Your retirement plans . . .

[hscs]

Think everyone has a different problem to solve. Then again, you can do the following:

 

[Brett327]

Think everyone has a different problem to solve. Then again, you can do the following:
View attachment 44710

I heard they've stopped making that.

 

[Griz882]

Since many are fortunate enough to be earning a decent living (Senior Airline guys that's you). And even if you are AD or Reserves, I am curious to your strategy for reducing tax exposure - prior to retirement as you continue as a high earner.

Assume we have all maxed out IRA/ROTH/TSP, etc. Also assuming empty nester, and no kids to have as dependents.

Take risk in market based investing of savings with the benefit of Capital Gains?
Invest in gov funds/treasuries?
Mortgage deductions?
Tax deferred annuity?


Thanks.

Wait…we’re supposed to have a plan? Screw it, I’ll do it live.

 

[sevenhelmet]

For now, I’m maxing my 401k and hoping the sleazeballs in DC don’t come up with some way to weasel out of the pension they’ll owe me when I turn 60.

My goal is a fully-funded retirement for Mrs. 7 and myself, plus an O5 reservist pension. The latter will become our travel/fun budget if all goes well. I plan to work well into my 60s, so tax exposure will be an increasingly important part of the conversation.

If I’m figuring out later how to leave something behind for my kids, I’ve won the game.

 

[Spekkio]

If I’m figuring out later how to leave something behind for my kids, I’ve won the game.

I like my late great grandmother's approach - die without a dime.

It wasn't about spending recklessly (she was a great depression child and therefore instinctively couldn't bring herself to spend all their savings) but passing on anything that you wanted to while still alive before people start arguing over it after you die.

 

[Flash]

For now, I’m maxing my 401k and hoping the sleazeballs in DC don’t come up with some way to weasel out of the pension they’ll owe me when I turn 60....an O5 reservist pension.

I'm not sure why this is such a popular opinion among some of my fellow reservists, if the government is at the point where they are screwing us out of our military pension we're going to have much bigger problems.

 

[SynixMan]

I'm not sure why this is such a popular opinion among some of my fellow reservists, if the government is at the point where they are screwing us out of our military pension we're going to have much bigger problems.

In their defense, it seems like every few years there's a new tinker to military retirement, Tricare, or VA disability benefits. Those are rarely making them more generous.

Although more and more people I talk to are complimentary of the VA lately (well, pre-2025 announced DOGE cuts, but I don't know where those landed), so that's probably a good thing. They really did a generational pivot from geriatric Korea/Vietnam vets to middle age GWOT vets with vastly different problem sets.

 

[Flash]

In their defense, it seems like every few years there's a new tinker to military retirement, Tricare, or VA disability benefits. Those are rarely making them more generous.

They rarely, and in the case of military retirement, 'tinker' with existing benefits though. The recent proposal todo so with VA disability met with a firestorm and was quickly withdrawn.

I can't think of any way existing military retirement pensions have been 'tinkered' with at all off the top of my head, at least since the end of WWII.

 

[sevenhelmet]

They rarely, and in the case of military retirement, 'tinker' with existing benefits though. The recent proposal todo so with VA disability met with a firestorm and was quickly withdrawn.

I can't think of any way existing military retirement pensions have been 'tinkered' with at all off the top of my head, at least since the end of WWII.

Historically, that's true. However, my first pension payment is still more than 17 years away. Given the accelerating pace of change and our government's apparent willingness to disregard its own rules, I'm making retirement plans with a healthy dose of skepticism.

I definitely don't expect Social Security to be a thing by the time I retire.

If I am proven wrong, then we're even better off, financially speaking.

 

[Peekskill1941]

Historically, that's true. However, my first pension payment is still more than 17 years away. Given the accelerating pace of change and our government's apparent willingness to disregard its own rules, I'm making retirement plans with a healthy dose of skepticism.

I definitely don't expect Social Security to be a thing by the time I retire.

In reality, at least a portion of Social Security will be available.

With that said, I don't use it as a piece of my retirement calculations at all either.

 

[sevenhelmet]

In reality, at least a portion of Social Security will be available.

With that said, I don't use it as a piece of my retirement calculations at all either.

Take your tree fitty a month and enjoy. As in, $3.50.

By 2050, that might be enough to buy a fluid ounce of gasoline, or one french fry.

I think future solvency issues could lead the government to use a similar mechanism (inflation) to water down retirement pensions. So yeah, you'll still get your pension, it just won't make a dent in living expenses.

 

[Flash]

Historically, that's true. However, my first pension payment is still more than 17 years away. Given the accelerating pace of change and our government's apparent willingness to disregard its own rules, I'm making retirement plans with a healthy dose of skepticism.

Close to 100 years and we haven't retroactively changed military retirements, given how politically radioactive doing something like that is my extreme skepticism remains that anything like that will happen.

I definitely don't expect Social Security to be a thing by the time I retire.

In reality, at least a portion of Social Security will be available.

About 69-77% of current entitlements through the end of this century, which is a big cut but far from not existing as a thing.