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Age 32 plan on retire by 38
Old 11-07-2012, 05:01 PM   #1
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Age 32 plan on retire by 38

Currently in the USN. Finishing up my 20 years at age 38. Have a son that will be ten. All other kids have left the house. Wife not expected to last with all her medical problems. Have 37 thousand in debt, taking care of in the next two years. Saved three thousand so far and plan to invest 25 thousand with expected bonus. Like to move to TN and build a house for me and my son. Not trying to live like a king but would like to not be worried about getting a job.
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Old 11-07-2012, 06:45 PM   #2
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No worries.
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Old 11-07-2012, 07:48 PM   #3
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Hey Nords! Looks like we got another one of your bubble-heads in here!

I know the cost of living is pretty low in TN, but how much do you expect your retirement pay to be? Is it enough for you and the son to live off of? What are your expenses going to be? If they keep on promoting you, are you going to still get out at 20?
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Old 11-07-2012, 08:44 PM   #4
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I'm expecting about two thousand a month for retirement. Not really expecting to live solely on retirement. And I'm sure about getting out at twenty.
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Old 11-07-2012, 09:50 PM   #5
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doinada, sorry to hear about your wife. From your previous post it sounds like you are retiring from the USN but not necessarily from working - correct?

Like Hawkeye said, it all depends on your expenses and how they compare to your retirement and other income. If you are debt free and have some savings it sounds like you will be ok. You could use Quicken Lifetime Planner to do a projection for you - you provide a bunch of inputs on your current assets, savings between now and 38, expenses, etc and it does a projection of your nestegg in retirement and is pretty easy to use.
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Old 11-09-2012, 10:37 AM   #6
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I do plan on leaving the work force. That being said I still plan on possibly having an income from hobbies. Though I would not want to have to rely on that income.
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Old 11-09-2012, 11:19 AM   #7
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Originally Posted by doinnada View Post
Currently in the USN. Finishing up my 20 years at age 38. Have a son that will be ten. All other kids have left the house. Wife not expected to last with all her medical problems. Have 37 thousand in debt, taking care of in the next two years. Saved three thousand so far and plan to invest 25 thousand with expected bonus. Like to move to TN and build a house for me and my son. Not trying to live like a king but would like to not be worried about getting a job.
Nada -

1) Sorry to hear about your wife.

2) Thanks for your service.

3) Depending on the interest rate on your debt, it may be best to pay it off before going after investments. IE if the debt rate is 15 percent you would have a really tough time beating that by investing in any combination of asset class (stocks/bonds/real estate) and investment vehicle (tax-deferred vs taxable).

4) Another option to consider after your 20 is the GI bill. I'm no MGIB/Post-911GIB expert, but I know of present and former military who are receiving Net INCOME by taking college courses on a GIB. You could use a GIB to buy time for a few years... if you find a job field that interests you, take it, else wait a while.
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Old 11-09-2012, 12:08 PM   #8
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I'd say try to put aside 20% of your income while you are working. If you do that, you won't have to worry about anything.
Although at 20 years in the service (thank you VERY much for that), you should be getting medical coverage for life I believe.
Good luck with the little guy and sorry to hear about your wife.
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Old 11-09-2012, 06:14 PM   #9
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Welcome to the forum, doinnada.
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Old 11-13-2012, 08:55 PM   #10
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Currently in the USN. Finishing up my 20 years at age 38.
Not trying to live like a king but would like to not be worried about getting a job.
Welcome to the board, Nada. I think the biggest boost for your morale will be getting the heck outta Groton.

If you haven't already read it, you can look for "The Military Guide" at your local library. You can also read much of it (without the personal stories & checklists) in the first six months of blog posts at The-Military-Guide.com.

Speaking of retired in Tennessee, you might also want to read Darrow Kirkpatrick's blog CanIRetireYet.com. He can supply pointers on location, climate, & housing costs.
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Old 01-02-2013, 10:01 AM   #11
Confused about dryer sheets
 
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Happy new year everyone. This is my update, 4200 in investing, 46 thousand in debt, about to leave on deployment. Still haven't got word on reenlisting and bonus. Planning on taking care of big chunk of debt when I return from overseas. Wife still here for the time being.
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Old 01-02-2013, 11:33 AM   #12
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Happy new year everyone. This is my update, 4200 in investing, 46 thousand in debt, about to leave on deployment. Still haven't got word on reenlisting and bonus. Planning on taking care of big chunk of debt when I return from overseas. Wife still here for the time being.

probably not realistic
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Old 01-02-2013, 12:12 PM   #13
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You have 9 thousand more in debt and and 1200 more in savings after one year. I doubt that you will be able to retire, as in be financially independent. Your monthly costs would have to be extremely low.
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Old 01-02-2013, 12:46 PM   #14
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Oops that is 36 thousand in debt
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Old 01-02-2013, 06:57 PM   #15
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And its only been two months since my first post
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Old 01-02-2013, 07:02 PM   #16
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Are you an officer or enlisted?
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Old 01-02-2013, 07:05 PM   #17
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Enlisted
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Old 01-03-2013, 05:29 AM   #18
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I looked at the military pay charts. If its still half pay after 20 an E7 would get about 2100 a month.

There are probably some who could live on it but it would be pretty tight I think.

If you are out of debt and have a house paid for and are in a very low cost area. Maybe you could do it.
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Old 01-05-2013, 09:47 PM   #19
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I looked at the military pay charts. If its still half pay after 20 an E7 would get about 2100 a month.
There are probably some who could live on it but it would be pretty tight I think.
If you are out of debt and have a house paid for and are in a very low cost area. Maybe you could do it.
It's not easy but, as you've pointed out, it's achievable:
Military retirement with low savings
If I only knew then what I know now
Reader questions about retiring on a military enlisted pension
Guest post Wednesday: Financial independence on an E-5 paycheck

"Boxkicker" also retired at 20 on an E-7 pension. He was making money from his GI Bill housing stipend as he finished up his master's, and he was adding to his entertainment budget by marshaling at a golf course and refereeing basketball leagues.
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