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Money and Finances
Reply to "Retirement planning for a federal worker"
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[quote=Anonymous]Everytime I try to use a retirement calculator (choose to save or bankrate) to figure out whether we are on track I get stuck on some of the inputs: 1) What rate of return should I assume? 2) What rate of inflation should I assume? 3) And how much of our current income should I assume we need to replace? We are a federal worker and a mostly SAHM with a part-time job. We are 16 years from retirement. FERS pension should replace 33% of current income, I'm assuming we should get max. social security benefit for the two of us. I've been trying to figure out whether our TSP contribution is sufficient but the answer depends on what I put into the three above inputs. We will still have a mortgage payment for 6 years into retirement but even if we didn't, our house will be old enough I assume that even without a mortgage payment, we still need to have close to that amount for repairs and improvements (and higher property taxes). Thanks![/quote]
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