Next year is my year to go for it as soon as I turn 55. Single, no dependents. Currently have 1M (not as much as some others on this site) in retirement accounts, but I will receive 90K federal pension with cola and part of my health insurance will also be covered (not eligible for ss). My expenses (including 80K mortgage) will be covered plus I will be able to save about 1K a month. I think I'm in pretty good shape to take the plunge. My biggest challenge will be to spend a little more on myself!
Decision made!
- Thread starter winwonwin
- Start date
growing_older
Thinks s/he gets paid by the post
- Joined
- Jun 30, 2007
- Messages
- 2,657
Wow. 90K COLA you are set. Congratulations.
martyb
Thinks s/he gets paid by the post
Yep...that's double my federal cola pension! Even eclipses me when my military cola pension kicks in in 2018! Big congrats!!
Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app
Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app
ABQ2015
Full time employment: Posting here.
Congratulations! I'm also a Fed. Some of my former co-workers retired with similar CSRS pensions to you but nowhere near your level of investments. They did not consider it necessary to contribute much to TSP given their high pensions and I know at least one who is now regretting it. An exception was an SES co-worker but he had over 40 years of service and was investing early on before TSP. So I commend you for having both a successful federal career and the foresight to invest for retirement.
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Thanks
Thanks martyb and ABQ2015. I had no idea when I took this job 30+ years ago that the pension and the opportunities to invest in the tsp along with putting up to 10% of lifetime salary into the voluntary contribution program (for conversion to roth) would work out so well for me. As fellow federal workers your comments certainly help validate my being ready to retire next year.
