Hello everyone,
My wife and I will be retiring in about 10 years at age 50. I work for local government and will receive a pension that will be around $2000 before tax each month in retirement. I also already received $3500 non taxed each month from the military until I die. My wife will be kicking in about $800 before tax each month from her pension each month I do understand that with about $5500 coming in after tax each month I can retire no problem. My question is where should I be putting some money so that I can get to it at age 50 with no crazy issues. I do have a 401k that does have a good deal of money in it that I can grow over the next 9 years until I retire but from what I read I can't mess with that money until age 59.5 without jumping through hoops or paying penalties. Where should I be building up easy access money to pad my living even more until age 62. I want to have around $1000 after tax on top of our job and military pensions for 12 years in retirement, age 50 until age 62 when I can get the social security money. And before anyone asks. No credit card debt, there will be no car loans when I retire but yes there will be a new mortgage when I leave from my current area in retirement.
Thanks in advance
My wife and I will be retiring in about 10 years at age 50. I work for local government and will receive a pension that will be around $2000 before tax each month in retirement. I also already received $3500 non taxed each month from the military until I die. My wife will be kicking in about $800 before tax each month from her pension each month I do understand that with about $5500 coming in after tax each month I can retire no problem. My question is where should I be putting some money so that I can get to it at age 50 with no crazy issues. I do have a 401k that does have a good deal of money in it that I can grow over the next 9 years until I retire but from what I read I can't mess with that money until age 59.5 without jumping through hoops or paying penalties. Where should I be building up easy access money to pad my living even more until age 62. I want to have around $1000 after tax on top of our job and military pensions for 12 years in retirement, age 50 until age 62 when I can get the social security money. And before anyone asks. No credit card debt, there will be no car loans when I retire but yes there will be a new mortgage when I leave from my current area in retirement.
Thanks in advance