$36k pension starting now, second career on top
Age
45
Location
San Antonio, TX
Income
$78k + $36k pension
Saved
$150k
A 45-year-old veteran just retired from 20 years of service with a $36k per year military pension starting immediately — modeled here as Social Security claiming at 45. Their new federal contractor role pays $78k. With $150k in savings and $58k in annual expenses, the pension fundamentally changes the math.
The earliest retirement age at which this plan does not run out of money is 45. Market risk matters more than that headline: the earliest age that succeeds in at least 80% of 500 Monte Carlo simulations is 47.
| Retire at | Full-time years left | Semi-retired years | Best Monte Carlo success |
|---|---|---|---|
| 45 | 0 | 0 | 69% |
| 47 | 2 | 0 | 85% |
| 48 | 3 | 0 | 98% |
EARLIEST 80%+ PLAN: Retire at Age 47 Switch to semi-retirement at age 47 (after 2 high-salary years). Portfolio bridges to full retirement at 47.
Growth rate (4.0%) keeps compounding during spending — the extra buffer matters most against bad early-retirement market sequences.
Social Security: $36k/yr starting at age 45 is included. Healthcare: $8k/yr before Medicare at 65.
Across the simulated market histories (in future dollars, not adjusted for inflation), the median portfolio is $94k at 70, $96k at 80, $77k at 90. In a poor sequence of returns (10th percentile) it is $0k at 70, $0k at 80, $0k at 90.
This example uses illustrative figures and should not be treated as financial advice.