Govt employee at 65% pension - how much to save?
I will retire at 58 (14 years to go) from a Municipality. I will collect 65% of my highest 5 years (let’s say $55k/yr) for my pension. I will also have approximately $500k in deferred comp (another type of pension). No debt and house ($1600/month) will be paid off in 12 years. I’m currently putting $300/pp into the deferred comp to catch up. I have $110,000 in savings.
What should I be doing? Am I going to be ok? Barely scraping by? How much will I be able to withdraw?