Retirement planning with spousal age gap

[Anonymous]

My husband wants to retire at 67, and which point I’ll be 60. We are both feds, and he thinks we’ll have enough money. I’m torn - on the one hand I want to spend his “golden years” with him! On the other hand, I’m worried about the possibility of needing to live 35-40 years on savings. I’m thinking one option could be a part time “fun” job, just to keep a little money coming in. Any advice for me?

[Anonymous]

Why can't he retire and you continue to work for a few years?

[Anonymous]

I'd think hard about health care. It's really expensive.

[Anonymous]

Pension + TSP + SS + Saving (for both Feds) are not enough for you? How much do you to spend in your retirement?

[Anonymous]

Do you want to be home all day together?

As a senior fed I would keep working until Medicare eligible and take advantage of the gobs of annual leave. Let your husband be more responsible for stuff around the house.

[Anonymous]

I don't understand. Are you both new feds? 14:47 is right, something seems odd.

[Anonymous]

Anonymous wrote:My husband wants to retire at 67, and which point I’ll be 60. We are both feds, and he thinks we’ll have enough money. I’m torn - on the one hand I want to spend his “golden years” with him! On the other hand, I’m worried about the possibility of needing to live 35-40 years on savings. I’m thinking one option could be a part time “fun” job, just to keep a little money coming in. Any advice for me?

How many years will you have with the Feds at 60? I would compromise and start using copious amounts of leave from 60-62 and then retire. Look into your benefits for Social Security to determine when you should start getting those (for most it pays to wait to at least 67)

With health insurance from the Feds, two Fed pensions, Social Security and your TSP, you should have enough.

[Anonymous]

Anonymous wrote:Pension + TSP + SS + Saving (for both Feds) are not enough for you? How much do you to spend in your retirement?

You never know how much money you may end up needing for retirement. My parents need 24 hour care and in their house that cost $170,000 a year. 60 is a little young. OP, You should have tons of vacation time per year at this point. Just go on vacations with him. Let him adjust to retirement on his own. He might drive you crazy if you retire too.

[Anonymous]

This is our exact age gap, and we are two feds too. I expect to work longer than him.

[Anonymous]

Anonymous wrote: I would compromise and start using copious amounts of leave from 60-62 and then retire.

ah, retirement in place- every fed manager's nightmare. Seriously though, this is what you should do. Presumably, you'll even be near maxed out by then in terms or high three, so age 62 try either going part time or looking into some unpaid leave

[Anonymous]

Anonymous wrote:

Anonymous wrote:My husband wants to retire at 67, and which point I’ll be 60. We are both feds, and he thinks we’ll have enough money. I’m torn - on the one hand I want to spend his “golden years” with him! On the other hand, I’m worried about the possibility of needing to live 35-40 years on savings. I’m thinking one option could be a part time “fun” job, just to keep a little money coming in. Any advice for me?

How many years will you have with the Feds at 60? I would compromise and start using copious amounts of leave from 60-62 and then retire. Look into your benefits for Social Security to determine when you should start getting those (for most it pays to wait to at least 67)

With health insurance from the Feds, two Fed pensions, Social Security and your TSP, you should have enough.

At 60, I will have been with the Feds for 24 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Pension + TSP + SS + Saving (for both Feds) are not enough for you? How much do you to spend in your retirement?

You never know how much money you may end up needing for retirement. My parents need 24 hour care and in their house that cost $170,000 a year. 60 is a little young. OP, You should have tons of vacation time per year at this point. Just go on vacations with him. Let him adjust to retirement on his own. He might drive you crazy if you retire too.

Yes, I’m worried about tapping out too early. Care can be expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pension + TSP + SS + Saving (for both Feds) are not enough for you? How much do you to spend in your retirement?

You never know how much money you may end up needing for retirement. My parents need 24 hour care and in their house that cost $170,000 a year. 60 is a little young. OP, You should have tons of vacation time per year at this point. Just go on vacations with him. Let him adjust to retirement on his own. He might drive you crazy if you retire too.

Yes, I’m worried about tapping out too early. Care can be expensive.

35-40 years (like you said in your OP) means living till you are 95 or 100.

[Anonymous]

OP, you need a financial planner

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pension + TSP + SS + Saving (for both Feds) are not enough for you? How much do you to spend in your retirement?

You never know how much money you may end up needing for retirement. My parents need 24 hour care and in their house that cost $170,000 a year. 60 is a little young. OP, You should have tons of vacation time per year at this point. Just go on vacations with him. Let him adjust to retirement on his own. He might drive you crazy if you retire too.

Yes, I’m worried about tapping out too early. Care can be expensive.

My dad was worried about tapping out too late because he saw so many men that died before they ever got to enjoy retirement.

He went out at 62. His parents lived to 85 and 87 (no cancer anything in his family history). He passed away from cancer at age 76--first bout was at 69.

He had a wonderful retirement and traveled a ton and spent lots of time with the grandkids.

I started with the Feds at 25. I'm 50 now with 25.5 years. I'm getting out by 62 too.