Hello, fellow 29’ers. 1/1/2029 will be my retirement date. I will be 49 years old. I have a thread in the case study section if you want to know my back story, but the gist is that I was going to FIRE last year; I even sent a resignation letter to my agency, but they responded with an offer for remote work, so I stayed on. They just offered to extend my remote work agreement until 2023, so I have made the decision to continue working until full retirement in 2029.
My retirement will be a regular federal retirement, and the date is likely to actually be 1/1/2029 because I can retire on any date in the year in which I turn 50, and so why not retire on the first available day? That puts me solidly in the 2029 cohort unless I decide to continue my career past 2029, which is not currently in the cards, but who knows what the future holds. Technically, it is a normal retirement, but since I will be 49, it is FIRE to me. Assuming 4% real growth and continuing to max out Roth IRA and TSP contributions, and contributing at least $10k to the taxable account every year, I expect to have $1.7 million in the investment accounts (TSP, Roth IRA, and taxable) by 2029. Better returns mean a bigger nest egg, but I prefer to plan with more conservative estimates (noting that some say 4% is too optimistic). I will receive a federal pension of approximately $45,000 a year, and I will keep my healthcare for life (continuing to pay the employee portion). I will receive Social Security at normal Social Security age.
To be clear, I do not feel that I need $1.7 million in addition to my pension, but I have decided that I don’t mind sticking with my job for another seven years and change – it’s something productive to do, and I am not unhappy about having more money than I need. If I left earlier, I would lose the health insurance for life, a large portion of the pension, and a few other significant benefits. The juice is worth the squeeze, in my estimation, and the consequence will just be that I end up with more juice.
On my path to financial security and early retirement in 2029, I endeavor to stay positive and charitable of spirit toward those around me, and to embrace the grind to the extent possible… then, I believe, the time might pass quickly and productively, with happy memories made along the way. I am looking forward to the coming seven years and change and wish all fellow 29’ers success in their endeavors.