Bimmerbill
Thinks s/he gets paid by the post
- Joined
- Jan 26, 2006
- Messages
- 1,645
Hello all,
I've been feeling a bit down lately, with the constant negative market news. Plus, turning 42 this weekend, so maybe a bit of mid life angst.
Can you all take a look at my savings plan and let me know if I'm doing OK?
I'm a fed gov't employee making $73,420 per year. DW makes about 6K PT. I used to be a GS-12, but now am in the new pay system (NSPS) so don't know how my pay will increase each year. I'm at the bottom end of my pay band, so can increase yearly for quite a while before I hit the top.
I save 18% into my gov't TSP plan. This doesn't max it out, but maybe after this years COLA/raise it will be close. If not this year, then prolly next year.
I retired from the Army Guard last year, so am eligible for retirement benefits at age 60. They turn out to be roughly $600 or $700 a month, plus medical benefits at age 60. This includes yearly COLAs, even in the 18 years I need to wait to collect. It has survivorship, so if I die my wife/child can collect some of it immediately. Who knows how this will change in 18 years...
Working for the feds is vesting me in the fed pension plan, basically 1% salary per year worked. Projections are hard, since I don't know how my salary will increase.
Early retirement is at age 56, with substantial reduction in monthly payment. Based off of today’s salary my monthly would be about $1K with 50% survivor benefits.
If I waited until age 60, monthly would be $1600, and age 62: $2000.
I'm shooting for age 56. Either way I can carry health into retirement. Unknown how much the monthly cost will be when I retire.
I'm married, 1 DD, age 2.5. I expect expenses to increase with my daughters age. So, things are getting tight. Just started daycare, $500 a month. Heating oil is crazy, so that’s $3400 this year (ouch!).
Have 180K in my TSP. It was close to 200K months ago, but is steady at 175-180 with market flux and regular contributions of my 18%, and matching 5%. 35% S&P, 20% Wilshire 4500, 35% EAFE, 10% govt securities (cash).
Also have 50K or so in wife’s IRA at vanguard, and about 5-6K in a ROTH at vanguard. Doing $50 a month just to get started in the Roth. I know I should reduce my TSP contributions to fully fund the ROTH, but automatic contribution out of my paycheck is so easy with the TSP. Hoping for a ROTH option to the TSP soon.
Owe $160k on the house, worth prolly $220, tax appraised at 259K (but at height of real estate boom). Owe 10K on truck, 5K student loans. Things seem to be getting tight financially and I was thinking of reducing TSP contributions. DW works part time, will pick up more hours. I've been pushing for FT work since DD is now in daycare.
I have 450K or so in life insurance, plus pensions will pay out 1500 or so monthly, plus social security (1800 month?). Working on another 250 to 300K term life for me, may pick up 250K on DW too.
Don't have short term disability, but do have 700 hours of sick leave saved up. Could qualify for long term disability if I can't do my gov't job, so would get some $$ plus Social Security.
Not much of an emergency fund, I am trying to pay off the car loans to have fewer monthly payments. Then plan on socking away the $$ for an EF. Maybe 5 or 10K in the bank at any given time.
DDs college fund? Not sure I can swing anything, but if I keep current contributions going and retire at 56, she should be 18 or so, I should be pretty set.
What else should I look at? I've taken the daycare costs out pretax (health care too), so will see what sort of hit I take in paycheck. DW and I are pretty thrifty, but I buy stuff I want, nothing extravagant, but the $40 or $50 here and there sure do add up. Food cost seem crazy lately too. I guess I'm feeling the pinch.
Plus, reading about all those who make 100K plus gets me kind of itchy and dissatisfied with my gov't paycheck. COLA this year of 3.9% plus some sort of performance based payout, so may get 7-9% raise, but unknown at this time. Maybe I'll try to draft up a rough budget?
Anyways, how about some feedback? Am I on the right track? Saving too little? Too much?
I've been feeling a bit down lately, with the constant negative market news. Plus, turning 42 this weekend, so maybe a bit of mid life angst.
Can you all take a look at my savings plan and let me know if I'm doing OK?
I'm a fed gov't employee making $73,420 per year. DW makes about 6K PT. I used to be a GS-12, but now am in the new pay system (NSPS) so don't know how my pay will increase each year. I'm at the bottom end of my pay band, so can increase yearly for quite a while before I hit the top.
I save 18% into my gov't TSP plan. This doesn't max it out, but maybe after this years COLA/raise it will be close. If not this year, then prolly next year.
I retired from the Army Guard last year, so am eligible for retirement benefits at age 60. They turn out to be roughly $600 or $700 a month, plus medical benefits at age 60. This includes yearly COLAs, even in the 18 years I need to wait to collect. It has survivorship, so if I die my wife/child can collect some of it immediately. Who knows how this will change in 18 years...
Working for the feds is vesting me in the fed pension plan, basically 1% salary per year worked. Projections are hard, since I don't know how my salary will increase.
Early retirement is at age 56, with substantial reduction in monthly payment. Based off of today’s salary my monthly would be about $1K with 50% survivor benefits.
If I waited until age 60, monthly would be $1600, and age 62: $2000.
I'm shooting for age 56. Either way I can carry health into retirement. Unknown how much the monthly cost will be when I retire.
I'm married, 1 DD, age 2.5. I expect expenses to increase with my daughters age. So, things are getting tight. Just started daycare, $500 a month. Heating oil is crazy, so that’s $3400 this year (ouch!).
Have 180K in my TSP. It was close to 200K months ago, but is steady at 175-180 with market flux and regular contributions of my 18%, and matching 5%. 35% S&P, 20% Wilshire 4500, 35% EAFE, 10% govt securities (cash).
Also have 50K or so in wife’s IRA at vanguard, and about 5-6K in a ROTH at vanguard. Doing $50 a month just to get started in the Roth. I know I should reduce my TSP contributions to fully fund the ROTH, but automatic contribution out of my paycheck is so easy with the TSP. Hoping for a ROTH option to the TSP soon.
Owe $160k on the house, worth prolly $220, tax appraised at 259K (but at height of real estate boom). Owe 10K on truck, 5K student loans. Things seem to be getting tight financially and I was thinking of reducing TSP contributions. DW works part time, will pick up more hours. I've been pushing for FT work since DD is now in daycare.
I have 450K or so in life insurance, plus pensions will pay out 1500 or so monthly, plus social security (1800 month?). Working on another 250 to 300K term life for me, may pick up 250K on DW too.
Don't have short term disability, but do have 700 hours of sick leave saved up. Could qualify for long term disability if I can't do my gov't job, so would get some $$ plus Social Security.
Not much of an emergency fund, I am trying to pay off the car loans to have fewer monthly payments. Then plan on socking away the $$ for an EF. Maybe 5 or 10K in the bank at any given time.
DDs college fund? Not sure I can swing anything, but if I keep current contributions going and retire at 56, she should be 18 or so, I should be pretty set.
What else should I look at? I've taken the daycare costs out pretax (health care too), so will see what sort of hit I take in paycheck. DW and I are pretty thrifty, but I buy stuff I want, nothing extravagant, but the $40 or $50 here and there sure do add up. Food cost seem crazy lately too. I guess I'm feeling the pinch.
Plus, reading about all those who make 100K plus gets me kind of itchy and dissatisfied with my gov't paycheck. COLA this year of 3.9% plus some sort of performance based payout, so may get 7-9% raise, but unknown at this time. Maybe I'll try to draft up a rough budget?
Anyways, how about some feedback? Am I on the right track? Saving too little? Too much?
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