corn18
Thinks s/he gets paid by the post
- Joined
- Aug 30, 2015
- Messages
- 1,890
We plan to retire next month. I will be 55, wife 51. Some details:
$49,524 / year COLA military pension already collecting.
$42,884 my SS starting @ my age 70
$17,292 her spousal SS starting @ my age 71 (her age 67)
$109,700 Total COLA income
$100,700 Annual expenses
$9,000 excess / year
So, once we hit 71, we don't need any savings. While I would love to blow all my savings from 55-70 and slide into SS with no nest egg, that makes me uneasy. So I am trying to determine what amount I should reserve for unknown unknowns after age 71. Right now, I have $300k for the reserve in my spreadsheet. Wanted to check in to see if that is a good wag for now. I have no plan to leave an inheritance. That will come from grandma for the kids.
The reason I am asking is that reserve number is what I use in the VPW spreadsheet to determine annual discretionary spending from 55-71.
$49,524 / year COLA military pension already collecting.
$42,884 my SS starting @ my age 70
$17,292 her spousal SS starting @ my age 71 (her age 67)
$109,700 Total COLA income
$100,700 Annual expenses
$9,000 excess / year
So, once we hit 71, we don't need any savings. While I would love to blow all my savings from 55-70 and slide into SS with no nest egg, that makes me uneasy. So I am trying to determine what amount I should reserve for unknown unknowns after age 71. Right now, I have $300k for the reserve in my spreadsheet. Wanted to check in to see if that is a good wag for now. I have no plan to leave an inheritance. That will come from grandma for the kids.
The reason I am asking is that reserve number is what I use in the VPW spreadsheet to determine annual discretionary spending from 55-71.