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  1. #1

    Retirement Plan Advice

    My goal is to retire in 10 years at the age of 57. I think we can do it and just wanted to get some input/advice on what we're planning. I'm retired from the military with a COLA'd pension. I currently work for the gov't and will get a small pension at 57. My wife is in the national guard and will get her pension at age 60. Based on my calculations, we'll need around $5-6K/month while in retirement. Here is what I'm projecting at age 57:

    My military pension: $2600
    My gov't pension: $600
    Wife's disability: $1200

    We should have around $500K in our savings (TSP) at that point and we plan to take systematic withdrawals of $1500/month for about 5 years until my wife's military pension kicks in ($1500+/month) and we become eligible for SS. At that point, we'll adjust the amount of withdrawals we take, as needed.

    We're both in pretty good health and we'll have TRICARE/VA for medical care for life, which will help.

    Our #1 goal is to not work until we're 60+ so that we can enjoy the hobbies and family time that we want to focus on. Based on the above, do you see any major problems? Any other advice?

  2. #2
    If you input your situation into Quicken Lifetime Planner (included in Quicken Deluxe and higher) it will tell you if your plan works and allow you to look at what-if changes to your plan. You can also use Quicken to monitor your progress.

    Or you can try FireCalc, though it is not as intuitive or flexible and more complicated... but it is free.

  3. #3
    As long as you keep a good handle on living expenses, your pensions, disability and SS will cover them. Your savings will cover the shortfall until your wifes pension and SS kicks in plus have some left over to grow or use for unexpected expenses. I am assuming you won't have any other unexpected major hits like kids that return to home or aging parents that your end up supporting. Overall, this plan looks good to me if it works out this way.

    One question you might consider is what happens if you pass early. Before your passing, you guys will collect both you and your wifes Social Security. If you pass early, your wife will lose some SS but still collects the higher of her or your social security. Will she still collect your two pensions or does she lose some / all of that money? Does she still have plenty to live off of? Just something to consider....I don't know how your pensions are set up to offer an opinion.

  4. #4
    Can you see a part time gig if that became necessary? Do you have skills for something beyond minimum wage (coming from the military, you probably have many marketable skills.)?

    Can you cut expenses for a while by 20 to 30% if you have to?

    Could you move to a low COL area if need be?

    You can probably think of others, but keep in mind there are two of you who would need to agree on your back-up positions. As always, YMMV.

  5. #5
    Divorce would be a major problem. Counting on soc sec is another

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