Quentin Fottrell

Sat, Jun 28, 2025, 4:13 AM8 min read

I am contemplating retiring at the end of the year. I’m married and will receive two monthly pension payments; $3,600 from military service and $1,500 from civil service. Our total projected monthly cost of living will be covered by these, making our $3,500 in joint Social Security income completely disposable for savings, travel, etc.

I don’t have much savings, only about $140,000 between cash savings and a Thrift Savings Plan. Our take-home total each month will be just over $7,000 and, after taxes, medical, dental, vision expenses, and life insurance, our total cost of living will be around $4,000. My wife will be 65 in January, and I’ll hit that age 13 months later.

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My wife of 20 years is a Japanese national and lives in the U.S. as a permanent resident. She has not worked in the U.S. and did not have enough work years in Japan to qualify for her Social Security. Her only income once I retire will be the spousal benefit from my Social Security. I will enroll my wife in survivor-benefit plans for my military pension and civil service annuity.

These, combined with the increase in Social Security, will give her about $5,000 per month if I predecease my wife, plus a one-time $240,000 life-insurance payment. She will also receive spousal benefits, based on my working record, while I am still alive. Due to my military service, we have Tricare to cover costs above Medicare.

We are both currently reasonably healthy. I think we’re good financially to retire. What is your advice?

Contemplating

Related: I’m 75 and have a reverse mortgage. Should I pay it off with my $200K savings — and live off Social Security instead?

My answer falls on a razor’s edge. Military service takes a lot more of a toll physically and mentally than a 9-5 corporate job. You deserve this time.

I have a theory on the reason why you wrote this letter. You put a lot of hard work and due diligence into your military and civilian careers, and you are putting the same consideration into your decision about whether to retire. The answer, of course, is yes, you can support yourself and your wife in retirement, given your pension and Social Security benefits, which are based, I assume, on settling for less than your full Social Security income by claiming them before the age of 70. If you can retire and delay claiming your Social Security, all the better.