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Old 07-25-2008, 01:35 PM   #1
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New here, 13 years to go!

New to the forum. Looking forward to enjoying ER with assistance from Civil Service Pension. Plan to retire at 47 (13 years from now) w/ 25 years of service in the the fire department.

My wife and I are planning to retire together. She will be 45. She has retirement savings in a 401k and Roth. I will have my pension, 457b, and Roth savings. We are also in the process of purchasing an apartment building with $20,500 in gross income. Our business plan for this property is for the mortgage to pay off in 12 years. This should help with the shortage of income until my wife reaches 59 1/2 to qualify for withdrawals from her 401k and Roth. My pension will replace approximately 80% of my pre-retirement income. I will also be able to draw on my 457b upon retirement. In 13 years our personal residence will have 6 years left on the mortgage.

Glad to have found your forum and hope to learn more so we can sharpen our plan.
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Old 07-25-2008, 03:45 PM   #2
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Welcome! You will find lots of great information and perspective from the people in this group.
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Old 08-04-2008, 11:19 PM   #3
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good for you captain. Good gross number, what's net? how much is the loan? it's nice to pay it off in 12 yrs, u certainly can live off your pension and collect the rent on this baby. good luck.

enuff
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Old 08-05-2008, 07:20 AM   #4
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Originally Posted by Enuff2Eat View Post
good for you captain. Good gross number, what's net? how much is the loan? it's nice to pay it off in 12 yrs, u certainly can live off your pension and collect the rent on this baby. good luck.

enuff
Thank you. With 10% down ($15,000) the property will net approximately 400 a month with 8% vacancy and moderate repairs/maintenance. We plan to use the cash flow to help facilitate about a 12 year pay off.
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Old 08-07-2008, 01:36 PM   #5
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Don't think it will matter too too much in your plans, but do you know of SEPP or 72t distributions? Your wife could take Substantially Equal Periodic Payments from her 401k (or she can rollover to an IRA, not sure if you have to) before age 59 1/2 as long as it meets some certain guidelines.
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