Reply to Tell me how much you have saved in your 401K at age 40.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Me (48 y/o): $962k (401k + IRAs)
Spouse (47 y/o): $562k (401k + IRAs)
Spouse is a Fed (GS-14 w/22 yrs in) with FERS retirement which should come out to about $70k annually upon retiring around age 60.

$460k in non-retirement savings
$210k total in 529s for 2 kids starting college in 2022 and 2025
Mortgage will be paid off in 3 years[/quote]

Lol. Fed = job for life. [/quote]

Your spouse will have 35 years of service at age 60, which at the top of the GS-14 steps ($145k) would give a $50k pension I believe.  I think if (s)he worked until age 62, that goes up to $59k pension.  If (s)he makes it to GS15-10 fo the high-3 (though query whether that's going to happen for someone who is 22 years in and a GS14), and works until 62 (not age 60), it's a $65k pension.

So, I can see reasonable range for your spouse's pension to be between $50k-65k, depending on the factors above.  But, (s)he can't get to $70k unless (s)he both makes a GS15-10 for high-3 AND works until age 65.[/quote]

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