militaryman
Recycles dryer sheets
I have been lurking a month or so and need a little insight
I am married M39, 2 kids 14/17 and recently retired from the Reserves after 20+ years (pension will be COLA adjusted about 7,500 a year at 60)
I already have 20 years as a fulltime federal employee and @ 57 will receive a federal pension of about 38,000 a year (plus good Health ins) (This amount ncludes a supplement that mirrors the Social Sec that I will get at 62 so the 38k is consistent from 57 on plus at 60 I start getting the 7.5K from the reserves)
We have about 225K in a 401K plan and own our house with no other debt
On the downside we have no $ saved for the kids college that is approaching next year.... (Wife is going to second interview for job at very nice private college tomorrow and they would cover 100% tuition for all family members for a 4yrdegree -- So pray for us!)
We save 16% of my salary and get a match of 5% for the 401K.
I see no hope to retire before 57 because the pension mentioned above requires me working to a Minimum retirement age of 57 before I draw the $$ without incurring a large penalty and forfitting health benefits.
Guess I just need to concentrate on staying healthy so I can enjoy Retirement at 57 on.....
I am married M39, 2 kids 14/17 and recently retired from the Reserves after 20+ years (pension will be COLA adjusted about 7,500 a year at 60)
I already have 20 years as a fulltime federal employee and @ 57 will receive a federal pension of about 38,000 a year (plus good Health ins) (This amount ncludes a supplement that mirrors the Social Sec that I will get at 62 so the 38k is consistent from 57 on plus at 60 I start getting the 7.5K from the reserves)
We have about 225K in a 401K plan and own our house with no other debt
On the downside we have no $ saved for the kids college that is approaching next year.... (Wife is going to second interview for job at very nice private college tomorrow and they would cover 100% tuition for all family members for a 4yrdegree -- So pray for us!)
We save 16% of my salary and get a match of 5% for the 401K.
I see no hope to retire before 57 because the pension mentioned above requires me working to a Minimum retirement age of 57 before I draw the $$ without incurring a large penalty and forfitting health benefits.
Guess I just need to concentrate on staying healthy so I can enjoy Retirement at 57 on.....