What is your "magic number" for retirement?

[Anonymous]

Targeting >= $4 million for the two of us (not including paid off home, any SS we might get, and kids college accounts).

Hoping to hit the target before 65, but probably will hit it at about 65.

[Anonymous]

Our number was $10m, we are now at $12m but that includes 2 houses which accounts for $3.5m of it. We are about 5 years from retirement so hope to get to $15m including the houses in that time. Also will have $80k government retirement and some SS, but won't take the SS until 70.

We are done with mortgages and college and still seem to spend a lot, including on home maintenance/projects, so not sure our spending will drop much in retirement. I am trying to do a lot of home improvement projects now so it is funded by current income.

[Anonymous]

Our number is $4.5 million. That doesn't include a $2.5 million house paid for, colleges paid for, & new cars. Also doesn't include SS or any inheritances (probably $600k). I may end up selling a biz in the next 10 years that will up the $4.5 million but I have no doubt we can manage on $4.5 million.

[Anonymous]

Where are all these six-figure pensions coming from? Even a maxed-out GS-15 who works for 40 years is only going to bring home about $75k.

Somebody said they'll have two pensions worth a combined $250k/year?! Even an LEO or air traffic controller will barely touch $100k after 40 years.

[Anonymous]

Anonymous wrote:Where are all these six-figure pensions coming from? Even a maxed-out GS-15 who works for 40 years is only going to bring home about $75k.

Somebody said they'll have two pensions worth a combined $250k/year?! Even an LEO or air traffic controller will barely touch $100k after 40 years.

If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Where are all these six-figure pensions coming from? Even a maxed-out GS-15 who works for 40 years is only going to bring home about $75k.

Somebody said they'll have two pensions worth a combined $250k/year?! Even an LEO or air traffic controller will barely touch $100k after 40 years.

If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher.

What finreg pays $400k/year?

From the FDIC website: The salary cap for CG positions, including locality pay, is $252,500. The salary cap for CM positions, including locality pay, is $275,000.

SEC caps out at $272,100 for all SK staff and just shy of $300k for senior officers.

[Anonymous]

There's a lot of feds in this thread who don't know how to calculate their pension.

https://www.fedweek.com/fers-csrs-calculator-get-a-ballpark-estimate-your-annuity/

Anybody who's under the FERS system and thinks they're getting $150k/year is in for a rude awakening. Maybe if you're maxed out at a finreg and have 50 years of service...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Where are all these six-figure pensions coming from? Even a maxed-out GS-15 who works for 40 years is only going to bring home about $75k.

Somebody said they'll have two pensions worth a combined $250k/year?! Even an LEO or air traffic controller will barely touch $100k after 40 years.

If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher.

What finreg pays $400k/year?

From the FDIC website: The salary cap for CG positions, including locality pay, is $252,500. The salary cap for CM positions, including locality pay, is $275,000.

SEC caps out at $272,100 for all SK staff and just shy of $300k for senior officers.

PP said in 15 to 20 years, not currently. If a current $225,000 salary increases at 3% a year, it would be $400,000 in 20 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Where are all these six-figure pensions coming from? Even a maxed-out GS-15 who works for 40 years is only going to bring home about $75k.

Somebody said they'll have two pensions worth a combined $250k/year?! Even an LEO or air traffic controller will barely touch $100k after 40 years.

If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher.

This is where the pension gold mine is.

[Anonymous]

2033. That's the magic number.

[Anonymous]

Anonymous wrote:There's a lot of feds in this thread who don't know how to calculate their pension.

https://www.fedweek.com/fers-csrs-calculator-get-a-ballpark-estimate-your-annuity/

Anybody who's under the FERS system and thinks they're getting $150k/year is in for a rude awakening. Maybe if you're maxed out at a finreg and have 50 years of service...

This calculator gives the exact same answer for my scenario: 154k. So what rude awakening are you talking about?

[Anonymous]

Anonymous wrote:

Anonymous wrote:There's a lot of feds in this thread who don't know how to calculate their pension.

https://www.fedweek.com/fers-csrs-calculator-get-a-ballpark-estimate-your-annuity/

Anybody who's under the FERS system and thinks they're getting $150k/year is in for a rude awakening. Maybe if you're maxed out at a finreg and have 50 years of service...

This calculator gives the exact same answer for my scenario: 154k. So what rude awakening are you talking about?

What are your inputs?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's a lot of feds in this thread who don't know how to calculate their pension.

https://www.fedweek.com/fers-csrs-calculator-get-a-ballpark-estimate-your-annuity/

Anybody who's under the FERS system and thinks they're getting $150k/year is in for a rude awakening. Maybe if you're maxed out at a finreg and have 50 years of service...

This calculator gives the exact same answer for my scenario: 154k. So what rude awakening are you talking about?

What are your inputs?

This is my previous post:
"If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's a lot of feds in this thread who don't know how to calculate their pension.

https://www.fedweek.com/fers-csrs-calculator-get-a-ballpark-estimate-your-annuity/

Anybody who's under the FERS system and thinks they're getting $150k/year is in for a rude awakening. Maybe if you're maxed out at a finreg and have 50 years of service...

This calculator gives the exact same answer for my scenario: 154k. So what rude awakening are you talking about?

What are your inputs?

This is my previous post:
"If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher."

Oh, I see. 15-20 years from now. Got it.

That's a pretty rare scenario for a fed, but I'm glad it's working out for you.

[Anonymous]

It’s $10m for us. Hope to get there in the next 5-10 years. And I swear I will quit, once we hit the $10m. DW does not believe me.