Newbie Pension Question

[Aspiration]

Hi all! I love this forum and appreciate all the advice. Seeking a bit for myself now for a sanity check

I am just under 50 years old and blessed w/a military pension.

My monthly pension exceeds our monthly expenses by about $600 without us trimming back on our expenses. This includes my mortgage which also includes my property taxes.

My 16 year old son's college is paid for. He will have a car gifted to him. I have 100% medical coverage from the VA. My family wife and son are covered under TriCare which is a pay as you use service. Overall, costs are low.

We have an IRA and Roth IRA (current totals are $260k) which we will not use until we are eligible age-wise. I also have $26k in rainy day emergency expenses. Social security will come at the proper time, too.

We have zero debt other than our mortgage mentioned above.

I have a substantial term-life insurance policy and easily make the payments on this.

I am considering leaving my current job (nets me just over $2k per month), because my heart is not really in it after recently experiencing the loss of a family member.

I am finding it a bit difficult (if even necessary) to find a pension-only calculator on line.

So, my questions to all of you is am I missing something? Based on what I provided, can I go full retired?

Thanks much!

Turp

 

[braumeister]

Look at the bottom of this page for the link to FIRECalc. Read the instructions and play with it for a while. Then you'll be more ready to ask detailed questions.

 

[joeea]

I am considering leaving my current job (nets me just over $2k per month), because my heart is not really in it after recently experiencing the loss of a family member.

So, my questions to all of you is am I missing something? Based on what I provided, can I go full retired?

Looks like can do whatever you want financially.

But do you actually want to be fully retired? How would you spend your time?

A recent loss of a family member is usually a bad time to make life-changing decisions. You might want to wait a while and see if you still feel this way.

 

[Aspiration]

Thanks for the quick reply! My family loss was my mother, so this leaves me and my father. Time will be spent fishing with him at his lake house , playing racquetball, and spending lots of time at deer camp.

I suppose this decision is not coming overnight. I've been on the fence about retirement since I left the military late last year, but got myself a "bridge-job" to cover unforeseen expenses as I made the transition. This bridge job is the one going away.

I am very employable and can always re-enter the work force if needed. Just thinking time with my Dad is more important now than ever. We also lost my only brother two years ago to cancer.

Additional input/comments are desired and appreciated.

Thanks again.

 

[militaryman]

If I had the financial freedom to retire when my Dad was still here, I would've gone, especially if he was widowed.

 

[Ready2Go]

If I had the financial freedom to retire when my Dad was still here, I would've gone, especially if he was widowed.

+1

 

[Mdlerth]

Nothing is more important than the people we love

A recent loss of a family member is usually a bad time to make life-changing decisions. You might want to wait a while and see if you still feel this way.

+1

I'm sorry for your loss. Your first priority should be to work through the mourning process. Bond with your Dad and put big decision-making on the back burner.

When the time is right to make a change, you will know.

 

[Aspiration]

Thanks everyone for the condolences and advice/confirmation! As a man of faith, I have prayed over this decision and been given peace in the fact I've made the right decision -- at least for now. I can always re-enter the work force if I want to or need to.

Thanks again.

 

[HI Bill]

Welcome! Sounds like you can afford to retire, although you don't have much in the way of contengency funds, and don't have a way to cover long term care if required. You also don't have much flexibility in terms of being able to add hobbies and/or travel.

But at this point, it looks like you're covered financially with your current lifestyle. If I were you, I'd probably look at working a year or two more, or just retiring for now and spending time with your dad, wife and son. Depends on what you want to do in your retirement!

 

[Aspiration]

Thanks HNL Bill — great advice!

 

[23isme]

I'm in a similar boat regarding pension, healthcare, etc, but decided to work a few more years in industry because I like what I do and being able to bank 100% of my paycheck from my current job (as well as 401k) is building up a nice cash cushion for extraordinary expenses. It's also a great test run as to whether my pension + disability really do cover our daily expenses over the long haul in reality, not just on a spreadsheet.

 

[Aspiration]

23isme, sounds like you have a great plan. Thanks for sharing and all the best.

 

[38Chevy454]

I agree with HNL Bill, your budget is covered by your pension as you say, with a little left over each month even. The risk is a big medical expense that might not be covered by insurance. The ability to spend time with your father is a great opportunity, especially since he is alone now. Your military pension is quite safe and I would not worry about that being at risk, same with the Tri-care insurance. Those are both very valuable benefits.



Given that you state you could go back to work if needed at a later date, I think you can retire now. Spend that time with your father, you will never have a better chance at this. Enjoy your retirement.

 

[EarlyBirdly]

"Just thinking time with my Dad is more important now than ever. We also lost my only brother two years ago to cancer."


" Time is the only thing of value. Nothing can be accomplished without it." - MKR


You can always get more money (that it appears you don't need more of )...You will never be able to reacquire one second of the time you didn't spend with someone.


Enjoy fishing with your Dad, I wish I had that option.

 

[Aspiration]

EarlyBirdly, thank you for your perspective!

 

[Aspiration]

38Chevy454, thanks for your advice; however, I cannot think of any big medical expense that would not be covered. TriCare and the VA are pretty awesome.

 

[Kabowest]

If there is a single take away from the various posts I have read on the many different threads, it's that no amount of money buys time. I have seen family, friends, and colleagues pass on at a much too early age in recent years, which brings me closer to my personal decision of the end of 2019.

As many of said already in this thread, the time with your dad can never be replaced, so if it's a workable option that's where I'd be.

Great post, great replies, and great perspective!

 

[Aspiration]

Thanks for your insight, Kabowest!