if your spouse declines the survivor benefit then he and your dependents will lose health insurance if you happen to die first, due to accident or what have you. suggest y'all elect the reduced benefit if fed health insurance is his plan |
$2M |
$6 million. |
Good to know but he can just use Medicare at 65 and if I die w/n 5 years of retiring that would really suck but he will probably agree still better to take full pension rather than 80% pretax. |
You're a fed. Where are you getting 20%?? "Full" survivors benefit costs 10% of the pre-tax benefit. "Reduced" survivors benefit costs 5%. With $8M in the bank, $4.5k a year to hedge against you dying early seems and keeping the gold-plated gov health insurance for your family seems pretty darn reasonable. But you do you. |
I used to say $10M was the "I quit without further thought" number. THen I did the math and realized that TSP + savings + home equity + conservative value of pension is about $8M. And I'm a fed so I get the "gold-plated gov health insurance." Not sure what the $ value for the insurance is, but it's not 0.
It's a pleasant surprise. I'm late 50s and at most will work about 3 more years. |
This seems crazy to me. Reduced benefits only cost you 5% of your pension. Seems like a very cheap insurance for the unlikely event that you will die accidentally. This way, your husband will still have access to your health insurance. |
$10M in my brokerage account.
Once I hit that, not counting my 401ks/IRA, I am out. I want to retire at 50. |
I have no number. I’ll work until I’m done and then live on whatever I have. No pension here. No retiree healthcare benefits. Husband went PT in his late 40s. Now we are 50 with $7M so I’m not worried. |
How did you all save several millions of dollars being feds? I am also a fed and I’m not sure how this is possible. |
Don't worry, I have a feeling that many who want 10's of millions to retire will be very disappointed. The only number that really matters in regards to my retirement is 62. Because when I hit 62, I'm out, and I won't have 10's of millions to my name. But then again, neither did my parents who happily retired, and neither will 99% of Americans. |
1) I made a few million in the dotcom years beforehand. Spent a lot of it on divorce and elder care, but it made life easier when I had it. 2) Just focusing on my fed career, I should have ~2-3million in my TSP when I retire, but I work for a financial regulator as a 14-equivalent. So I'll have put the annual max away in my TSP for 25 years AND get an additional 3-5% in employer matching. I currently have around 650k in the TSP after 9 years. 3) You should probably also put some money in the market in a taxable account if you can. A lot harder if you have to fund 529s. |
Because it's a myth that feds don't make much money. Compared to many, many people, feds make a lot of money. |
10M not including home. We currently have $6.7M and save around $320K a year. But we are going to dip into that to do some home improvement and have 3 kids heading to college so our savings rate will go way down. I hope to retire in ten years. I’m 46. |
You start saving early. Putting 6K away yearly starting at age 22 and stop at 30. You would have close to $2M at retirement/65. Keep that up and you will have 5M+ at 65. Compounding is an amazing thing |