martyb
Thinks s/he gets paid by the post
Hey everybody! I've been lurking around here for some time, soaking in lots of great information. I've read literally hundreds of posts, & now I'm ready to join the community. I'm a federal employee, just shy of 49 yrs old & will be retiring in 6 yrs, 2 months at age 55 (January 18, 2013). I'll have at that time, 35 yrs & 8 months total federal service, which includes 4 1/2 yrs active military (Air Force) and also, since I've been in the AF reserves all this time, I'll have the same number of years towards a military pension. Here's my current & projected retirement stats:
Age 55 - $36000/yr Defined Benifit Plan/CSRS with COLA (employer pays 75% of health ins. premium)
Age 60 - $14000/yr with COLA (military pension)
Age 62 - $4000/yr Social Security (approx) reduced due to WEP/govt pension
My wife, 3 yrs younger than I, will have to work a couple of years longer than I will, but will probably retire around 2015. She only earns about $20,000 & that's not likely to increase by much. We expect her to have at least $100,000 in her 401k by then (currently $25000) and she will qualify for full SS, but don't know the amount.
I only currently have about $50,000 in my TSP (govt. version of 401k) but intend (hope :) to have this at approx. $200,000 when I retire in 2013.
If I can achieve the $200,000, then I can SWR $1000 to $1200 per month from this account to supplement the above. However, I have some questions regarding this money, & I'll be posting them later on. Oh heck, how about I just ask right here?
Here's the deal....our house (market value approx. $190,000) is not, and will not be paid off by the time I retire in 2013. Currently, the mortgage amount is $97000. I'm sinking all the extra $$ I have into my TSP/401k to try to build it as much as possible prior to retirement.
Would I be better off:
A. Continue to build the TSP/401k while still making house pmts? (20 yrs remaining on the mortgage right now). Then, continue making house pmts after I retire?
B. Plan to use the TSP/401k money to pay off the mortgage when I retire, which will squash my income plans for the TSP/401k?
C.
Any suggestions are welcome!
Oh, I forgot to add that I will be required to retire in 2013 at 55 yrs old, I can't work past that because I will have exceeded the "high year of tenure" for being in the reserves. I can only continue to work in my civilian job until I am qualified to retire. I am required to be in the reserves as a condition of employment. Any other retired or active military technicians on this board?
Sorry for such a long initial post!
Age 55 - $36000/yr Defined Benifit Plan/CSRS with COLA (employer pays 75% of health ins. premium)
Age 60 - $14000/yr with COLA (military pension)
Age 62 - $4000/yr Social Security (approx) reduced due to WEP/govt pension
My wife, 3 yrs younger than I, will have to work a couple of years longer than I will, but will probably retire around 2015. She only earns about $20,000 & that's not likely to increase by much. We expect her to have at least $100,000 in her 401k by then (currently $25000) and she will qualify for full SS, but don't know the amount.
I only currently have about $50,000 in my TSP (govt. version of 401k) but intend (hope :) to have this at approx. $200,000 when I retire in 2013.
If I can achieve the $200,000, then I can SWR $1000 to $1200 per month from this account to supplement the above. However, I have some questions regarding this money, & I'll be posting them later on. Oh heck, how about I just ask right here?
Here's the deal....our house (market value approx. $190,000) is not, and will not be paid off by the time I retire in 2013. Currently, the mortgage amount is $97000. I'm sinking all the extra $$ I have into my TSP/401k to try to build it as much as possible prior to retirement.
Would I be better off:
A. Continue to build the TSP/401k while still making house pmts? (20 yrs remaining on the mortgage right now). Then, continue making house pmts after I retire?
B. Plan to use the TSP/401k money to pay off the mortgage when I retire, which will squash my income plans for the TSP/401k?
C.
Any suggestions are welcome!
Oh, I forgot to add that I will be required to retire in 2013 at 55 yrs old, I can't work past that because I will have exceeded the "high year of tenure" for being in the reserves. I can only continue to work in my civilian job until I am qualified to retire. I am required to be in the reserves as a condition of employment. Any other retired or active military technicians on this board?
Sorry for such a long initial post!