Bimmerbill
Thinks s/he gets paid by the post
- Joined
- Jan 26, 2006
- Messages
- 1,647
Hello everyone,
I'm thinking of retiring the end of the year at age 58 from my federal job. I'll leave a bit of money on the table not working until 60, but FIRECalc and other planning tools are showing a 100% chance of success.
I'll receive a federal pension upon retirement (with some reduction due to age) of $27,000 a year. Two years later at age 60 I'll receive a National Guard pension of around $12,000 a year. Then I'll be eligible for social security of around $26,000 a year at age 62.
Upon retirement I can continue my federal health benefits for $525 a month. I'll have to option of a Tricare plan at age 60 as well.
I have just over $800k in my TSP with 60% stocks/40% bonds allocation.
I plan to take out 60K at retirement to pay off my house and two late model cars.
When I run FIRECalc with a 80K yearly inflation adjusted budget for 40 years I get a 100% success rate. My federal pension is COLA adjusted starting at age 62. It's a diet COLA so a bit less than the CPI. The military pension has a COLA as well. Even if I don't select COLA for my federal pension in FIRECalc I still have a very high chance of success for a 40 year retirement (98%).
Average life expectancy for someone my age is 22 years. I ran FIRECalc for 40 years just in case. I'm considering delaying Social Security to offset longevity risks. I'll have to see what my portfolio is doing when I turn age 62.
I figure I'll be in the 20% federal tax bracket and my expenses are well under the $64k take home after taxes. I live in a modest home and live a modest life.
Seems doable and I'd appreciate any review or things I may have forgotten.
Thanks,
Bimmerbill
I'm thinking of retiring the end of the year at age 58 from my federal job. I'll leave a bit of money on the table not working until 60, but FIRECalc and other planning tools are showing a 100% chance of success.
I'll receive a federal pension upon retirement (with some reduction due to age) of $27,000 a year. Two years later at age 60 I'll receive a National Guard pension of around $12,000 a year. Then I'll be eligible for social security of around $26,000 a year at age 62.
Upon retirement I can continue my federal health benefits for $525 a month. I'll have to option of a Tricare plan at age 60 as well.
I have just over $800k in my TSP with 60% stocks/40% bonds allocation.
I plan to take out 60K at retirement to pay off my house and two late model cars.
When I run FIRECalc with a 80K yearly inflation adjusted budget for 40 years I get a 100% success rate. My federal pension is COLA adjusted starting at age 62. It's a diet COLA so a bit less than the CPI. The military pension has a COLA as well. Even if I don't select COLA for my federal pension in FIRECalc I still have a very high chance of success for a 40 year retirement (98%).
Average life expectancy for someone my age is 22 years. I ran FIRECalc for 40 years just in case. I'm considering delaying Social Security to offset longevity risks. I'll have to see what my portfolio is doing when I turn age 62.
I figure I'll be in the 20% federal tax bracket and my expenses are well under the $64k take home after taxes. I live in a modest home and live a modest life.
Seems doable and I'd appreciate any review or things I may have forgotten.
Thanks,
Bimmerbill