S
shanna
Guest
Hi all,
My husband is a federal employee, age 50, and I am his loyal wife, age 38 (yep, he's lucky!) Married 8 years, first marriage for both, no kids.
He is eager to retire at age 56, and I am very supportive. Lots of plans for travel and adventure await.
Here is what our financial situation will look like in 6 years when he is 56. Any comments or advice are appreciated:
1. FERS annuity w/ spouse benefit: $1100/ mo
2. TSP annuity w/ spouse benefit: $800/mo
(or could roll over $275K into IRA- advice here?)
3. SS benefits (at age 62): $1200/ mo
4. > $160K in Roth IRAs (combined) 6 years from now
We have lived in gov't housing for the past 8 years and do not own a home. We have $75K saved for a large down payment. Plans are to live in an area where home prices average $150-$200K.
I have a teaching degree and plan to teach when my husband retires and we don't live in such a remote location... so we will have supplemental income.
We live frugally would be quite happy living on a $24K/ year, but the catch is we don't own a home yet and will need to pay off a mortgage. We should have $100K saved toward a home by ER.
Thoughts?? Are we cutting it too close?
shanna
My husband is a federal employee, age 50, and I am his loyal wife, age 38 (yep, he's lucky!) Married 8 years, first marriage for both, no kids.
He is eager to retire at age 56, and I am very supportive. Lots of plans for travel and adventure await.
Here is what our financial situation will look like in 6 years when he is 56. Any comments or advice are appreciated:
1. FERS annuity w/ spouse benefit: $1100/ mo
2. TSP annuity w/ spouse benefit: $800/mo
(or could roll over $275K into IRA- advice here?)
3. SS benefits (at age 62): $1200/ mo
4. > $160K in Roth IRAs (combined) 6 years from now
We have lived in gov't housing for the past 8 years and do not own a home. We have $75K saved for a large down payment. Plans are to live in an area where home prices average $150-$200K.
I have a teaching degree and plan to teach when my husband retires and we don't live in such a remote location... so we will have supplemental income.
We live frugally would be quite happy living on a $24K/ year, but the catch is we don't own a home yet and will need to pay off a mortgage. We should have $100K saved toward a home by ER.
Thoughts?? Are we cutting it too close?
shanna