rakendzior
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According to the calculator James48843 posted, it says my life expectancy is 85, but I'm planning for triple digits.
IRS Life Expectancy Tables go to 115+ https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
Using TSP Payment Calculator with current age 56, single, $600K and 6% RoR (for example purposes only), it looks like monthly payments peak at age 95 and decline from there. At age 108 the balance drops below $100K and at 111 your payments drops below the original payment. https://www.tsp.gov/PlanningTools/C...Dependent=No&dependent=Spouse&dependentAge=23 Select the combined view showing chart and table.
Looks like 110 is a good targetYou can change to fit your particular situation.
3 of 4 grandparents made it into their 90s, a great grandmother also. One of them even made it to 105. Parents and their siblings in their mid-80s. I'd rather plan conservatively so as to not run out. 105 it is, though I don't realistically think that is in my future. If I go sooner, there may be something left to pass on to the next generation.
I have been playing with calculators recently to see if I or wife will run out of money. Secure act if it becomes reality won’t change much for me. TSP will last until I am 92 at current withdrawal rate. May adjust that at 70 when I start getting full SS. May adjust it sooner. May not. Your latest calculator says I will die at 84. IRS says later?Note to all: even though “my” particular reading on that calculator says “Age 71”- you all know I am a bit on the wild and care free side- I would also note that I ran another calculator run by an insurance company, and that one said I was going to be dead within 12 months! HA! WTF do they know???
I plan to be kicking for quite a while longer. But I DO know that I am NOT going to be extra frugal when it comes tine to start spending this nest egg I have been working on for 30 years. I’m going to do it up with a bang.
Anybody want to join me this coming summer for a couple of weeks cruising on a nice 42’ sailboat in the Caribbean? Or perhaps later in the year around southern France, Spain and Portugal?
I am thinking of making a few two-week long adventures for two other couples- to have some retirement adventure. Anybody seriously interested?
No details yet- I’m just tossing this out there for discussion.
About your cruise. Is this a vessel you own or would it be a rental? Is it a motorsailor? Does it have a generator/inverter? Would there be a regular crew on the boat or would it be the voyagers? Just asking. Sounds like fun.
PO
I’m not sure yet how and where, but it does sound like an adventure, does it not?
James, is smoking allowed...at least on the deck? LOL
Thanks James for the calculator. I am happy with 78 (per your calculator),4 years more than my parents . If I quit smoking now and do some light exercises, it might add 2-6 years to my life expectancy.