction, but it goes something like this, retire at 56 and defer my federal pension until I'm 62, thus no penalty assessed. Tap into my TSP (401k) from 56 to 62 to make up the shortfall (yes, I can tap into this at age 56 with no penalty).
Go fishing, wrench in my workshop, and spend time with family until I'm 62. Might even take a trip or two using the Military MAC system along the way.
At 62 start collecting federal pension and SS along with my Military retirement and VA disability. All four of these streams are lifetime sources of income and are cola adjusted. Reinvest remainder of my TSP for a rainy day. I also have an IRA that I hope to leave untouched and pass along to my children after I'm gone.
Datum: Home is paid for already. Zero debt upon retirement. Health insurance is provided by VA and Tricare (Military retiree health insurance). We're frugal and normally keep vehicles for 150,000+ miles. Property taxes are minimal based on place of residence and my status as a disabled vet.
That's about all I can remember at the moment. I welcome any feedback y'all might have for my basic plan.
Originally Posted by 38Chevy454
I'll add welcome to you as well, but agree with Katie how about some details on your plans? Life is for enjoying.
Originally Posted by Katiek
Welcome Marco. With your military and other govt pensions, it sounds like you're well set. How do you plan to spend all your free time?