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Have you checked whether your pension will be offset. Have lots of friends who were very surprised when this happened to them. There are 2 - Government Pension Offset and Windfall Elimination Program. Here is some info on one of them:
The Windfall Elimination Provision (WEP) quote]
I stopped at that so no one had to read through your explanation and mine. I will not be hit by the Windfall provision. I was not part of the CSRS. I contributed to SSA the entire time. That is what makes the difference. I will though be hit with the offset. That will amount to a couple hundred per month I think but my current pay out according to SSA is 2159 per month at 62 and more at 66. It all is subject to change. I am still earning my way. I have at least 4 more years I hope. It will not add much to the pensions but it will to my savings. My pensions are pretty much set. In a month I will know a lot more. I am going to a pre retirement seminar for employees within 5 years of retirement. When I do if I get new information I will start a new thread here for anyone that are in FERS. CSRS people are almost fazed out in my office and I wont know much about them.
I am still pretty sure I will be right near those numbers when it is all said and done. Again those are pretax numbers. To add to that. I will have a windfall though from the sale of my two homes and business. I should probably be able to pay cash for any home I buy. I do plan on moving to a low cost of living state and a state where housing prices are lower and I am buying a smaller house.
Best of luck in your moving forward. Are you in the DC area?
retired in 2004
2004-2006 life is short $10,000 per month.
2007-2009 where is my saving goes $ 5000.
2010-2012 i am still alive ?. $3000.
2013 - i live to long $ 2400.
retired in 2004
2004-2006 life is short $10,000 per month.
2007-2009 where is my saving goes $ 5000.
2010-2012 i am still alive ?. $3000.
2013 - i live to long $ 2400.
I think I get your meaning. I am not sure this will apply to me but I will take that into consideration.
Nope currently in Massachusetts. Looking into moving south to states like TX NC FL MS LA AZ.
Thanks for the wishes. I will need all of them. Until I retire all of this is concept to me.
Depending on where you are coming from in Mass especially a high cost/income area like Boston you will find some of your destination areas cheaper than Cost of Living Calculators might indicate. I can speak of NC. Most of the calculators I used to compare cost of living assumed a working lifestyle in each place. You will be going from working in one place to retirement in another. You may well find a retirement lifestyle in your new home to be a greater discount compared to a retirementl lifestyle in Mass.
Depending on where you are coming from in Mass especially a high cost/income area like Boston you will find some of your destination areas cheaper than Cost of Living Calculators might indicate. I can speak of NC. Most of the calculators I used to compare cost of living assumed a working lifestyle in each place. You will be going from working in one place to retirement in another. You may well find a retirement lifestyle in your new home to be a greater discount compared to a retirementl lifestyle in Mass.
You are absolutely correct. Right now it is TX for me due to the many air bases that I can still fly space available with my wife to destinations that I have not been to like England or Italy. There is also a naval base there to do the same where the air force dont fly. There is the commisary and base exchanges. It could change as I get closer and I might chose another location. Still being a senior and a military retiree will help make my savings go a long way. I expect it will be a boon to my one and only daughter provided my wife and my health stays good. As a war vet I guess I can get some medical help anyway so that helps.
You are absolutely correct. Right now it is TX for me due to the many air bases that I can still fly space available with my wife to destinations that I have not been to like England or Italy. There is also a naval base there to do the same where the air force dont fly. There is the commisary and base exchanges. It could change as I get closer and I might chose another location. Still being a senior and a military retiree will help make my savings go a long way. I expect it will be a boon to my one and only daughter provided my wife and my health stays good. As a war vet I guess I can get some medical help anyway so that helps.
Wow, great for you. Would I be correct in assuming that in NC you were looking at the Fayettville area?
retired in 2004
2004-2006 life is short $10,000 per month.
2007-2009 where is my saving goes $ 5000.
2010-2012 i am still alive ?. $3000.
2013 - i live to long $ 2400.
OK, we're getting into silly territory, here. Why did you think you'd only live ten years after retirement and spend so freely, so that now you're down to $2,400/mo?
Second, no way will this scenario apply to golfing duo and people like him. Joint retirement income alone will exceed $100k/year even with govt offset, plus no mortgage. Then, there are those pesky RMDs, if his/wife's 401k/IRAs aren't Roths. GD's biggest problem in retirement will be federal income taxes - certainly not a lack of income. GD can expect to live very nicely with money to spare - and will be more occupied with being a proper steward of his assets which will continue to grow, rather than spending them. Having money has its own set of responsibilities - if you respect it, that is.
My retirement income is only about $45k, which includes SS, rental income, RMDs, minuscule pension (5% of final year's salary after 26 years of employment - thank you greedy corporate America!). Biggest mistake of my life, hands down, was choosing private sector employment. I spend most of that $45k, as I have a mortgage, high property taxes ($6k), and maintenance on a large 73 y/o house. Moving not an option. Hang on to my capital for dear life, however. Kill the goose, give up the golden eggs.
Last edited by Ariadne22; 02-16-2013 at 03:04 PM..
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