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I'm in no hurry to be 8 yrs older but looking foward to something new!
Old 04-17-2011, 01:48 AM   #1
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I'm in no hurry to be 8 yrs older but looking foward to something new!

Iím 38 years old and can retire and start collecting a pension in 8 years. Iím currently a Police Sergeant in the suburbs just north of NYC. I earn about $120,000 annually including overtime. Iím not a big overtime guy. On average we see about a 3% raise in pay each year. Unfortunately I only just began seriously thinking about retirement. I have about $50,000 in a mix of stocks, deferred comp, money market, reits, and cash. I live in a Co-op apartment that will be paid of by the end of the year. The apartment is valued at $85,000. Iím single and I have a son in college (yes I was young). He attended a private college for the first year and a half at a cost of $25K plus a year, he is now back at home going to a community college at a cost of $2,500 a semester.

Iíve spent the last couple of years learning to live below my means. At the present time my reoccurring monthly expenses, Co-op common charges, electricity, cell phone, DSL, and cable average about $850.00 a month. My net take home after pretax deferrals is about $4000. I have no debt other than my mortgage and one credit card that I pay in full every month if I use it. My car has been paid of for about two years however I will be purchasing a new (used) car by years end. Probably a Honda Civic and I plan to put down a large down payment and have it paid off in less than 2 years.

Iím not looking to escape from my career, I have a good position that allows me to divide my time between patrol and desk duty. Iím generally a house mouse during the winter months and on the road when the temperature breaks 50 degrees. There are days when I derive satisfaction from my job and days when it down right sucks. However I am always thankful to have a job that pays so well in these tough times. During the past 12 years Iíve earned an Associates and a Bachelors degree and Iím currently working on a Masters. The job has paid a portion of my education expenses.

So why am I looking to leave this job First off policing truly is a young man's game. I donít want to chase or fight anyone anymore. Secondly I just wnt to try something different. Thats the beauty of a pension after 20 years. You get a second chance so to speak. The pension is not enough to live on forever. However it's enough that you can do something you like for less money because you have the pension to supplement your income.

A dream I've had for some time is to live in the Dominican Republic. Iíve been there 4 or 5 times and always had a good time. I really enjoy the culture, the food and weather. My former supervisor retired and moved there with his wife who is Dominican and is really enjoying his life raising a family there. Iíve visited and stayed with them several times. Iíve had very candid conversations with the both of them about the true cost of living there and the lifestyle. I believe I could live there comfortably on less than my anticipated pension. Iím also not under any illusions that itís all paradise. I know of the difficulties of getting things done and the inconvinces of Caribbean living. I also speak spanish and with his wifes help I should be able to find housing at less than "Gringo" prices.

My plan is to complete my Masters Degrees (2 of them) and secure a position as an online professor and use that income to support myself while living in DR. So long as Iím able to get reliable internet service I will be OK. My buddy took a job teaching at a Bilingual school there out of boredom and is now the Administrative Director of the school!

If after 3 months I don't like it I'll go explore some place else. Then after a year or so maybe I'll return to the States (some place warm) and find a job that I enjoy.
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Old 04-17-2011, 03:08 AM   #2
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Welcome to the site. Thank you for your service.
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Old 04-17-2011, 05:47 AM   #3
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Old 04-17-2011, 06:10 AM   #4
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Being in law enforcement or military, 12 years of service is a huge experience. I hope all goes well for you on your remaining 8 years. I like DR as well. I like to visit during cold winter months if I could afford it.

Best wishes.
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Old 04-21-2011, 12:26 AM   #5
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Thanks
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Old 04-21-2011, 10:05 AM   #6
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Sounds like you have a solid game plan. Better start savings more of that 120K.
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Old 04-21-2011, 10:19 AM   #7
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You make $10,000 a month and your take-hone is $4,000? $6,000 a month in taxes and deferrals seems high.......
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Old 04-21-2011, 11:08 AM   #8
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Welcome.
A couple of thoughts.
"House mouse during winter" research SAD - seasonally affected depression - sometimes the cure is sitting in front of natural light light boxes and/or vitamin D

With you background you probably could move to a less stressful state continue policing and have a life different life then up north.
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Old 04-21-2011, 11:19 AM   #9
Confused about dryer sheets
 
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Originally Posted by FinanceDude View Post
You make $10,000 a month and your take-hone is $4,000? $6,000 a month in taxes and deferrals seems high.......
Base + longevity + Holiday = $119,000
Holiday pay is a seperate check I receive in December. Also I'm paid 26 times a year so two months out the year I receive an extra check. However the other ten months are as below.

Monthly gross $8800 (not including overtime)
Monthly net $4900

Subtract roughly $850 a month in reoccuring living expenses (not including food and gas) I'm left with about $4000
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Old 04-21-2011, 11:32 AM   #10
Confused about dryer sheets
 
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Welcome.
A couple of thoughts.
"House mouse during winter" research SAD - seasonally affected depression - sometimes the cure is sitting in front of natural light light boxes and/or vitamin D

With you background you probably could move to a less stressful state continue policing and have a life different life then up north.
"House Mouse" is a term we use to poke fun at people who work in The Police Station (House) performing administrative functions, ie. records, training, scheduling, IT. I'm a "House Mouse" during the winter because I don't like to be out in the cold or snow. Nothing to due with depression.

But thanks for the concern.
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