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Age 32 plan on retire by 38
11-07-2012, 04:01 PM
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#1
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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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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11-07-2012, 05:45 PM
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#2
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Full time employment: Posting here.
Join Date: May 2007
Posts: 883
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No worries.
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
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11-07-2012, 06:48 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: 5-sided building
Posts: 1,184
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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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11-07-2012, 07:44 PM
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#4
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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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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11-07-2012, 08:50 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
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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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11-09-2012, 09:37 AM
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#6
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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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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11-09-2012, 10:19 AM
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#7
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Recycles dryer sheets
Join Date: Jan 2010
Location: North San Diego
Posts: 93
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 Quote:
Originally Posted by doinnada
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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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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11-09-2012, 11:08 AM
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#8
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 328
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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. 
__________________
Primary title "chief moron"
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11-09-2012, 05:14 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Welcome to the forum, doinnada.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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11-13-2012, 07:55 PM
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#10
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by doinnada
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.
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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.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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01-02-2013, 09:01 AM
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#11
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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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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01-02-2013, 10:33 AM
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#12
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gone traveling
Join Date: Mar 2007
Posts: 559
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Quote:
Originally Posted by doinnada
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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probably not realistic
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01-02-2013, 11:12 AM
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#13
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Texas
Posts: 1,038
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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.
__________________
In theory, theory and practice are the same. In practice, they are not.
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01-02-2013, 11:46 AM
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#14
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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Oops that is 36 thousand in debt
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01-02-2013, 05:57 PM
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#15
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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And its only been two months since my first post
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01-02-2013, 06:02 PM
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#16
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Texas
Posts: 1,038
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Are you an officer or enlisted?
__________________
In theory, theory and practice are the same. In practice, they are not.
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01-02-2013, 06:05 PM
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#17
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Confused about dryer sheets
Join Date: Nov 2012
Location: Groton
Posts: 8
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Enlisted
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01-03-2013, 04:29 AM
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#18
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Texas
Posts: 1,038
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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.
__________________
In theory, theory and practice are the same. In practice, they are not.
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01-05-2013, 08:47 PM
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#19
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by Lazarus
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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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.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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