Thread: How NOT to retire:

Obama Is Going To Pay For My Gas And Mortgage!!!

You got to be sh................ting me? How naive idiots can be.

Originally Posted by Valkyrie

Obama Is Going To Pay For My Gas And Mortgage!!!

This guy obviously didn't plan well/at all or got some really bad advice. 28 years still to pay on a 30 year mortgage living on FERS retirement income? Come on folks. Think this stuff through. You should have your mortgage totally paid off before you retire, IMO and then live on your expected retirement income for at least a year to make sure you can do it. That should be near the very top of your "to do" list before you pull the plug. Based on the information given it doesn't sound like he saved or planned like he should have. I think federal employees can retire at their MRA with a fairly comfortable standard of living if they have no major debts or expenses and do a little planning. I don't want to work till I'm 65, at least at this point. We'll see when the time comes. Moral here is PLAN WAAAAYYYYY AHEAD!!

Good God,

This guy is a 'procurement officer'. That explains why a purchase of three high end video cards for an almost non-functional work center at my command is taking six months. Some slug like this brain surgeon is saving a couple of bucks while three salaries are thumb wrestling.

Nice job buying a 30 year mortgage two years from retirement.
Nice job amassing less than a hundred grand.
Nice math skill with basic arithmetic.
Nice 'G Fund' compounding.

Would anyone here hire this chap? Not me. Hope he doesn't get put on a stopper list.

Originally Posted by James48843

This family retired the earliest they could. Now they face more than $8,000 a year shortfall, because this DA Army Civilian chose to retire at age 56, with only $77,000 in his TSP account, a small FERS pension, and bills he wasn't ready to handle.


He'll now be short for the rest of his life, if he doesn't drastically reduce his expenses, or find other income. Had he stayed just a few years longer, or started savings in his TSP earlier and boosted his balance, he could have been much better off.

This is how NOT to do it:

http://www.freep.com/article/2011032...ly-you-prepare

You just can't save everyone, or fix stupid, at some point people have to take responsibility for themselves. He is in charge of his own destiny.

There has to be some welfare plan for baby boomers...
Only forty years to save for retirement...

My guess is that he is prior military and some (much) of that pension is a military pension. If not, he has saved less than $2K a year in retirement accounts.

Ouch, just ouch.

Wait till the politicians 'enhance' his pension(s).

I (CSRS) retired 3 Months from 65 years of age, I could have retired at age 58 with 30 years but I knew that with my mortgage unpaid and car payments and kids still in College I just couldn't live on my income. So I worked about 7 more years, my retirement grew 14% in that time, I paid off the house and the car and could draw my little bitty Social Security, I qualified with 53 quarters and should have gotten about $750 a month but being CSRS they reduced my SSA by 60%, but it's been a year and 3 Months NO PROBLEMS. By the way I haven't touched my TSP and NEVER had matching contributions. Don't be stupid, don't retire early if you can't afford it.

Kingsley can "afford" to retire on $3,800 per month. The wife is the problem, what the h-e-l-l is she doing sitting around at 46 years old, pretending to be retired too, and from what? It's about time she gets a job pronto!! Surely she can earn $600 a month somewhere, to pick up the slack, it's about time.

Originally Posted by James48843

This family retired the earliest they could. Now they face more than $8,000 a year shortfall, because this DA Army Civilian chose to retire at age 56, with only $77,000 in his TSP account, a small FERS pension, and bills he wasn't ready to handle.


He'll now be short for the rest of his life, if he doesn't drastically reduce his expenses, or find other income. Had he stayed just a few years longer, or started savings in his TSP earlier and boosted his balance, he could have been much better off.

This is how NOT to do it:

http://www.freep.com/article/2011032...ly-you-prepare

if he were to do this in kansas he would have been fine...man i cant believe this guy who is an officer, have gone to college and got a degree and yet could be so careless, even i see could see that with that kind of money you cant possibly retire and bought a brand new house (2 years)

I understand wanting to retire at the MRA but I am guessing this guy is CSRS. He could go back to Federal Service but he better not wait too long.

I thought I could go at my FERS MRA until I realized the dynamics of retireing too early my MRA was 57, it is now 62.

Originally Posted by Mista Magee

Kingsley can "afford" to retire on $3,800 per month. The wife is the problem, what the h-e-l-l is she doing sitting around at 46 years old, pretending to be retired too, and from what? It's about time she gets a job pronto!! Surely she can earn $600 a month somewhere, to pick up the slack, it's about time.

You are absolutely right.

He should send her out on the street to bring in some income.

She ought to be able to pick up a little cash somewhere.....