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re: Am I early retirement ready? Updated
Posted on 7/27/18 at 12:41 pm to CE Tiger
Posted on 7/27/18 at 12:41 pm to CE Tiger
quote:
Expecting $56k annual military pension, $1.2m saved (300 Roth,500 TSP/401k, + taxable accts)
$500K in the TSP in your early 40s is impressive especially when living on 1 income with 2 kids.
As for the $56K pension, I'd do some digging. Is that with or without survivorship? I know for civilian pensions there is a pretty big reduction if you elect one of the survivorship options. Don't elect survivorship and you die and your wife gets nothing. At least that's how it works for civilian pensions.
Finally if youre done with the military you could always apply for a civilian job. Veterans get preference in most job listings
2
Posted on 7/27/18 at 1:11 pm to ScottieP
quote:
As for the $56K pension, I'd do some digging. Is that with or without survivorship?
Without, survivorship is overly expensive and I don't think I'll take it. Instead, I'm very well insured past my youngest's 18th birthday. My wife has her Masters and can always go to work if she hasn't already at that point. And there's always that $1.2m to live off.
Posted on 7/27/18 at 2:44 pm to ScottieP
quote:
I know for civilian pensions there is a pretty big reduction if you elect one of the survivorship options
I'm curious, but how "big."
I'm calculating under our plan a $600 a month reduction based on a $5,000 a month pension. $400 at $3,500. So basically you lose a months worth of payments per year in our plan if you choose survivorship.
This post was edited on 7/27/18 at 2:45 pm
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