So, A Rebel Spy Keeps touting:
www.cfiresim.comI'm not certain as to what exactly I should be putting into the "Social Security" field. Use the
https://www.socialsecurity.gov/estimator/ retirement estimator, then put in the result in today's dollars?
Small changes in assumptions change results pretty dramatically (at least, dramatically to my eye) - but I've been coming up with numbers that have me retiring sooner than I thought (not as fast as a lot of you, though!) My prior assumption was that I would take my (reduced) pension as soon as I could at age 56 (16 years) - or possibly "buy time" with 401(k) money to push up the date by 18 months. IRA/401(k) money would be used to supplement.
Basic plan had been, retire at 55/56 with the pension, draw wife's (small) SS retirement at 62, let mine keep growing til 70, when I will start to draw and she will start taking spousal benefits. Use IRA/401(k) money to fill in any shortages.
The simulator thinks that I can retire sooner, though.
Unfortunately, there are confounding variables.
If I retire and directly start drawing pension, accrued sick leave gets converted into additional service time. Accrued vacation gets paid out* AND counts as additional service time. If I "retire" before I can start drawing the pension, the accrued leave vanishes, and the age I can start drawing the pension gets pushed out further.
*Either cash, or into 401(k) - currently I have roughly $5,000 and 2 months of potential service time "on the books"
I can start drawing the pension at age 65, OR when age + years of service = 80.
My pension does not inflation-adjust, and is fixed based on .023 x years of service x (highest 36 months of earnings / 3) - likely it will be somewhere around 58% of final salary if I retire upon eligibility.
Anyway, just some ramblings to go with my question.
