Howdy.

[Marco]

Hi,

54 y/o retired military and soon to be (early) retired Fed. Planning to pull the trigger at age 56 and start to really enjoy life.
I look forward to learning from you all.

Thanks & Regards!

Marco

 

[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?

 

[38Chevy454]

I'll add welcome to you as well, but agree with Katie how about some details on your plans? Life is for enjoying.

 

[Marco]

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.

I'll add welcome to you as well, but agree with Katie how about some details on your plans? Life is for enjoying.

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?

 

[mickeyd]

Howdy back at ya Marco.

Enjoy your retirement and learn a lot from the usually smart folks that post here.

 

[38Chevy454]

Sounds like you have a good plan, and having the health insurance covered, along with those pension/disability/SS income streams, should be good shape from 62. Assuming from your info you have enough to cover the bridge time between now and 62, go have fun!