I am X years old and have X saved in a retirement fund
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Anonymous
yes. Life insurance 6.5 million 1.5 million house paid off |
Anonymous
Maybe but face it some people need a reality check when it comes to retirement planning. It's better to get that sooner as opposed to later. |
Anonymous
What do you mean will qualify if he works 15 more years. The issue is when you exercise it and what you can exercise when you do retire (in order to take advantage of the health insurance retirement benefits I think you have to retire from an employed state.) I have 16 years in as a federal employee and am 48. If I quit my job on Monday I could still retire when I am old enough which is 57 and some period of months and receive the earned percentage of my high three salary. It obviously becomes more valuable the longer you work and the higher your salary. |
Anonymous
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what reality check are you talking about? Because the reality check still really goes back to the income and age multipliers, not really the "i have more than you do" thing.
Some of these numbers seem damn near impossible without a)a MUCH higher income at some point or b)some windfall that built up your account. Almost every article I've read is to try to aim for 15% of your income into retirement accounts yearly and at least 1X HHI by 35 (this has been downgraded a little since the crash). THOSE are the goals people should be aiming for. |
Anonymous
Forgot to add my mortgage will be gone by age 45. About 750K in life insurance. I have debt but it will be paid off in 2 years, to include what's left of my student loan. I also will start fully funding my IRA in 2013 plus increase my % at work (currently 10-12%). I'm a Fed too. |
Anonymous
How much time in service do you need to qualify for a pension (however minimal?) |
Anonymous
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both 42
1.1 Mill +military pension w/ health benefits 7year old 50K in college funds 6year old 45K in college funds income - 300K |
Anonymous
I don't think so. You would qualify for a deferred annuity at age 62 if you quit Monday. You have to have five years FERS service to be vested in the pension (that doesn't include creditable military service) so you meet the vesting requirement. You wouldn't meet the age and time in service for a retirement at 57 + some months. |
Anonymous
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Both 42
$500k total in 401k +2 pensions |
Anonymous
It's a combination of years of service and age with year if birth factoring in. This explains it: http://www.opm.gov/retire/pre/fers/eligibility.asp Basically, to get full benefits you need 5 years if you wait til you are 62. If you have 20 years, you can get full benefits at age 60. If you have 20 years you can get full benefits at an age that is determined by your birthdate (ranging from 55 to 57). If you have 10 years you can get partial benefits starting at the lower age, but you take a significant cut to the amount you gevt monthly. You can, however, just defer getting the benefits until you reach the age needed to not take the benefit cut. |
Anonymous
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Oops, that Second 20 should be a 30. So,
If you have 30 years you can retire with full benefits between 55 and 57 depending on your year if birth. |
Anonymous
Right, so the 48 yo with 16 years service cannot take benefits at 57 and some months. People are confused on this issue and I see a lot of disinformation, especially on DCUM. |
Anonymous
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HHI $122
Me: 38 y/o, 76K + pension Spouse: 34 y/o, 55K Both have steady jobs as of 2 years ago and are putting away 25%. Really look forward to seeing it grow. |
Anonymous
Should say FULL benefits. Poster could take benes but with 5% per year cut, so almost 25% reduction in annuity. |
Anonymous
HHI: ridiculous, BigLaw |