Hi,
I am a government employee and plan to retire January 2029 at 56 with 33 years of service. I am covered under the Federal Employee Retirement System (FERS) and will have a 20 yrs law enforcement retirement and 13 years civilian retirement pension.
My retirement plan includes:
Annual pension of around $61k
FERS Social Security supplement around $19k (ends at 62)
TSP (Gov employees 401k) estimated balance of $1.2 million at retirement
Roth IRA estimated balance of $400k at 62. I plan to continue to contribute until my SS supplement ends. I estimate based on continuing max contribution and 6% return, I’ve had much better returns over the life of each account but am estimating on what I consider the conservative side.
The TSP payment calculator says I can take over $5000 a month for over 30 years before my balance is depleted so I figure I have that income in to my mid to late 80’s.
I don’t plan to start taking social security until I am 67, and as of my last benefit statement it is currently $2740 a month
My wife also is a Govt employee, she is a few years older so is eligible to retire the summer of 2025. She is not law enforcement so her pension is less, she has both a Roth & TSP but lower balances, that being said I think she will be good.
We have a house but are not trying to pay off the mortgage as it isn’t located where we want to live in retirement. We will probably sell it sometime after she retires but before I do. Any income we make from the sale is a bonus as we don’t use that in any of our estimates.
We have our retirement dreams, we plan to be snowbirds and own a motor home and 2 small houses, a summer place in Wisconsin or Minnesota and a winter place hopefully on the Gulf Coast of Texas. We have no kids so no need to leave any money to heirs
Unfortunately dementia runs in my family and it scares me quite a bit so I want to cram as much traveling and fun in to my early retirement years as possible.
I look forward to learning from everyone else’s experiences.
I am a government employee and plan to retire January 2029 at 56 with 33 years of service. I am covered under the Federal Employee Retirement System (FERS) and will have a 20 yrs law enforcement retirement and 13 years civilian retirement pension.
My retirement plan includes:
Annual pension of around $61k
FERS Social Security supplement around $19k (ends at 62)
TSP (Gov employees 401k) estimated balance of $1.2 million at retirement
Roth IRA estimated balance of $400k at 62. I plan to continue to contribute until my SS supplement ends. I estimate based on continuing max contribution and 6% return, I’ve had much better returns over the life of each account but am estimating on what I consider the conservative side.
The TSP payment calculator says I can take over $5000 a month for over 30 years before my balance is depleted so I figure I have that income in to my mid to late 80’s.
I don’t plan to start taking social security until I am 67, and as of my last benefit statement it is currently $2740 a month
My wife also is a Govt employee, she is a few years older so is eligible to retire the summer of 2025. She is not law enforcement so her pension is less, she has both a Roth & TSP but lower balances, that being said I think she will be good.
We have a house but are not trying to pay off the mortgage as it isn’t located where we want to live in retirement. We will probably sell it sometime after she retires but before I do. Any income we make from the sale is a bonus as we don’t use that in any of our estimates.
We have our retirement dreams, we plan to be snowbirds and own a motor home and 2 small houses, a summer place in Wisconsin or Minnesota and a winter place hopefully on the Gulf Coast of Texas. We have no kids so no need to leave any money to heirs
Unfortunately dementia runs in my family and it scares me quite a bit so I want to cram as much traveling and fun in to my early retirement years as possible.
I look forward to learning from everyone else’s experiences.
