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Old 09-19-2017, 01:46 PM
 
46 posts, read 20,926 times
Reputation: 81

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I am looking for advice from people who have already been through my current situation who can provide me insight.

I am 45 years old. I retired from the military in mid 2015 after 24 years. I took no break and went to work as a government civilian the next day. I have one college student son who is a Sophomore studying engineering. I have been married for 20 years and my wife is a housewife.

I am in good health and have a family history of living into the 90's.

I am torn between quitting my job after my son finishes college or continuing to work for seven more years to get a second pension.

Here is the math.

Current Retirement plus VA disability - 63k a year. (free healthcare for life unless congress changes the law) I also have two rental homes which make a small profit as well. I have 10 acres of paid off land and enough in stocks to build a home in cash. The only concern is most of my money is tied up in the TSP and a Roth IRA which means I can't just pull it out and build my house without a penalty. I have lowered my TSP contributions and started placing most of my monthly savings into a regular vanguard account. I plan on building this up so I can use it to pay for the build if I decide to quit. I spend roughly 50K a year plus all home expenses (my current job covers all home expenses in a stipend) I don't spend any of my current salary, I save about a third, my sons college is another third, and the housing stipend is another third.

I drive a 2007 VW rabbit, I paid $3000 cash for it; my wife also drives an older car.

Ideally I would like to live a higher class lifestyle in retirement and have saved with that in mind. My original plan was work until 57 and have a combined retirement of about 100K a year.

However the fact that I can retire at 50 and still make 75K a year is very enticing.

For what it's worth I could quit today and still make about 65K a year. I would have to take about $120K out of saving to pay for my sons remaining college costs. I am not willing to do that.

For other people who have been through this conundrum, what did you choose? Do you have regrets? Would you choose the same thing?
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Old 09-19-2017, 01:54 PM
 
Location: Las Vegas
13,888 posts, read 25,327,549 times
Reputation: 26385
Your son has 2 years to go so you would be 47 when he graduates. and working for 7 more years to get another pension would leave you retiring at 54. With 100K plus per year and healthcare. That's what *I* would do!
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Old 09-19-2017, 01:57 PM
 
Location: Texas
43,560 posts, read 52,678,186 times
Reputation: 70811
Second pension
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Old 09-19-2017, 01:57 PM
 
Location: DFW - Coppell / Las Colinas
32,021 posts, read 36,645,712 times
Reputation: 38646
Quote:
Originally Posted by yellowsnow View Post
Your son has 2 years to go so you would be 47 when he graduates. and working for 7 more years to get another pension would leave you retiring at 54. With 100K plus per year and healthcare. That's what *I* would do!
This is my vote. Spend the next 7 years working and socking away the good money. Buy a good car before you retire that will last for many years.

Then retire in your mid 50's. Most people would love this.

Can your wife do a little part time work to qualify for benefits?
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Old 09-19-2017, 02:17 PM
 
46 posts, read 20,926 times
Reputation: 81
Thank you for your advice.

Just for clarification my son is doing a dual degree Mechanical and Nuclear Engineering program and I am encouraging him to do an MBA after this. This will take roughly 4 more years, and I am giving him 6 months to find a job.
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Old 09-19-2017, 02:19 PM
 
Location: Florida
4,365 posts, read 3,702,696 times
Reputation: 4110
Remember inflation. Do the pensions adjust? How much are your total retirement savings?

I think we might look at money differently. I would probably want you to have a lot more in savings than you do.ce.

The important factors, do you enjoy (of at least do not hate your job)?
If you do not hate the job I would consider waiting until your son graduates and has a job. Then retire if you have something to do. I would probably go for the second pension.

I think you should find an hourly financial planner to review your plans and give you some advice. Not thinking of someone to manage your investments. Just to offer advice.
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Old 09-19-2017, 02:24 PM
 
46 posts, read 20,926 times
Reputation: 81
I would love for my wife to work and she really wants to work however it isn't simple finding her a job.

She is a either over qualified, the want to pay her $15 an hour, or not certified.
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Old 09-19-2017, 02:34 PM
 
46 posts, read 20,926 times
Reputation: 81
My pensions adjust for inflation $5300 a month currently; I am not counting SS.

My savings are 250K cash and stocks. 100K +/- paid for 10 acres property in Florida, 50k +/- in positive value in two rental properties that cash flow $400 a month. I also have about 50K +/- in gold, coins, and precious and semi precious stones.

I am also an only child and unless my mother runs away with the pool boy would receive an inheritance of about 1 million. I don't count this as she is 73 and no one in my family has passed earlier than age 93 of natural causes.
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Old 09-19-2017, 05:27 PM
 
12,825 posts, read 20,144,092 times
Reputation: 10910
Quote:
Originally Posted by Supermex View Post
I am looking for advice from people who have already been through my current situation who can provide me insight.

I am 45 years old. I retired from the military in mid 2015 after 24 years. I took no break and went to work as a government civilian the next day. I have one college student son who is a Sophomore studying engineering. I have been married for 20 years and my wife is a housewife.

I am in good health and have a family history of living into the 90's.

I am torn between quitting my job after my son finishes college or continuing to work for seven more years to get a second pension.

Here is the math.

Current Retirement plus VA disability - 63k a year. (free healthcare for life unless congress changes the law) I also have two rental homes which make a small profit as well. I have 10 acres of paid off land and enough in stocks to build a home in cash. The only concern is most of my money is tied up in the TSP and a Roth IRA which means I can't just pull it out and build my house without a penalty. I have lowered my TSP contributions and started placing most of my monthly savings into a regular vanguard account. I plan on building this up so I can use it to pay for the build if I decide to quit. I spend roughly 50K a year plus all home expenses (my current job covers all home expenses in a stipend) I don't spend any of my current salary, I save about a third, my sons college is another third, and the housing stipend is another third.

I drive a 2007 VW rabbit, I paid $3000 cash for it; my wife also drives an older car.

Ideally I would like to live a higher class lifestyle in retirement and have saved with that in mind. My original plan was work until 57 and have a combined retirement of about 100K a year.

However the fact that I can retire at 50 and still make 75K a year is very enticing.

For what it's worth I could quit today and still make about 65K a year. I would have to take about $120K out of saving to pay for my sons remaining college costs. I am not willing to do that.

For other people who have been through this conundrum, what did you choose? Do you have regrets? Would you choose the same thing?
I'm a paranoid freak when it comes to fear of dying poor, in a terrible facility I or others who care about me did not choose. Therefore, I say ... money, money, money, money ....
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Old 09-19-2017, 05:37 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,405,246 times
Reputation: 10088
Ok I'm not going to tell you what to do but i'll give you the opposite side.

So my late husband and I were pretty normal like everyone here. Have more, have more, have more. same reasons everyone afraid of running out of money.

For my 50th birthday he took me to Vegas, 8 months later he was gone from Acute myloid Leukemia. I think of all the things we didn't do because "we should save the money for retirement".

So at 50 I was a widow with 3 teen kids.

So now I have the opposite view. I no longer stress that I don't have long term care insurance, I'm working one maybe two more years at most. and I'm spending my money. I'm taking my family to London May.

sorry for me time now is more important.
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