Anonymous
02/11/2023 19:21
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
You guys did a great job on stewarding your inheritances. Good job!
Anonymous
02/11/2023 18:34
Subject: Re:At what age will you retire and with how much?
Anonymous wrote:Confused? How will you qualify for any ACA subsidies if your net worth is $5m? You have a low income? Or are you believing the ACA as structured is keeping health insurance costs down?Anonymous wrote:DH will be 63.5 so we can do COBRA until he turns 65, then it will be just me on the ACA until I turn 65. This is in 17 months. We have about $5m including house ($1m). No pensions, will wait a bit to get SS. Hopefully the ACA is still up and running.
DP: forget ACA. Just move outside the US and pay local public or private healthcare. Cheaper and better for 99% of needs.
Anonymous
02/11/2023 18:29
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:52 at the end of June from my current full-time job, but I'll continue to do something part-time after that. Pensions will be between $6,400 and $7,300/mo depending on various options.
I have a 403b that I started about 28 years ago, but I'm not planning on using that as an income source. Spouse will still work full-time so we'll keep the healthcare through that job.
I guess this means you’re retiring? Doesn’t really sound like it. You’re gonna work part time and your wife full time. That’s still awfully busy.
I’ve worked 30 years in the same school. I’m retiring. A lot of people retire and then do a “fun” job. I currently work a few days at a winery. I can continue with that. I could substitute and choose when and where I want to work. I’m still retiring from the full time job.
Anonymous
02/11/2023 11:35
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).
We’ll be retired in 8-10 years. As a married couple, we’ll have:
- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive
I thought this sounded really well off, but not compared to most of you!
GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. [b]The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.
Under what circumstances, swami? Market’s been shyte and we’re down 15% overall on an account that we’ve not touched since inception. Are you a Congressperson or Ray Dalio?
Anonymous
02/11/2023 11:26
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
Can we all just agree that when responding to these types of posts it should be incumbent on posters to disclose significant family assistance/inheritance/lottery wins upfront instead of perpetuating the misconception that if you just are frugal/work hard you can save 4 million dollars by 40 as dual fed workers.
It’s mean to mislead, distort, and obfuscate
Plus, it’s all anonymous so who knows what is true
Anonymous
02/11/2023 11:21
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
Can we all just agree that when responding to these types of posts it should be incumbent on posters to disclose significant family assistance/inheritance/lottery wins upfront instead of perpetuating the misconception that if you just are frugal/work hard you can save 4 million dollars by 40 as dual fed workers.
The OP was not asking for a distinction between earned and unearned income. No one claimed "if you are frugal and work hard, you can save 4 million dollars by 40," so it sounds like you are simply jealous. I'm not saying being jealous is unreasonable, but no one is lying, either.
DP. No is lying per se, but no one is telling the full truth. I don’t begrudge people for their good fortune, I just want full context on threads like this.
So, +1000 to the PP here.
Anonymous
02/11/2023 11:07
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
Can we all just agree that when responding to these types of posts it should be incumbent on posters to disclose significant family assistance/inheritance/lottery wins upfront instead of perpetuating the misconception that if you just are frugal/work hard you can save 4 million dollars by 40 as dual fed workers.
The OP was not asking for a distinction between earned and unearned income. No one claimed "if you are frugal and work hard, you can save 4 million dollars by 40," so it sounds like you are simply jealous. I'm not saying being jealous is unreasonable, but no one is lying, either.
Anonymous
02/11/2023 09:28
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
Can we all just agree that when responding to these types of posts it should be incumbent on posters to disclose significant family assistance/inheritance/lottery wins upfront instead of perpetuating the misconception that if you just are frugal/work hard you can save 4 million dollars by 40 as dual fed workers.
+1. Agree.
Anonymous
02/11/2023 07:35
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
Can we all just agree that when responding to these types of posts it should be incumbent on posters to disclose significant family assistance/inheritance/lottery wins upfront instead of perpetuating the misconception that if you just are frugal/work hard you can save 4 million dollars by 40 as dual fed workers.
Anonymous
02/11/2023 07:00
Subject: At what age will you retire and with how much?
Anonymous wrote:52 at the end of June from my current full-time job, but I'll continue to do something part-time after that. Pensions will be between $6,400 and $7,300/mo depending on various options.
I have a 403b that I started about 28 years ago, but I'm not planning on using that as an income source. Spouse will still work full-time so we'll keep the healthcare through that job.
I guess this means you’re retiring? Doesn’t really sound like it. You’re gonna work part time and your wife full time. That’s still awfully busy.
Anonymous
02/11/2023 06:57
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.
Anonymous
02/11/2023 05:29
Subject: At what age will you retire and with how much
Anonymous wrote:Anonymous wrote:Anonymous wrote:Include home equity amount in the total but indicate it in parentheses.
Retiring at age 54 this year. DH will be 61. (House entirely paid off & worth $700K.)
No debt. Kids all through college, that we covered. $3 million in retirement savings, $300,000 cash, and no pension (business owners).
Congratulations! What are you guys doing for health insurance?
We'll be paying out of pocket. We have sufficient resources and low bills, and DH will start taking social security at 62 in one year. Health insurance for us will be about $2,000/month, and his social security will be around $2,500/month at age 62. I'll wait to take my own social security, which is also projected to be ~$2,500/month at the age of 62.
Anonymous
02/11/2023 00:03
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Lie or got lucky picking a stock.
Anonymous
02/10/2023 23:59
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.
We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.
How did you manage that nest egg on Fed salaries? Good job!
Anonymous
02/10/2023 23:57
Subject: At what age will you retire and with how much?
Anonymous wrote:Anonymous wrote:Include home equity amount in the total but indicate it in parentheses.
Retiring at age 54 this year. DH will be 61. (House entirely paid off & worth $700K.)
No debt. Kids all through college, that we covered. $3 million in retirement savings, $300,000 cash, and no pension (business owners).
Congratulations! What are you guys doing for health insurance?