Hello everyone. I haven't posted in awhile but I read this forum almost everyday. Quick background on myself. I'm 26, married, planning to have our first child within the next year. We'd like to have 3 kids when all is said and done. I am an Air Force officer doing air traffic control with 1 year left on my 4 year commitment. I intend to separate late next year and get picked up with the FAA (already in the hiring process). I also plan on staying with the Air National Guard or AF Reserves.
So I realize at 26 a lot can change, but I wanted to write out my plan to ER and get the forum's opinion on it.
The Plan
1. 22 Years of FERS + 4 Year Military Buyback= 40% of high 3 (estimating 40% of $150k or $60,000 COLA'd pension plus health benefits) - this is based on the special retirement provisions for air traffic control.
2. Estimating $1,000,000 in savings based on conservative returns and maxing out the TSP program in addition to the Agency match of 5% of base salary.
3. 16 Years with Guard/Reserves plus my 4 years Active Duty, with a final pay grade of O-4. (Estimating $15,000 year COLA'd pension starting at 60)
4. Intend to have house paid off by retirement as well.
I know this is pretty generalized but I wanted to run it by the ER forums. I also understand the uncertainty of both the military and FERS pension systems. Something i purposely left out was the current social security supplement fed retirees recieve until age 62, and social security because i have doubts about their existance by the time I'm eligible.
I respect your opinions and would like to hear your thoughts, suggestions, and criticisms.
So I realize at 26 a lot can change, but I wanted to write out my plan to ER and get the forum's opinion on it.
The Plan
1. 22 Years of FERS + 4 Year Military Buyback= 40% of high 3 (estimating 40% of $150k or $60,000 COLA'd pension plus health benefits) - this is based on the special retirement provisions for air traffic control.
2. Estimating $1,000,000 in savings based on conservative returns and maxing out the TSP program in addition to the Agency match of 5% of base salary.
3. 16 Years with Guard/Reserves plus my 4 years Active Duty, with a final pay grade of O-4. (Estimating $15,000 year COLA'd pension starting at 60)
4. Intend to have house paid off by retirement as well.
I know this is pretty generalized but I wanted to run it by the ER forums. I also understand the uncertainty of both the military and FERS pension systems. Something i purposely left out was the current social security supplement fed retirees recieve until age 62, and social security because i have doubts about their existance by the time I'm eligible.
I respect your opinions and would like to hear your thoughts, suggestions, and criticisms.