At what age will you retire and with how much?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Are you asking how they bought a house in the early 2000s? I did the same with one salary of about $75k and it wasn’t hard. Now have more than $1m in equity.

PP above. Bought in 22207 close to DC. Prices did not come down and we had two mortgages. We put 5% down instead of 10% as DH feared a recession. I consolidated my many many grad school loans and stretched out the repayment. Had kids late. By then we had been socking away max in retirement accounts so hit first 1M while oldest kid was very young. Like I said before we never owned a brand new car til I reached 47. Having used cars (still have them btw—oldest is a 1997) there’s practically no tax and we have very high deductibles on them. We also refinanced a few times between 2007 -2020. Current mortgage rate is a lot lower than original loans. DH insists we prepay so we won’t have a mortgage and two college tuitions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Also, what fed agency do you work for where you qualify for a 90k+ pension with 30 years in government?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

my spouse is a federal physician with a salary of just under $400K. 30 years will be a pension of 120K/year.
Spouse is at roughly 23 years now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Also, what fed agency do you work for where you qualify for a 90k+ pension with 30 years in government?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

I don’t know any SES that makes $300k annually. Are you also counting his TSP?

You don’t need that much, especially if you stay till 62 and get the 1.1% multiplier. For me it’s $250k (cap of band) x 33 years = $90750.

Not staying till 62 is a huge cut, but lots of people do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Also, what fed agency do you work for where you qualify for a 90k+ pension with 30 years in government?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

I don’t know any SES that makes $300k annually. Are you also counting his TSP?

You don’t need that much, especially if you stay till 62 and get the 1.1% multiplier. For me it’s $250k (cap of band) x 33 years = $90750.

Not staying till 62 is a huge cut, but lots of people do it.

What's the 1.1% multiplier?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Also, what fed agency do you work for where you qualify for a 90k+ pension with 30 years in government?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

I don’t know any SES that makes $300k annually. Are you also counting his TSP?

You don’t need that much, especially if you stay till 62 and get the 1.1% multiplier. For me it’s $250k (cap of band) x 33 years = $90750.

Not staying till 62 is a huge cut, but lots of people do it.

What's the 1.1% multiplier?

Not the PP, but it is: 250K average x 33 years = 8,250,000 x .011 (1.1%) = $90,750 pension/year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Also, what fed agency do you work for where you qualify for a 90k+ pension with 30 years in government?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

I don’t know any SES that makes $300k annually. Are you also counting his TSP?

You don’t need that much, especially if you stay till 62 and get the 1.1% multiplier. For me it’s $250k (cap of band) x 33 years = $90750.

Not staying till 62 is a huge cut, but lots of people do it.

What's the 1.1% multiplier?

It’s the 10% bonus multiplier for Age 62 or Older at Separation With 20 or More Years of Service. This is for regular FERS.

Fed employees - I highly, highly recommend the mid career retirement seminar if your agency offers it. You can take it multiple times.

[Anonymous]

Not much but I plan to live with my kids and force them to take care of me.