Retirement Age, Life After?

Managing your TSP and alternate investment options after retirement or separation from service.

Moderator: Aitrus

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evilanne
Posts: 1886
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Re: Retirement Age, Life After?

Post by evilanne »

As of today I've been retired for 1 year. Current age: 52

Efire
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Joined: Wed Jun 08, 2011 9:22 pm

Re: Retirement Age, Life After?

Post by Efire »

I am 62 and still working, still enjoying my work, my health, social life and family life. Retirement funds are insurance funds for the future. Do what you enjoy. "Work like a dog" and retire on minimal income? Why? I don't enjoy fishing or golfing all day. After I retire from federal, I still like to "work" somewhere - a hobby, volunteer, Walmart, or another career. I just need to enjoy it.

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Aitrus
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Re: Retirement Age, Life After?

Post by Aitrus »

I'm 37, and my goal is to punch once I hit my MRA+30. That would be 57 with 39 years worked. I joined the military at 18, got out at the 10 year mark and went in to civil service. I bought back all my time, so the calculations show that I've been working at my job since I was 18. I also have a nice-sized National Guard retirement kicking in at 60, so Social Security is kind of an afterthought to me.

I know that I'll be financially independent a-la Mr. Money Mustache before I'm 57, but I want to leave a legacy of some type for my kids / grandkids / community. That means that if I stay until I get the pension, I'll have a nice big retirement account to use for a trust fund, college for the grandkids, etc. The work I do in the civil service isn't hard on my body like my military time was, and I enjoy the work I do. I'm not a huge mover and shaker, my job is just a small cog that keeps turning, and if it that cog ever breaks then things co go south in a hurry. It's not hard, it's man-hour intensive, and I'm ok with that. I enjoy the flexibility to work out during the day, be able to take leave to care for sick kids if necessary, it's a pretty relaxed position as long as I stay on top of things.

In retirement I plan to write books and short stories, stay competitive in chess, read and play video games (Hey, I'm an '80/90s kid! I have a "list of games to beat and books to read before I die" thing going.), and to get out and go hiking and camping as much as possible. My wife is an artist, so I'll support her as she chases her dreams.

My grandfather (mom's side) homesteaded in the backwoods of Alaska in the late '40s. I loved his home, greenhouse, wood stove and all the other little things that made his way of living possible. My father built a cabin by hand when I was a kid. Having this kind of independence in my family tree was a great example for me. But homesteading isn't really possible any more in today's world. In a way, I came from a poor household (rich in life experiences, poor in finances), so being financially secure in a changing world is a big deal to me. Permanently changing my family tree to enable the start of a generations-long new kind of independence is a dream of mine.

Of course, getting this feeling whenever I run the numbers is a nice little bonus...
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searight
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Re: Retirement Age, Life After?

Post by searight »

Retirement is a balance. In my government career I have seen people literally die at their desk and never spend a dime of retirement and I have also talked to retirees who do nothing in retirement because they don't have the money. I am looking for a balance, I hope to be able to retire at my minimum retirement age 56+2months when I am able to match my salary from (FERS+TSP+SS), but I will keep working in the government or in industry to keep my mind fresh.

30 years ago when I was 21 and started my career I was told that the minimum you can put in to TSP is 5%, but if you want to be smart put in the maximum every year and never anything in the G fund since it makes no interest after inflation. Great advice I try to pass it on.

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twinkc
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Re: Retirement Age, Life After?

Post by twinkc »

Lots of great perspectives here and wisdom too.
Thanks for the Daffy Duck relief, Aitrus; good chuckle.
Depending on needs v. wants, I came to the realization in the past 6 months that my family and I could do with a lot less and still live very comfortably. I had maintained the executive level pay for 3 years but the work got to the point where the stress and rancid work environment wasn't worth the pay. I admit I was a work-a-holi and have had a spouse (Mr. Mom) who allowed me to pursue my career. I gave up a lot to do so. In retrospect, I would have sought out a simpler lifestyle much earlier on for me and my family and payed more attention to the TSP Center and these forums! Still, between TSP and wise real estate investments, we now have a little cottage by sea, i.e., a very little cottage. :-) So although I know my numbers would have kept going up had I continued working, I also know we will still have the means to enjoy retirement even while living on less! Making life less complicated can be an enriching experience---even if it is "better late than never." Here's to living a simpler life (and hoping that my TSP earns more than I draw down!).

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RoadRunner
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Re: Retirement Age, Life After?

Post by RoadRunner »

Chamorrita wrote:With the understanding that retirement is an individual decision based on individual circumstances…..

I’m curious to hear thoughts on what people think is a good retirement age? Why? What are plans during retirement years?


1. When I'm financially able to live comfortably. And not a day later.

2. Life is short.

3. Anything and everything...except things I think of as work.

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rcozby
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Re: Retirement Age, Life After?

Post by rcozby »

I retired at 55 two months ago and am absolutely loving it so far. Work was getting in the way of life and now I have my life back. Amazing what you can accomplish when everyone else is in their office.

I just can't imagine missing going to work. The body really starts to age after 50 - very glad I retired as soon as I could!

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evilanne
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Re: Retirement Age, Life After?

Post by evilanne »

Congrats on your retirement rocosby :mrgreen:

bad70nova
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Re: Retirement Age, Life After?

Post by bad70nova »

Great reads and perspectives on the future. Each has their own rules in life to follow, currently my plan is to stay with the Federal Service till I am 62, but hit MRA at 56yr 2 Months. Once that time gets here I will have to re-evaluate my situation and decide. Currently I only owe on my house that if I stick to budget will be paid off next year in Nov (Early Christmas present to myself). I max out my TSP each year, while I haven't made the best investments in it or moves I am doing pretty good. Between my Current retirement check from the military, Disability payment, and my Civilian retirement I can live very good without any TSP, so when age 56 / 2 gets here the decision to stay may be tough. I love to Golf, go on cruises, and smoke on the smoker. Maybe I can make that a part time job. Congrat's to all those who are retired and may all your future dreams come true.

jeffbarnes
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Re: Retirement Age, Life After?

Post by jeffbarnes »

RoadRunner wrote:
Chamorrita wrote:With the understanding that retirement is an individual decision based on individual circumstances…..

I’m curious to hear thoughts on what people think is a good retirement age? Why? What are plans during retirement years?


1. When I'm financially able to live comfortably. And not a day later.

2. Life is short.

3. Anything and everything...except things I think of as work.


Well said.

mindofmush
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Re: Retirement Age, Life After?

Post by mindofmush »

Efire wrote:I am 62 and still working, still enjoying my work, my health, social life and family life. Retirement funds are insurance funds for the future. Do what you enjoy. "Work like a dog" and retire on minimal income? Why? I don't enjoy fishing or golfing all day. After I retire from federal, I still like to "work" somewhere - a hobby, volunteer, Walmart, or another career. I just need to enjoy it.


The "work like a dog and retire on minimal income" is such a negative assumption about Mr. Mustache and about retirement too. Mr. Mustache worked like any other "dog" in the workforce for 10 years or so, living on less than made and investing the rest in dividend paying stocks. His "minimal retirement income" is greater than that of most of the people reading this.

Mr. Mustache is definitely UN-American because he is all about spending less than you make, about not going into debt for most anything (college tuition, car, house, etc.) and about not keeping up with the Jones'. (He does take spending less than you make to an extreme, though, but that gives him even more satisfaction.)

He looks at "retirement" as doing the "work" he wants to do, making what he does fun, fulfilling and satisfying.

So if you're one of the lucky people who has found that job that they enjoy, that fulfills them and satisfies them; then you've already reached the goal of doing what you want.
For the rest of us that are tolerating our job as a means to reach that goal, we need to seek higher gains on our investments, eliminate our debt and spend less than we make.

(Sorry about the philosophizing, I get carried away sometimes.) :D
mo meng, mo ching (which loosely means: no money, no life)

pdm
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Joined: Sun Jan 27, 2013 1:52 pm

Re: Retirement Age, Life After?

Post by pdm »

I retired two months ago at age 50...It's the only way to go

Cpayne09
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Joined: Mon May 05, 2014 1:51 pm

Re: Retirement Age, Life After?

Post by Cpayne09 »

I wish I could max my TSP :( :(

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mjedlin66
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Re: Retirement Age, Life After?

Post by mjedlin66 »

I am 27. I am planning on retireing at 35. I am not counting on FERS or on SS. At 35, I would like to pursue some entrepreneurship and work for my self. Even if my entrepreneutships don't work out, I can always become a general contractor. Failing that, I bet the government would hire me back.

This kind of thinking is possible because I busted my ass on a house flip in my free time and made a bunch. Also, my wife and I both have professional careers and no kids. We invest 60k per year, most of which is Roth.
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Ericdelee
Posts: 210
Joined: Thu May 30, 2013 7:09 pm

Re: Retirement Age, Life After?

Post by Ericdelee »

This is a very “personal choice” type of question.
I learned about FIRE a few years back. While learning about it, the RE (retire early) part really intrigued me. For many years I watched E7s retire, and immediately roll over into another Govt job or something. The 50% for an E7, was not enough to continue their lifestyle. Most of those E7s never contributed to TSP either. Their choice. Their path to retirement as they see it.

I wanted more. I wanted to know at what point could I walk away; and be held up by that retirement amount. How could I secure my future to avoid working until I’m 60 years old? Started doing calculations and have been moving towards that goal since that moment. The big thing is; I did not want to work any more following the retirement date. My number is around age 48 or so it’s not a specific “money amount” but I do have that in mind as well.

What would I do in retirement? That’s a great question. Lately I’ve traveled a ton for the military. New locations I’ve been wanting to see or check out. I’m keeping notes for these places. I can’t obviously see everything in an area when I’m there for only a week long class or something, so I’m doing a bit more research that will show me things like where I should go hike, or where I should go/avoid in an area. Which “hole in the wall” is worth seeing. Eventually I’ll head back there to check it out.

I also plan to learn to cook a lot better. That’s a big one for me. I want to take classes and fine tune that so I can cook a 5 -star meal at home rather than always dining out.

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Fund Prices2021-04-16

FundPriceDayYTD
G $16.56 0.00% 0.34%
F $20.66 -0.21% -2.53%
C $62.57 0.36% 11.92%
S $83.28 -0.04% 12.24%
I $38.19 0.63% 7.92%
L2065 $13.71 0.39% 10.49%
L2060 $13.71 0.39% 10.49%
L2055 $13.71 0.39% 10.49%
L2050 $27.99 0.31% 8.45%
L2045 $12.79 0.29% 7.92%
L2040 $46.72 0.27% 7.42%
L2035 $12.36 0.25% 6.82%
L2030 $41.20 0.23% 6.25%
L2025 $11.71 0.18% 4.93%
Linc $22.82 0.08% 2.45%

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