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10-01-2015, 08:05 AM
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#1
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Dryer sheet aficionado
Join Date: Apr 2015
Location: South Texas
Posts: 38
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Retirement timeline
I put this timeline together last year to illustrate, and better understand my income streams after retirement at 56. My income goal is $3000 per month, I know that seems small, but we have zero debt, very inexpensive healthcare, and 2 nearly new vehicles. There is a 5.5 year income gap between the ages of 56 and 62. I plan on making that up by making withdrawals (non-penalized, but taxable) from my TSP account. I'd appreciate your review and feedback.
Thanks,
Marco
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10-02-2015, 07:39 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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I'm not sure what kind of feed back you're looking for.
It appears that you are planning to get your $3,000 from military disability plus TSP annuity for the first 6 years. Then, replace the TSP with FERS for the rest of your retirement.
Assuming they are both COLA'd, you have covered your $3,000 target with those two sources. SS and the rest of TSP are cushion/gravy.
Based on this very limited information, that looks like a reasonable plan.
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10-02-2015, 08:01 AM
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#3
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Recycles dryer sheets
Join Date: Jan 2015
Location: Rural VT
Posts: 307
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Why are you waiting to take your FERs.
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10-04-2015, 09:05 PM
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#4
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Dryer sheet aficionado
Join Date: Apr 2015
Location: South Texas
Posts: 38
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@Independent Thanks, I appreciate the feedback
@Choices My FERS pension is docked 5% per year for every year I take it before the age of 62.
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10-05-2015, 08:19 AM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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That gap between ER and claiming SS is one that many of us do have to deal with. In my case, I used both TSP and dividends from my taxable account to fill in that gap. Nothing too creative or brilliant I suppose.
The reason I am posting is not to say "do what I did", but instead to mention that that gap can pass by so fast! For me it was only 4.5 years, and really it is just a very few years in your case, too. Just wanted to mention that fact because it has given me a different perspective on the problem.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-05-2015, 02:15 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2014
Location: Undisclosed
Posts: 1,237
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Shouldn't the Age 62 column read 3411, 3411, and 4912? Otherwise, it looks to me like you are good to go.
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10-07-2015, 07:05 AM
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#7
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Dryer sheet aficionado
Join Date: Apr 2015
Location: South Texas
Posts: 38
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Thanks WR2 and N02L84ER. I may work some part time low stress gig during the interval between 56 1/2 and 62, and then again maybe I won't. I've got fish to catch, cars to build, yard work to do and back roads to cruise.
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