Reply to Temporarily Suspending Retirement Contributions/Leaving Fed Jobs

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[quote=Anonymous]We are two GS-14 fed lawyers who have always maxed out our TSP contributions.  We've also typically done backdoor Roth each year.  We both have other retirement savings from previous jobs.  We have 529s for both kids but only put in large gifts from family, etc... We don't contribute to that regularly.  My parents have said that they plan to pay for our kids' education and they currently pay for their pre-school.  It is likely that we will get a substantial inheritance but we don't live like we're expecting it.   In other words, we are amazingly fortunate, but we live well within our means and save as though we will have to rely on our own FERS/TSP/other savings in retirement although we will likely have several million dollars handed down before we hit retirement age.  I have 8 years in FERS and my spouse has 10.

We have an opportunity to leave our jobs (which seems quite appealing with the change of administration) and to move away for a few years.  We would be able to rent out our house to cover our mortgage, property taxes, etc... and would probably make just enough to cover our living expenses while we're away.  We would no longer have TSP/FERS, obviously and probably wouldn't have a lot of extra income to put away for retirement.  When we return in a few years, I expect that we'd both look to find either government or private-sector jobs comparable to what we have now.

Is this crazy?  The opportunity is really once in a lifetime and our whole family is excited about the prospect of the adventure.  Part of me is scared and thinks it's nuts to walk away from our jobs and part of me thinks that we are amazingly lucky to have a solid financial foundation and a very generous safety net and that allows us to make these decisions.  What do you think?[/quote]

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