This Is Due To A Government Pension, Military Retirement And Social Security

Category: Finance.

I am eligible to retire from my current job on April 4, 201And that is the day that life without work begins.

This is due to a government pension, military retirement and social security. My retirement will be different than most in that my monthly take home will increase over the years. When I hit 57 years and 4 months, I will be able to call it quits. It will not be enough to live on, but I also have a Thrift Savings Plan( TSP) which is very similar to a 401( k) . I will have 5 years working with the US government and will be eligible for a small pension. Unlike the 401( k) , I can withdraw my TSP when I retire as long as I am at least 55 years old. I also have a 401( k) that I invested in while I was a government contractor for 5 years.

I will use this to supplement the small pension. I can start making withdrawals at 59 � and must have it depleted by 70 �. This will triple my monthly income and make living a lot better. Once I hit the ripe old age of 60, I become eligible for my US Army Reserves retirement. Then, I can add, at 62 in my Social Security. I also plan on selling my house when I initially retire and will use this money to purchase my retirement home in Thailand. I can also defer this until 66 or 7I will have to crunch the numbers to see which one is most beneficial and find the break even points.

Yes, I will leave Hawaii and move to Khon Kaen, Thailand. Add into this mix, I live online and make some money marketing on the Internet. The cost of living is way less than Hawaii and I will be able to live out my golden years easily. I make money from ads and banners, credit cards and, affiliate hotel rooms a few more. For most retirees, their money starts to dwindle as they get older. This will provide beer money for me and keep me occupied. For me, at least for the first five years, it increases.

All of this didn t happen overnight. Plus, I still have some" gravy money" in my 401( k) and some other investments. And it didn t happen because I saved for 40 years. Contributing to a 401( k) and now to my TSP makes it easy to see that I will be taken care or, and that I won t be a burden on my family. Granted, the military retirement is based on 30 years service, but all the rest is over the past 7 years. I look forward to that day when I can walk away from my desk and never have to return.

It may be hard to save when you are young and plan for retirement, trust me, but, it is well worth it. Starting work at age 12 with my paper route and being able to retire at age 57 is a long time but not as long as those who have to wait until 6 Right now I put in the absolute IRS maximum allowed into my retirement fund and add as much as I can to my mortgage payment in hopes of paying it off early. You want to have everything all set up once your work days are over.

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