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Hello from a former squid in the PNW
Old 08-15-2016, 10:08 AM   #1
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Hello from a former squid in the PNW

Hi. I have been reading the forums for about 2 months learning more about FIRE. I decided that active discussion will allow me to learn more as I participate and I may be able to help others as well.
A little about myself:
I am 43, have been married to the same wonderful woman for over 24 years. I have always been somewhat frugal and learned the basics of personal finance on my own. My wife has slowly moved over to being frugal over the years but does not enjoy talking about finances in general. I have made some progress recently and hope to be able to talk to her about my desires to quit working before 67.
I have 3 kids ages 15, 9 and 4.
I am currently an auditor with the federal government which I like but don't love. Three years ago I retired from active duty Navy after 22 years as an E-8. I currently have assets to support about a 4.5% WR taking into account my military pension and rental income from our first house. Our only debt is the mortgage on our current residence which we are refinancing to a 15 year fixed as I write this.

I look forward to contributing.
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Old 08-15-2016, 10:14 AM   #2
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Welcome! You'll find quite a few Vets here, and a few active duty folks still serving and planning.
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Old 08-15-2016, 10:24 AM   #3
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Welcome to the forum! It sounds like you'll fit right in.
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Old 08-15-2016, 11:07 AM   #4
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Welcome! That military pension should give you a good base for your future and help provide a lot of options. Look forward to hearing more from you!
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Old 08-15-2016, 01:16 PM   #5
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Government Auditor? I'm assuming a GS position? You qualify for the 2nd pension at 10 years (so age 50 for you). You won't be able to collect on that one until age 57 though. Welcome and good luck. Search for older threads on here. So many topics already thoroughly covered. My DD is a senior in college using my GI Bill. Gotta love that beni.
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Old 08-15-2016, 02:31 PM   #6
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MRA+10 is my icing on the cake, I hope to not be employed when it comes time to collect. It won't be much but every little bit helps. My kids will be receiving one year each of my GI bill, military service provided me many benefits for which I am eternally grateful. Thanks everyone for the warm welcome.
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Old 08-15-2016, 02:41 PM   #7
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And thank you for your service, 2pizzas.
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Old 08-19-2016, 11:09 PM   #8
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Welcome to the forum, 2Pizzas! Please let us know if you have any lessons to pass on about the military retirement part of the transition-- things you wish you'd known before you filed for retirement or before you'd hung up the uniform for the last time.

Quote:
Originally Posted by 2Pizzas View Post
I currently have assets to support about a 4.5% WR taking into account my military pension and rental income from our first house. Our only debt is the mortgage on our current residence which we are refinancing to a 15 year fixed as I write this.
You're in the zone. Would you be able to retire on a 4% SWR if you kept a 30-year fixed-rate low-interest mortgage? That way you could have the flexibility to pay it off on a 15-year schedule any time you want, but you'd also have a safety margin if a different lump-sum expense came up in a month.

Which brings me to the next question-- do you really save on interest by refinancing to a 15-year loan as opposed to paying off your current loan on a 15-year schedule?
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Old 08-20-2016, 06:23 AM   #9
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2Pizzas,
Not sure what you audit, but if you add some security focus to auditing, it could pay off.
Don't forget to enjoy the kids growing up.
Good luck with your journey.
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Old 08-26-2016, 09:22 AM   #10
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Welcome aboard.
Quote:
Originally Posted by 2Pizzas View Post
I am currently an auditor with the federal government which I like but don't love.
Could be a lot worse (at least you don't hate it).
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Old 08-29-2016, 02:49 PM   #11
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Quote:
Originally Posted by Nords View Post
Welcome to the forum, 2Pizzas! Please let us know if you have any lessons to pass on about the military retirement part of the transition-- things you wish you'd known before you filed for retirement or before you'd hung up the uniform for the last time.


You're in the zone. Would you be able to retire on a 4% SWR if you kept a 30-year fixed-rate low-interest mortgage? That way you could have the flexibility to pay it off on a 15-year schedule any time you want, but you'd also have a safety margin if a different lump-sum expense came up in a month.

Which brings me to the next question-- do you really save on interest by refinancing to a 15-year loan as opposed to paying off your current loan on a 15-year schedule?
Nords,


The 15 year refinance and the proximity to 4% are both related to my current understanding with DW about retiring early. We both are hesitant about RE due to the unknowns of young children. Current goals are 3% WR and no mortgage. The refinance is a way to speed up payoff and save some (~23K) in interest vs paying 30 year in 15 years. Depending on how the next few years go financially I think DW and I may be able to come to a new agreement that has us retire earlier.
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Old 08-29-2016, 06:43 PM   #12
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Quote:
Originally Posted by 2Pizzas View Post
We both are hesitant about RE due to the unknowns of young children.
This covers my concern as well. If not for the kids, I'd be retired. Yes, I could RE, but it scares me when I read how students graduate from college with debts. I feel it's our responsibility to help them with college costs.

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