61 and on a Five Year Count Down

[BigJ]

I stumbled upon this forum recently and have enjoyed reading the conversations taking place. I think the ideas here are just what I need to plan out our glide path to a good retirement. I have always been a saver/investor. Though, raising a family has greatly increased the quality of life it has also increased my cost of living
I always assumed I would retire someday. This has helped me focus on making it a reality.

Me: 61, Technology consultant on long term series of contracts with a Megacorp
DW: 50, Program manager with a large federal government agency
Three kids: One launched (28) & two at home ages 13 and 10
$2M in various retirement plans, primarily in equities
$500K home with $47K mortgage remaining @ 3%
$300K lake cabin under construction 85% complete
We plan to retire around 2024, maybe sooner.
To do’s before then:

• Finish paying off mortgage
• Finish building cabin
• Maximize remaining retirement contributions (49K) utilizing the catch up provisions. With a 5% assumed return, I expect that $3MM total should be doable.
• Increase after tax savings
• Better calculate future living expense needs.
• Determine kids’ college funding needs /sources (additional 529s or fund out of retirement cash flows?)
• Analyze my optimal SS start date with minor dependents’ SS benefits included.
• Pay more attention to my physical fitness so I can enjoy retirement.
• Accurately calculate FERS pension with early retirement.
• Determine appropriate AA strategy for retirement.

[Walt34]

Welcome to the forum! It looks like you're on track for a successful retirement. A huge issue of course is ongoing expenses so we have a series of questions you'll want to have solid answers for before pulling the plug:

http://www.early-retirement.org/foru...ml#post1399715

[cnocmmz]

Quote:

Originally Posted by BigJ I stumbled upon this forum recently and have enjoyed reading the conversations taking place. I think the ideas here are just what I need to plan out our glide path to a good retirement. I have always been a saver/investor. Though, raising a family has greatly increased the quality of life it has also increased my cost of living I always assumed I would retire someday. This has helped me focus on making it a reality. Me: 61, Technology consultant on long term series of contracts with a Megacorp DW: 50, Program manager with a large federal government agency Three kids: One launched (28) & two at home ages 13 and 10 $2M in various retirement plans, primarily in equities $500K home with $47K mortgage remaining @ 3% $300K lake cabin under construction 85% complete We plan to retire around 2024, maybe sooner. To do’s before then: Finish paying off mortgage Finish building cabin Maximize remaining retirement contributions (49K) utilizing the catch up provisions. With a 5% assumed return, I expect that $3MM total should be doable. Increase after tax savings Better calculate future living expense needs. Determine kids’ college funding needs /sources (additional 529s or fund out of retirement cash flows?) Analyze my optimal SS start date with minor dependents’ SS benefits included. Pay more attention to my physical fitness so I can enjoy retirement. Accurately calculate FERS pension with early retirement. Determine appropriate AA strategy for retirement.

Looks like you have been hard at saving. .Congrats. WRT to FERS early retirement (Which I plan on doing), normally one should get at their MRA + 10 years in, this lets her keep medical aspect to the job. Retirement factor is based on 1% of her high 3 X's total years. Many options, Bottom line though is that you can take it as early as 5 years (must wait until 62 to collect) or as stated prior, Minimum Retirement Age (normally 57) to get decent pension. Example: An Average pension for that 100K salary for only 10 years of service would be about 833.00 a month prior to tax and or insurance? It is cola'd, and obviously the more years the higher the salary.
I am retired Military and work for the gov, as a GS12, I will only do 10 years come 2020 Feb and my pension will be very similar.

[BigJ]

WRT? That's a new acronym for me. What does WRT mean?
Thanks

[pb4uski]

I think it is "with respect to".

https://english.stackexchange.com/qu...-does-wrt-mean

[cnocmmz]

Wrt ( with regards to)