Ive been reading all the great wealth of info on here for a long time but decided to post now as I recently changed my retirement plan because of recent health issues. Let me know what you think.
I’m a federal worker with 25 years of service. I am eligible for a immediate retirement at 57 years old in 2031 but don’t want to work that long. Our 401k (TSP) has the 55-rule where you can make penalty free withdrawals if you retire in the year you turn 55 ( l learned that info here!) So my plan is to retire in January 2029, the year I turn 55, and live off of savings until I am allowed to get my retirement pension in Sept 2031 when I turn 57.
I currently live in a HCOL area and my bills are about $70K a year. I’ll be moving to a LCOL area in the summer of 2030 after my youngest child graduates from high school. So I would need to pay the following living expenses until my retirement pay starts in Sept 2031:
$70K - 2029 bills
$40K - 2030 Hcol Bills
$20K - 2030 Lcol Bills
$15K - 2029-2030 travel
$40K - 2031 bills
$25K- Reno HCOL home
——
$210K
-My retirement pension is projected to be about $48000 yr based on 34 yrs of service, is COLA’d and is enough to pay my bills on the LCOL area (under $35K without travel).
-Hubby will also be retired federal and will have the FEHB medical retirement benefit. Does anyone know if this will be passed to me if he were to die? He is also retired military and will have tricare healthcare.
-I plan on taking Social Security at 62. This will be my travel money.
-We will be renting our home in the HCOL area which will be over $1000 more than its mortgage payment. That mortgage will have about $160K left and the house is now worth $725K. We project our new mortgage to be under $2000 in the LCOL area and we’ll use the $1000 extra from first house to pay for half of it. The mortgage on the first home will be paid off in about 10 years after I retire then it will be positive cash flow even after paying for the second home.
-My savings should be about $750K in my TSP and $250K in my regular savings by 2029.
-Husband will have about $24000 in military and federal pensions and about the same in Social security.
-I will be paying for my youngest kids college from a 529 and my 401K.
Some may say that $210K is a lot of money to quit just 2 years and 9 months early. However, my job is stressful and I don’t have much time for taking care of my health and I have recently had Health issues. I would rather have my time and health.
So what do you think? Is it doable?
I’m a federal worker with 25 years of service. I am eligible for a immediate retirement at 57 years old in 2031 but don’t want to work that long. Our 401k (TSP) has the 55-rule where you can make penalty free withdrawals if you retire in the year you turn 55 ( l learned that info here!) So my plan is to retire in January 2029, the year I turn 55, and live off of savings until I am allowed to get my retirement pension in Sept 2031 when I turn 57.
I currently live in a HCOL area and my bills are about $70K a year. I’ll be moving to a LCOL area in the summer of 2030 after my youngest child graduates from high school. So I would need to pay the following living expenses until my retirement pay starts in Sept 2031:
$70K - 2029 bills
$40K - 2030 Hcol Bills
$20K - 2030 Lcol Bills
$15K - 2029-2030 travel
$40K - 2031 bills
$25K- Reno HCOL home
——
$210K
-My retirement pension is projected to be about $48000 yr based on 34 yrs of service, is COLA’d and is enough to pay my bills on the LCOL area (under $35K without travel).
-Hubby will also be retired federal and will have the FEHB medical retirement benefit. Does anyone know if this will be passed to me if he were to die? He is also retired military and will have tricare healthcare.
-I plan on taking Social Security at 62. This will be my travel money.
-We will be renting our home in the HCOL area which will be over $1000 more than its mortgage payment. That mortgage will have about $160K left and the house is now worth $725K. We project our new mortgage to be under $2000 in the LCOL area and we’ll use the $1000 extra from first house to pay for half of it. The mortgage on the first home will be paid off in about 10 years after I retire then it will be positive cash flow even after paying for the second home.
-My savings should be about $750K in my TSP and $250K in my regular savings by 2029.
-Husband will have about $24000 in military and federal pensions and about the same in Social security.
-I will be paying for my youngest kids college from a 529 and my 401K.
Some may say that $210K is a lot of money to quit just 2 years and 9 months early. However, my job is stressful and I don’t have much time for taking care of my health and I have recently had Health issues. I would rather have my time and health.
So what do you think? Is it doable?