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re: Is my retirement thinking flawed?
Posted on 4/22/19 at 5:54 am to TorchtheFlyingTiger
Posted on 4/22/19 at 5:54 am to TorchtheFlyingTiger
No, I put 10% into 401k. Salary is 80k base but I usually average 90-100k a year with bonuses and OT. Once everything is paid for the month I put 1k into my personal savings. The 12k number came from what I put into savings.
2
Posted on 4/22/19 at 8:06 am to GAFF
Open a Roth and/or a taxable brokerage. If you're considering retiring before 59 1/2 you'll want access to funds to augmented your pension. Taxable may work well since under current tax code you pay 0% long term capital gains if your income is below certain thresholds. Also, no required minimum distributions and balance is inherited at a stepped up basis.
Posted on 4/22/19 at 9:25 am to GAFF
quote:
Salary is 80k base but I usually average 90-100k a year with bonuses and OT.
What is your formula for the pension? My wife is a physician employed by LSU (academic/state job). She has the exact same base pay as you. She contributes a mandatory 8% with a 5.9% or 6.2% match... I can't remember.
She also gets paid for supplemental clinic duties to make up for the rest of her salary.
Pension formula is 5yr avg/highest base x 2.5% x 25 years = pension/yr.
It's a nice payout and should exceed Social Security.
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