I work for a state government am trying to figure out the best way to handle additional retirement savings with the pension I will receive from the state. For context: I am hoping to retire in 30 years time when I am eligible to collect the pension. The state takes 14.5 percent of my salary for the pension pot and matches the funds.
The monthly pension payouts are based on my current salary. So right now they'd supposedly be $6000/month in today's dollars. Under the plan it adjusts each for inflation for up to 5 years and then stays flat. Honestly, between that and the pension my wife would receive from her job with the state, we could retire no problem.
My concern, however, is I don't want to be overly reliant on the pension just in case anything happens or we want to move to a different job or leave the state. I am trying to strike a happy balance between independently saving for retirement and still having a nice amount of wiggle room in the monthly budget for trips, days out with the kids, etc.
Any advice or guides as to how to save concurrently with a pension plan? What percentage of my income should I be setting aside in addition to the pension set asides? Any advice or direction of where to look would be greatly appreciated!
Submitted March 18, 2022 at 10:31PM by picklesnake https://ift.tt/zmdcO5i
