Fireup2020
Thinks s/he gets paid by the post
- Joined
- Feb 5, 2007
- Messages
- 1,250
Hello all!
Here is a little background...a mere 17 months before I reach my 20 years with the military reserve (11+ active years of active duty which helps my pension!!) but I will not collect that pension until age 60. Currently working for state - and purchased my active duty service time so that at age 50, I will have 25 years for the reduced $$$ with full medical bennies at age 50 (but will probably remain until age 55, at which point the $$$ are higher for the "veterans pension") Currently have abt $20K in pre-tax retirement (military TSP) and upon retirement from reserve, will contribute at least 10k/year into the state pre-tax investment program (deferred comp)...In addition, I am looking to purchase a home in about 2 years, and also collect tax-exempt VA disability currently valued at about $500/mo. I have little faith in SS, and have punched numbers into calculators, and have faith that I will definitely NOT be a homeless old lady someday! In the event kids do come along (am 36 now) - I plan to revise savings strategy for their college, and big ticket items that I know will come (tax sheltered of course!)
I am able to live within my means, and choose to afford vacations (reward for my savings!) - but I feel like I am forgetting something. My parents tell me I will be fine (they retired "early" also) but any advice is welcome. Thanks!
Here is a little background...a mere 17 months before I reach my 20 years with the military reserve (11+ active years of active duty which helps my pension!!) but I will not collect that pension until age 60. Currently working for state - and purchased my active duty service time so that at age 50, I will have 25 years for the reduced $$$ with full medical bennies at age 50 (but will probably remain until age 55, at which point the $$$ are higher for the "veterans pension") Currently have abt $20K in pre-tax retirement (military TSP) and upon retirement from reserve, will contribute at least 10k/year into the state pre-tax investment program (deferred comp)...In addition, I am looking to purchase a home in about 2 years, and also collect tax-exempt VA disability currently valued at about $500/mo. I have little faith in SS, and have punched numbers into calculators, and have faith that I will definitely NOT be a homeless old lady someday! In the event kids do come along (am 36 now) - I plan to revise savings strategy for their college, and big ticket items that I know will come (tax sheltered of course!)
I am able to live within my means, and choose to afford vacations (reward for my savings!) - but I feel like I am forgetting something. My parents tell me I will be fine (they retired "early" also) but any advice is welcome. Thanks!