I'm 38 and work for the federal government in the DC area, making $86000. I have about $73k in taxable accounts, $62k in TSP, and $27k in my Roth. I also have a bit less than $24k in emergency fund, about 8 months of emergency funds. I have a couple thousand in I bonds and another couple thousand in an account for my rental property.
I max my TSP and Roth, but no longer contribute to the taxable account, as I'm trying to pay off my HELOC. I live in a tiny condo in a lovely location near metro and about two miles from my job. I also have a rental property that breaks even. The HELOC is at $24k, and the first mortgages are $162k and $155k. No CC debt, school loans and 4 y/o car are paid off.
I really, really want to retire early, in part because I'm bored with my job, and partly because I want to sit and write The Great American Novel. But the main reason is that I don't think my health (mental and physical) will support me working full time to traditional retirement age. I know that sounds a little melodramatic, but I've been watching my mom grow confused and forgetful as early as her 50s, but she has my dad; I have to rely on myself.
I'm trying to figure out my ER options under the FERS program. I currently have 5 years in, so at my minimum retirement age (MRA) of 57, I'd have 23 years. If I understand correctly, I could take an immediate annuity, reduced 25% and keep my FEHB health benefits. Or I could defer my annuity at that point until 60 (no reduction as I'd have >20 yrs service) and lose health benefits 57-60. If I waited until 60 to retire, then I'd have the full annuity, FEHB plus an annuity supplement until 62.
What I can't figure out is how much those things are worth, i.e., if I left before my MRA with no health insurance, deferred annuity, no COLA, and no supplement. I've put various scenarios in FIREcalc, ranging from retiring at 52-62, and in each case, it gives 100% success, which makes me suspicious that I'm feeding it bad input.
I also need to figure out an estate plan. My IRA and TSP have my parents as beneficiaries, I think. Beyond that, I keep making excuses: I don't have enough to worry about; my parents/siblings will get it anyway etc.
I max my TSP and Roth, but no longer contribute to the taxable account, as I'm trying to pay off my HELOC. I live in a tiny condo in a lovely location near metro and about two miles from my job. I also have a rental property that breaks even. The HELOC is at $24k, and the first mortgages are $162k and $155k. No CC debt, school loans and 4 y/o car are paid off.
I really, really want to retire early, in part because I'm bored with my job, and partly because I want to sit and write The Great American Novel. But the main reason is that I don't think my health (mental and physical) will support me working full time to traditional retirement age. I know that sounds a little melodramatic, but I've been watching my mom grow confused and forgetful as early as her 50s, but she has my dad; I have to rely on myself.
I'm trying to figure out my ER options under the FERS program. I currently have 5 years in, so at my minimum retirement age (MRA) of 57, I'd have 23 years. If I understand correctly, I could take an immediate annuity, reduced 25% and keep my FEHB health benefits. Or I could defer my annuity at that point until 60 (no reduction as I'd have >20 yrs service) and lose health benefits 57-60. If I waited until 60 to retire, then I'd have the full annuity, FEHB plus an annuity supplement until 62.
What I can't figure out is how much those things are worth, i.e., if I left before my MRA with no health insurance, deferred annuity, no COLA, and no supplement. I've put various scenarios in FIREcalc, ranging from retiring at 52-62, and in each case, it gives 100% success, which makes me suspicious that I'm feeding it bad input.
I also need to figure out an estate plan. My IRA and TSP have my parents as beneficiaries, I think. Beyond that, I keep making excuses: I don't have enough to worry about; my parents/siblings will get it anyway etc.