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Thread: Retirement

  1. #1
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    Default Retirement

    Just curious how much does everyone have saved? How long have you been in/retired? What do you invest in or why do you choose not to invest at all? Doing a paper for my personal financial planning class at ERAU. Thanks.
    Me: age: 28
    Rank: TSgt (as of july1)
    years of Service: august 2 will make 8yrs
    total savings: 55,232.08 as of yesterday most in TSP with two roth iras at Vanguard. Mostly index funds and one healthcare fund.

  2. #2
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    Default Re: Retirement

    Age: 31
    Rank: MSgt
    Years in Service: 13
    Total Savings: 120K+ in TSP and USAA Roth IRA (Managed Account). College plan for kids also has 10K+.
    Why: Want to be able to live large and spoil the hell out of my future grandkids/great grandkids!

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    Default Re: Retirement

    Age:29
    Rank: GS-11
    Years of Service: 1 in civilian, and 7 in military
    Total Savings: 15,000 in tsp.

    What's good when you are working a GS civilian is that whatever you send to TSP the federal government has to match it up to a certain percentage.

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    Default Re: Retirement

    Age: 31
    Rank: MSgt
    Years in Service: 13
    Total Savings: 120K+ in TSP and USAA Roth IRA (Managed Account). College plan for kids also has 10K+.
    Why: Want to be able to live large and spoil the hell out of my future grandkids/great grandkids!

  5. #5
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    Default Re: Retirement

    Age: 33
    Rank: GS-9, will be GS-11 on 8SEP
    Years of Service: 2 years as of 30AUG
    total savings: About 3,000 in TSP. Taking care of my military service deposit for my 11 years of service first, before I start worrying about TSP.
    "We're not going to give up on destroying the health care system for the American people."

    ~Paul Ryan

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    Default Re: Retirement

    I've been retired for 10 years now and when I was in the AF I made it a habit to save and control my spending. I normally saved about 40% of my monthly pay. When IRAs were opened to the military in 1984, I maxed out my contributions every year and haven't had to touch it. I also invested in a mutual fund about the same time and have left the money in to accumulate interest and hopefully I won't touch that for another 10 years.

    When I retired as an E-8, I had about $150,000 in savings (not including my IRA and mutual fund) and have lived off that and my military retirement since. I have a mortgage on a condo/townhouse but the payment on that, taxes, insurance, HOA fees, and utilities is within my military retirement pay. I've been collecting early Social Security for the past 10 months which has resulted in my savings account to increase instead of decreasing.

    During my first enlistment, I made it a goal to save and invest in order to buy a home later and retire sooner than most people do.

  7. #7
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    Default Re: Retirement

    Quote Originally Posted by mikezulu1 View Post
    Just curious how much does everyone have saved? How long have you been in/retired? What do you invest in or why do you choose not to invest at all? Doing a paper for my personal financial planning class at ERAU. Thanks.
    Me: age: 28
    Rank: TSgt (as of july1)
    years of Service: august 2 will make 8yrs
    total savings: 55,232.08 as of yesterday most in TSP with two roth iras at Vanguard. Mostly index funds and one healthcare fund.
    Are you basing your findings entirely on MTF responses?

  8. #8
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    Default Re: Retirement

    I duno, data mining? Kind of personal shit to be posting on the interweb.

  9. #9
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    Default Re: Retirement

    I saved some but didn't invest much until starting a mutual fund-based IRA back around '99. I used to worry I wasn't going to have enough to live in retirement until I hit 20 and it finally hit me that I was going to have an annuity paid to me by the Uncle Sam every month for the rest of my freakin' life. Seriously, that guaranteed pension really changes the investment calculus. For somebody to have enough savings/investments socked away to be able to draw the $30+K per year that I'm being handed for simply breathing, they'd have to have ... well, I don't know how much. Maybe one of y'all who knows the formula for how much to withdraw from your nest egg to allow it ot last until you die can figure it out for us.

    Fully vested retirement is what it's all about, baby!

    To answer the original question, I probably had around $100K in liquid assets when I retired.
    "Every society honors its live conformists and its dead troublemakers."
    ~Mignon McLaughlin

  10. #10
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    Default Re: Retirement

    Quote Originally Posted by BENDER56 View Post
    I used to worry I wasn't going to have enough to live in retirement until I hit 20 and it finally hit me that I was going to have an annuity paid to me by the Uncle Sam every month for the rest of my freakin' life. Seriously, that guaranteed pension really changes the investment calculus. For somebody to have enough savings/investments socked away to be able to draw the $30+K per year that I'm being handed for simply breathing, they'd have to have ... well, I don't know how much. Maybe one of y'all who knows the formula for how much to withdraw from your nest egg to allow it ot last until you die can figure it out for us.

    Fully vested retirement is what it's all about, baby!
    It's around a million bucks, Bender. For a MSgt anyway and depending on the interest rate. I used to know this off the top of my head because I talk about it with folks trying to figure out what to do, particularly regarding ReDux. I went to e-TAP recently. It's like TAP but for E-9 and 0-6 and above. The last thing the lady said to us was "Congratulations, you're all about to become millionaires."

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