Struggling with calculators & pension ????'s

[Fireup2020]

I have run FireCalc forwards and backwards. I am still confused. Generally I get it, but there is a disparity as a result of an epiphany that occurred with discussing retirement with a close friend who is already retired. Is my brain just oversimplifying things? Here is the scenario:

At age 55 I will begin collecting a pension of 54.5% of my highest 12 mos of my salary.

At age 60 I will have an additional aprox. $1100/mo mil reserve pension. (today's dollars)

Both pensions are cola'd. Med ins. comes with both pensions and I am also eligible for and prefer the VA system.

I am currently socking away just under 43% of my income into retirement (TSP and Deferred comp) and MF funds.

Since I am "living" on merely 60% of my "income" today, with no intention of this rate changing, why would I not be able to live relatively comfortably on my pensions at that time - and only pull from the savings/investments for extras (extra travel, toys, etc)

 

[brewer12345]

Sounds OK to me. No reason to make it harder than it has to be.

 

[REWahoo]

Fireup, sounds to me like you're gold plated...and diamond studded! Step away from the calculator and enjoy life. You've got the financial side covered.

 

[Sam]

Are you saying that Firecalc is not agreeing with you? What's the disagreement?

 

[kaudrey]

I agree with REWahoo. You'll be fine.

You are correct in your thinking. Sit back and relax!

 

[Fireup2020]

Wow - thanks guys - I feel like I should really be more "involved" with "investments", etc (especially around this crowd!) - Since I don't have loads of $$$ in accounts to "see", or a specific dollar amount for the pensions, I felt like I was missing something. I'll just come to terms with my time being the biggest investment.

 

[USK Coastie]

Fireup Run the advance Firecalc. If you know with a fair certanty what your annual expenses are just plug in the pensions/ss/account balances/decide the shape your portifilo should look like and use 2025 I'd guess as a retire date. If the numbers is where you want it be relax and enjoy!!!