Bimmerbill
Thinks s/he gets paid by the post
- Joined
- Jan 26, 2006
- Messages
- 1,647
I just turned 52 and plan to retire at age 60, so 8 more years to go.
I'm lucky to have a federal job so I'll get a federal pension equal to 1% of my salary per years worked.
At age 60 I'll have 30 years worked, so will get a pension of $30K based off my $100K salary.
I'll also be able to collect my Army National Guard retirement at age 60 of $10K.
My retirement also provides a retirement supplement approximately equal to social security, which should be $20K. This lasts from 60 to age 62. Plan is to take social security at 62 unless my spend rate is a lot lower than I plan and I end up banking money.
I have $415K in my TSP account, which is the goverment 401k type plan and am adding about $20K per year.
So, things are looking good for an annual spend rate of $80K (80% of my salary) at age 60. It's still 8 years away so I am hoping there are no significant changes to the federal retirement system. FIRECALC gives me a 100% chance of success.
Health insurance will be carried over from my federal job, or I may use Tricare depending on how the plans look when I reach 60. I live in a state without income taxes and which doesn't tax pensions so I think I will be all set tax wise.
I hope there will be an early retirement offer sometime in the next 8 years, but not sure I would qualify. I can hope tho.
What else should I be looking at?
I'm lucky to have a federal job so I'll get a federal pension equal to 1% of my salary per years worked.
At age 60 I'll have 30 years worked, so will get a pension of $30K based off my $100K salary.
I'll also be able to collect my Army National Guard retirement at age 60 of $10K.
My retirement also provides a retirement supplement approximately equal to social security, which should be $20K. This lasts from 60 to age 62. Plan is to take social security at 62 unless my spend rate is a lot lower than I plan and I end up banking money.
I have $415K in my TSP account, which is the goverment 401k type plan and am adding about $20K per year.
So, things are looking good for an annual spend rate of $80K (80% of my salary) at age 60. It's still 8 years away so I am hoping there are no significant changes to the federal retirement system. FIRECALC gives me a 100% chance of success.
Health insurance will be carried over from my federal job, or I may use Tricare depending on how the plans look when I reach 60. I live in a state without income taxes and which doesn't tax pensions so I think I will be all set tax wise.
I hope there will be an early retirement offer sometime in the next 8 years, but not sure I would qualify. I can hope tho.
What else should I be looking at?