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Old 05-27-2015, 07:11 PM   #21
Thinks s/he gets paid by the post
nash031's Avatar
Join Date: Jun 2013
Location: Coronado
Posts: 1,272
Originally Posted by martyb View Post
Not crazy about the cost, but I sleep well at night l knowing she's protected.
This is kind of how I feel. Even though DW has a good career and we will have enough savings to be FI by my retirement age (if things continue to progress with modest growth), we did a lot of math based on forecasts and we couldn't rationalize not spending the 6.5% for SBP. She will not have any DB income other than my pension, thus if I kick at a young age, she's working a lot longer to build savings to account for the pension which will likely account for 40-50% of our spending in retirement, and that's even with our NMAA term benefit. That's a big chunk that goes away with me... I'll sleep better at night knowing that when I do, and even if it's at a young age, she'll probably be OK.

I suspect at some point in the far off future we might have enough in savings that the SBP becomes somewhat insignificant, and in that case we won't care about the 6.5% at that point either. Before then, we'll cancel our term life insurance.

"So we beat to our own drummer in the sun;
We ask for nobody's permission to run.
I just wanna live in a world like that;
Now I'm gonna live in a world like that!" - World Like That, O.A.R.
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Old 06-28-2016, 04:41 AM   #22
Confused about dryer sheets
Join Date: Jun 2016
Posts: 5
Originally Posted by Sail Away View Post
New member to the site looking for some thoughts on my possible ER in 2017. Not sure that I want to totally quit working yet, but sure would like the option to be done. Just some background info:

- Naval officer (O-5) setting up for retirement in 2016 (possibly 2017) after 27 years of service - will be 50, wife will be 51
- Stay at home mom wife, previously a teacher
- 3 kids: 17, 16, 10
- Currently stationed in Germany but will probably move back to FL where we have a house
- Pension should be close to 70k per year
- Current net worth close to 1 mil

Assets include:
- 500k in retirement funds (TSP, IRAs, wife's 403B...) mostly in stock mutual funds,
- 80k in taxable stock mutual funds
- 150k in money market/bank accounts - have been saving to possibly pay off house, transition to retirement/bridge career, and fixing up our house that has been rented while we moved to other duty stations
- 80k in college savings (Educational IRAs, bonds...), expecting the kids to pay for some of their own college
- 180k in home equity with 133k remaining on mortgage

I have read Nord's book. I think we can almost live totally off my retirement pension, even if with our mortgage. College costs have me a little concerned, but believe I could get a part-time job to cover those if required. Appreciate any advice or thoughts on the possibility of ER given my situation.

Sail, I like your plan. By this time your may be either retired to close enough to your retirement.
I would like to give you a suggestion that you need to save some more bucks, we are getting old and some times even with a life insurance policy we may sometimes suffer to pay hospital or other emergency expenses. I completely support you with the idea of part time job. I even worked as a driver for a local store managed by one of my friend.
Try to pay your debts faster before retirement, I am saying this from my experience.

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