All,
I am retired from the military and now working as a government employee for six more years(2030). I plan to retire at age 62 based on the early deaths of both parents and a recognition of my own mortality. My wife and I then plan to travel for 10-15 years as health and funds allow.
I have three questions:
1. General financial management assessment and recommendations?
2. Input on the optimal mix for my current portfolio?
3. Advice on a plan to start withdrawals or rollover my TSP portfolio at age 62?
Relevant information is below:
Income: Adjusted Gross Income $160K (current job plus current lifetime military pension)
*Also: We have 3 kids in state colleges with total costing us ~$20k per year until 2028.
Future pension(after 2030): $97k total per year (12 civilian + 85 military)
Emergency funds: Yes, 15K
Debt: Single mortgage, 2.25%, 243K dollars remaining on home (no other debt)
Investing: I currently max out on TSP and catch up allowance, total- $30,500 per year
Tax Filing Status: Married filing jointly
Tax Rate: 22% Federal marginal
State of Residence: KS
Age: 56 (spouse 52, not working)
Life insurance: Term policy #1 $800k until age 76 ($180/month)
Term policy #2 $500k until age 86 ($400/month)
Job policy $115k until 62 ($40/month)
Please provide an approximate size of your total portfolio = $700K
600k in TSP 2040L-- Right now 72/28 stock/bonds (C:37%, S:10%, I:25%, G:21%, F:7%) Traditional TSP
75k brokerage (33% each in XLV, XLP, XLU) Taxable account
25k in paper savings bonds
Thank you all for the advice.
I am retired from the military and now working as a government employee for six more years(2030). I plan to retire at age 62 based on the early deaths of both parents and a recognition of my own mortality. My wife and I then plan to travel for 10-15 years as health and funds allow.
I have three questions:
1. General financial management assessment and recommendations?
2. Input on the optimal mix for my current portfolio?
3. Advice on a plan to start withdrawals or rollover my TSP portfolio at age 62?
Relevant information is below:
Income: Adjusted Gross Income $160K (current job plus current lifetime military pension)
*Also: We have 3 kids in state colleges with total costing us ~$20k per year until 2028.
Future pension(after 2030): $97k total per year (12 civilian + 85 military)
Emergency funds: Yes, 15K
Debt: Single mortgage, 2.25%, 243K dollars remaining on home (no other debt)
Investing: I currently max out on TSP and catch up allowance, total- $30,500 per year
Tax Filing Status: Married filing jointly
Tax Rate: 22% Federal marginal
State of Residence: KS
Age: 56 (spouse 52, not working)
Life insurance: Term policy #1 $800k until age 76 ($180/month)
Term policy #2 $500k until age 86 ($400/month)
Job policy $115k until 62 ($40/month)
Please provide an approximate size of your total portfolio = $700K
600k in TSP 2040L-- Right now 72/28 stock/bonds (C:37%, S:10%, I:25%, G:21%, F:7%) Traditional TSP
75k brokerage (33% each in XLV, XLP, XLU) Taxable account
25k in paper savings bonds
Thank you all for the advice.
Statistics: Posted by borderman6 — Mon Aug 26, 2024 11:35 am — Replies 2 — Views 142
