jimbohoward69
Recycles dryer sheets
- Joined
- Feb 25, 2007
- Messages
- 70
Hello there everyone,
I'm not a newbie per se...I've posted many times on various forums here. But wanted to get your thoughts and insights on my current plan. I just turned 50 this month. I'm single, retired military, went back to work for the federal government for seven years, and then left that job back in December of 2019. Live in the Midwest and have been a renter my whole life (but would like to buy one of these days). My goal has always been to "retire for good" at some point in my fifties...just wasn't sure when.
Here are my details:
Assets:
Other than a $350/month car payment (0.9% interest / paid off in 2022), I have zero debt. My FICO score is 800+. I also have great health insurance through Tricare.
FIRECalc:
Due to family history, I'm using 30 years as my benchmark. Of course, I COULD live past 80 but you never know. Here's the link to mine: https://www.firecalc.com/index.php?...oor=0&callprocess=Submit&FIRECalcVersion=3.0&
So, with all that said, it LOOKS like I am/will do OK going forward...if I choose not to work again. If it turns out that way, there will be a few scenarios to ponder:
Sorry for the long post...I've been wanting to do this for a while (get feedback/advice on my current situation & plans for the future). Everyone I've encountered on here has been more than generous with their advice and feedback. Thank you in advance!!
I'm not a newbie per se...I've posted many times on various forums here. But wanted to get your thoughts and insights on my current plan. I just turned 50 this month. I'm single, retired military, went back to work for the federal government for seven years, and then left that job back in December of 2019. Live in the Midwest and have been a renter my whole life (but would like to buy one of these days). My goal has always been to "retire for good" at some point in my fifties...just wasn't sure when.
Here are my details:
Assets:
- $41K in taxable MM account (earning 1.3%)...emergency/down payment fund
- $46K in TD/Ameritrade account (500 shares of Abbott Labs)
- $38K in Vanguard taxable brokerage (just liquidated to cash)
- $306K in Thrift Savings Plan (Traditional)
- $1.2K in Thrift Savings Plan (Roth)
- $124K in Vanguard Roth IRA
- Total: $556K (Allocation of stocks/bonds/cash: 48/37/15)
- $26.8K (current military pension - net after taxes)
- $19.9K (current VA pension - tax free)
- $18.3K (SS at age 62)
- $5.5 K (deferred civil service pension at age 62)
- Annual Total: $47K annually now / $71K annually at age 62 (all four adjusted for inflation (CPI-W))
Other than a $350/month car payment (0.9% interest / paid off in 2022), I have zero debt. My FICO score is 800+. I also have great health insurance through Tricare.
FIRECalc:
Due to family history, I'm using 30 years as my benchmark. Of course, I COULD live past 80 but you never know. Here's the link to mine: https://www.firecalc.com/index.php?...oor=0&callprocess=Submit&FIRECalcVersion=3.0&
So, with all that said, it LOOKS like I am/will do OK going forward...if I choose not to work again. If it turns out that way, there will be a few scenarios to ponder:
- If, hypothetically, my expenses were to stay at $70K/annually, where would I get the additional income between now and age 62? Go through savings first then think about a 72(t) distribution until I turn 59 1/2?
- Could Roth conversions (Traditional TSP -> Traditional IRA -> Roth IRA) be a "tool in my toolbox" going forward?
- While I currently have enough credits to qualify for SS, if I don't contribute between now and age 62, will I no longer qualify for the benefit? Or maybe I will...but at a reduced rate than what's currently on my SS statement? (My statement says I've earned enough credits to qualify but then adds "At your current earnings rate, if you continue to work until...". That part has me a tad worried.
Sorry for the long post...I've been wanting to do this for a while (get feedback/advice on my current situation & plans for the future). Everyone I've encountered on here has been more than generous with their advice and feedback. Thank you in advance!!
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