TSP Center

Feel free to qualify your response (i.e. I spend more/less because of this and that.....)

Thank you!

i have 5 responses so far. c'mon guys, there cant be only 5 retirees in this site--unless those 5 retirees have so much time on their hands they spend them creating a few hundred proxy accounts here, to add up to the 1000+ user accounts presently in use

I have some retirement info to share, however not exactly of the same subject.
The Fersguide website has proven to be a great resource to me. I use the downloadable excel program members have access to. This has helped me allot by calculating how much my monthly income will be after all expenses health insurance etc. It helps calculate the retirement annuity supplement.
I know how much I will need in my TSP to replace 100 of my income. If you want to learn everything about FERS or CSRS this website has helped allot.
Good Info if preparing for a divorce, especially for your attorney.
There is a downloadable excel program to calculate your whole retirement income including projected TSP balance and when you would need to take minimum distribution, that is excellent resource I think. This site is 20 bucks per year but well worth it. Just Sharing.
Many of you probably already know about this resource but here ya go anyway. https://fersguide.com/

I'm working on in-house retirement right now. In my mind, I'm already retired.

Where you live in retirement is very important. I'm moving from northern virginia to wilmington NC this fall. My house being built in carolina is nicer than my $800K nova house. taxes on carolina house are 25% of nova taxes. $2300 vs $9000 annually. local taxes are cheaper also. Add in nicer weather, no traffic, no HOV, no congestion, much better quality of life and nicer people (subjective statement), what's not to like. Three minutes to beach and I'm launching my boat. Get out of debt approaching retirement. No loans except maybe home loan. Rates are so low now, it almost makes sense to have a home loan.

I developed a spread sheet on all expenses and income pre and post retirement. Very interesting how this comes out.

Where I live is pretty cheap. We paid off the house, and have no debt. I do support a special needs child, but I am not taking money with me when I die.

All
I appreciate the input, especially Scorpio's. I am encouraged that most of you are able to live (comfortably I assume) on much less income in retirement. Hmm, maybe I can retire well prior to MRA....maybe. I had estimated 100% for me.

I retired 3 years ago. Still live in same house--MD/Wash DC suburbs. No debt, other than house mortgage and daughter's Brooklyn NY rent. Looking to sell house in a couple of years and move to our small vacation home on the water! Love the pace of retirement! No second thoughts!

bloobs wrote:All
I appreciate the input, especially Scorpio's. I am encouraged that most of you are able to live (comfortably I assume) on much less income in retirement. Hmm, maybe I can retire well prior to MRA....maybe. I had estimated 100% for me.

Yep. I couldn't believe myself when Suze Orman said you need 4 million dollars to retire. You've got to be kidding me. And people insist that she's right "I really do need several million dollars!"

No, you don't need 4 million dollars to retire. What you need is to learn how to be happy on 50k a year. Move if you have to. There's plenty of cheap places to live in the US. If you need to go tighter, like 40k, then consider going abroad. Why do people choose to work until they're 70 when they have the option to move, slash their expenses, and retire NOW?

I don't get it.

dougellen1 wrote:Where you live in retirement is very important. I'm moving from northern virginia to wilmington NC this fall. My house being built in carolina is nicer than my $800K nova house. taxes on carolina house are 25% of nova taxes. $2300 vs $9000 annually. local taxes are cheaper also. Add in nicer weather, no traffic, no HOV, no congestion, much better quality of life and nicer people (subjective statement), what's not to like. Three minutes to beach and I'm launching my boat. Get out of debt approaching retirement. No loans except maybe home loan. Rates are so low now, it almost makes sense to have a home loan.

Wilmington is a great town but I will say there is quite a bit of traffic because the city streets was not designed for the volume of cars that move on them before/after work hours. The advantage you have is that you can avoid the traffic when you are retired.

mjedlin66 wrote:

bloobs wrote:All
I appreciate the input, especially Scorpio's. I am encouraged that most of you are able to live (comfortably I assume) on much less income in retirement. Hmm, maybe I can retire well prior to MRA....maybe. I had estimated 100% for me.

Yep. I couldn't believe myself when Suze Orman said you need 4 million dollars to retire. You've got to be kidding me. And people insist that she's right "I really do need several million dollars!"

No, you don't need 4 million dollars to retire. What you need is to learn how to be happy on 50k a year. Move if you have to. There's plenty of cheap places to live in the US. If you need to go tighter, like 40k, then consider going abroad. Why do people choose to work until they're 70 when they have the option to move, slash their expenses, and retire NOW?

I don't get it.

I think its possible that if a person stays working too long, they cant quit. Kind of reminds me of that movie Shawshank redemption. After the inmates lived in prison so long then got paroled out, they wanted to go back into prison for comfort and familiarity.
As far as savings the more the better
If your children don't want to take you in, home healthcare can become very pricey if you become blind or worse, price depending on what level of dignity you can afford. Suzy's kids may not want her.

twinkc wrote:No debt, other than house mortgage and daughter's Brooklyn NY rent.

Your daughter better show you how grateful she is for having dad pay for her tony NYC apartment. That is certainly a privilege most parents do not owe their kids.

mjedlin66 wrote:

bloobs wrote:All

Yep. I couldn't believe myself when Suze Orman said you need 4 million dollars to retire...
I don't get it.

For most of us 4, 3, even 2 million may be too much for a 20 year retirement. Howeverrrrrrrr (i just did a Suze Orman impression there ) this amount of money may be needed should unforeseen circumstances arise--namely health issues.

As most elder Americans are in terrible health relative to their peers in the Western world--coupled with its most expensive and inaccessible health and long-term care systems, any serious chronic illness is all it would take to wipe out a 7 figure nest egg in no time flat.

bloobs that's a pretty fascinating chart. It's so real, almost disturbing in more ways than one.