I have run FireCalc forwards and backwards. I am still confused. Generally I get it, but there is a disparity as a result of an epiphany that occurred with discussing retirement with a close friend who is already retired. Is my brain just oversimplifying things? Here is the scenario:
At age 55 I will begin collecting a pension of 54.5% of my highest 12 mos of my salary.
At age 60 I will have an additional aprox. $1100/mo mil reserve pension. (today's dollars)
Both pensions are cola'd. Med ins. comes with both pensions and I am also eligible for and prefer the VA system.
I am currently socking away just under 43% of my income into retirement (TSP and Deferred comp) and MF funds.
Since I am "living" on merely 60% of my "income" today, with no intention of this rate changing, why would I not be able to live relatively comfortably on my pensions at that time - and only pull from the savings/investments for extras (extra travel, toys, etc)