First, thank you for your service to our country.
I cannot tell you how much money is enough on which to retire. But in terms of how I would use one if I had one (I don’t) is, if you have a monthly or annual budget for your retirement needs, you add up your fixed income (pension, social security) and if it exceeds your expenses, then you can rest easy. If you come up short, you’ll need to supplement your retirement income with retirement savings - IRA, 401k, retail investments. The standard rule is that you should strive to limit your draw against your retirement savings to 4% of the total value.
I don’t know if these articles are on point or are more general but hopefully you’ll find them useful:
What is a pension? Simple question and a slightly more complex answer than you may think. When most people think about pensions, they imagine someone who spent 30 years working at the factory, then getting a gold watch and a monthly check when he or she retires. And while that may be true for some people (except for the gold watch nowadays), pension benefits are a little more than that.
As a matter of fact, plenty of people who receive pensions will only get a small benefit and it may come from a company the worker left years and years ago. Let’s take a closer look at pensions, what they are, and how the benefits work.
If even thinking about retirement planning makes you nervous or puts you to sleep, you are not alone. What does retirement planning even mean?
Retirement planning is a broad term that refers to learning about and choosing financial strategies that will enable you to be comfortable and secure in your retirement years. A good retirement plan, executed smartly, can provide you with enough money to cover all of your later-year living expenses.
For general retirement edification, here’s a larger list of Fool articles:
While there is no specific discussion board for pensions, the general Retirement discussion board covers all bases:
Lastly, TMF has a dedicated premium service called Rule Your Retirement, led by the legendary Robert Brokamp, which offers financial advice for planning for and living in retirement.
Who thinks with your current income and your current saving rate, coupled with your relative youth, puts you in a strong position to be able to retire on your terms down the road…
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