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[quote=Anonymous][quote=Anonymous]Currently 45, a fed, making $160K a year and saving about 10% of my salary in the Federal retiree system.

My goal is to retire at at 60.  At that point, I expect to have college paid for and done for two kids, and have about $1 million in home equity.   That will allow us plenty of options to stay in place, sell and move to smaller condo and buy vacation home, or sell and just put the equity into savings.
[b]
I will have earned a federal pension[/b] - which I will be able to collect at 60 - of about $75,000 per year.

Based on current retirement savings - about $400,000 - plus saving 10% more per year - I expect to have about $1.7 million saved.  Figure using about 4% of that annually gives me an annual income from savings of about $70,000

Add in Social Security for me and DW and that gets us right to about $170,000 a year.

It's not the $10-25 million that other posters are talking about, but I think we can retire well and be happy with what I describe above.

[/quote]

PP, can you please explain how federal pensions work?  Are they still being offered for new employees?  How long does it take to earn one?  How is it determined how much it will pay out and for how long?  Thanks.[/quote]

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