I am a 46 year old single lady in the very expensive state of Massachusetts. For most of my last 14 years with the Federal Government that I work for I had an abusive boss. When he left I thought things would be better and, in a lot of ways they are, but I realized to my horror... I HATE the job. I hate working with the same people... doing the same things and there aren't too many opportunities for change.
Also, last year, a co worker who had been put through so much while she was working there, reached 57, when she was going to retire and it all would have been worth it... and was diagnosed with Cancer in August and died in September. She never got her retirement. I don't want that to happen to me.
So I decided to consider retiring at the earliest opportunity no matter what. I believe this is at age 55 under early out allowance.
At this point I would expect to get 55 to 67 (67 is when I would take social security)
- 1900 per month FERS
- 1200 per month TSP
I also expect to have about 200,000 saved which I will use to draw from and also use the return as additional income.
- I also plan on working during this time 55 to 67 but in a part time or own company capacity.
- My expenses I believe will be about 2500 per month to 3000 per month. This includes a small mortgage payment $300 / taxes / condo fee .. and the other costs of daily living. I have no debt but the mortgage which I expect to be small when I retire.
- In addition I am considering moving to North Carolina (much less cost of living) but feel I should plan for staying here.
Am I was under estimating the costs to live? Right now I would say I spend about 3000 to 3500 per month on expenses and SOOO much of that is directly due to having to work.
Is this doable?
Thanks Sara
Also, last year, a co worker who had been put through so much while she was working there, reached 57, when she was going to retire and it all would have been worth it... and was diagnosed with Cancer in August and died in September. She never got her retirement. I don't want that to happen to me.
So I decided to consider retiring at the earliest opportunity no matter what. I believe this is at age 55 under early out allowance.
At this point I would expect to get 55 to 67 (67 is when I would take social security)
- 1900 per month FERS
- 1200 per month TSP
I also expect to have about 200,000 saved which I will use to draw from and also use the return as additional income.
- I also plan on working during this time 55 to 67 but in a part time or own company capacity.
- My expenses I believe will be about 2500 per month to 3000 per month. This includes a small mortgage payment $300 / taxes / condo fee .. and the other costs of daily living. I have no debt but the mortgage which I expect to be small when I retire.
- In addition I am considering moving to North Carolina (much less cost of living) but feel I should plan for staying here.
Am I was under estimating the costs to live? Right now I would say I spend about 3000 to 3500 per month on expenses and SOOO much of that is directly due to having to work.
Is this doable?
Thanks Sara