I have tried searching others in my situation but really no solid answer.
Me and my wife both receive a 4k a month from two pension. We are 37. $8,000 total
At age 60 we will receive another two pensions of 2500 month each. $5,000 total.
I currently make around 100-115k and it is the only income we have from my Job other than pensions. Pensions are from military and I don't plan for them to go anywhere in our lifetime.
I estimate we will need around 100k a year to live extremely comfortable in retirement.
I would like to retire at age 60. We could live off our pensions and be happy, but how much do I need to save in case one of dies in order to still maintain this 100k a year lifestyle.
We have about 30k in a retirement acount and are debt free minus our mortgage which I will push to have paid off by the time I retire. We are recently debt free and this income is new to us. So we have 0 saved in any other accounts right now. We lived paycheck to paycheck until recently.
Current monthly net income Job- $6099 after taxes Pension- $4000 after taxes Pension- $4000 after taxes
original posted by Scary_Witness_9085 to r/personalfinance on Sat, 02 Mar 2024 17:03:26 GMT.