Hi,
I am a government employee with 18 years of service (12 to go) in a very stressful work environment. My retirment is tax based/funded and as long as I live until 50, I will collect 82% of my income for life. I am currently earning $125,000 yr ( this includes overtime so the next number wont mathmatically work), and the current estimate provided by my retirement plan estimated 2% cola until February 2030 with a monthly check of 11,150. That is plenty of money for my small family, wife and daughter. Daughter will be college age at that time, but we are investing hard in her now with school work, study habits, etc and hoping our work now will pay off later. A lot of people in my shoes retire and then get another job “double dipping.” They substantially increase their income for five-ish years and then pay off all debt retiring permanently. I will make that decision then, but am planning on only doing this once.
We will not receive any social security benefits. My wife will receive approximately $2,000 when I am 53.
I have been investing in our deferred compensation (on/off) but mostly on for the entire time. I made a huge mistake in 08, got scared, put money in fixed account, and the rest is history. Have been contributing $10,000 a year and plan to increase that each year until I retire. Current balance is $215,000. Here is my question. I currently have my allocations as...
Small/mid/specialty %31
Large cap value %28
Large cap growth %15
Global/international %13
Bonds %12
Stability of principal %1
I really have no idea what any of the above means. A quick meet with the Vanguard advisor, and this is where things were put. The person helping really didnt seem to know much, and I made selections off of risk and ten year histories. I am not sure if this was the correct way or proper selection/s. I believe keeping things high risk at this point would provide the most benefit. Any advice....? It seems to me most financial advisors wont be interested in someone like me because of the retirement system I am in.
Are compounding interest calculators accurate. I am receiving estimates of $550,000 on the $215,000 in 12 years. Seems high to me.
I will have about $75,000 in a mortgage left on a house that is currently valued at $550,000. We are not planning to move, dont travel much, and will have no CC debit/car payments.
I have read through a ton of these posts and greatly appreciate the sharing of info and suggestions everyone makes.
Take care
I am a government employee with 18 years of service (12 to go) in a very stressful work environment. My retirment is tax based/funded and as long as I live until 50, I will collect 82% of my income for life. I am currently earning $125,000 yr ( this includes overtime so the next number wont mathmatically work), and the current estimate provided by my retirement plan estimated 2% cola until February 2030 with a monthly check of 11,150. That is plenty of money for my small family, wife and daughter. Daughter will be college age at that time, but we are investing hard in her now with school work, study habits, etc and hoping our work now will pay off later. A lot of people in my shoes retire and then get another job “double dipping.” They substantially increase their income for five-ish years and then pay off all debt retiring permanently. I will make that decision then, but am planning on only doing this once.
We will not receive any social security benefits. My wife will receive approximately $2,000 when I am 53.
I have been investing in our deferred compensation (on/off) but mostly on for the entire time. I made a huge mistake in 08, got scared, put money in fixed account, and the rest is history. Have been contributing $10,000 a year and plan to increase that each year until I retire. Current balance is $215,000. Here is my question. I currently have my allocations as...
Small/mid/specialty %31
Large cap value %28
Large cap growth %15
Global/international %13
Bonds %12
Stability of principal %1
I really have no idea what any of the above means. A quick meet with the Vanguard advisor, and this is where things were put. The person helping really didnt seem to know much, and I made selections off of risk and ten year histories. I am not sure if this was the correct way or proper selection/s. I believe keeping things high risk at this point would provide the most benefit. Any advice....? It seems to me most financial advisors wont be interested in someone like me because of the retirement system I am in.
Are compounding interest calculators accurate. I am receiving estimates of $550,000 on the $215,000 in 12 years. Seems high to me.
I will have about $75,000 in a mortgage left on a house that is currently valued at $550,000. We are not planning to move, dont travel much, and will have no CC debit/car payments.
I have read through a ton of these posts and greatly appreciate the sharing of info and suggestions everyone makes.
Take care