93henfan wrote:dbackjon wrote:
What percentage of your salary will your pension be?
If I retire at my minimum retirement age of 57, the formula is .01 x (avg of highest three years of salary) x years of service. If I wait until 62, the .01 in the above formula becomes .011.
So: At 57, I'll have 33 years of service. So that's .01 x (avg of highest three years of salary) x 33. My pension would be 33% of my high three.
If I work until 62, the formula would be .011 x (avg of highest three years of salary) x 38. My pension would be 41.8% of my high three.
My retirement will consist of the previously mentioned 33-41.8% pension, my Thrift Saving Plan (TSP, what our 401K is called)) payouts, and Social Security. I'm hoping my TSP matures to a level that I actually make more money per year in retirement than I do working.
I also have to weight the pros/cons of retiring at 57 versus 62. My federal job qualifies me for many private contract jobs doing the same thing in the DC area. I could draw my pension while working the five years from 57 to 62 in the private sector. I'll have to do that math when the time comes, but I'd really like to retire at 57.
Never know when you might keel over. I'm very jealous of time.
I know several people that have done that in the past year-and-a-half. All but one in good to excellent shape for their age.
Next door neighbor, 60, stood up from the dinner table and keeled over dead before he hit the ground.
Buddy in Australia, 64, was dead on the couch when his wife came back from getting something in the kitchen that didn't take 30 seconds.
Old girlfriend from high school, 58, literally had a fish on the line in the Rogue River when she dropped dead.
Best friend's big brother, 65, rode bike at least 100 miles per week and rode with a bunch of 30 somethings because of his fitness. Stopped during a ride to get water, sat down on a bench and leaned over and died.
don't pass on seconds when the lasagna comes around.
You matter. Unless you multiply yourself by c squared. Then you energy.
"I really love America. I just don't know how to get there anymore."John Prine