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Old 01-24-2010, 06:06 PM   #1
Confused about dryer sheets
 
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Not sure if you needed another Canadian...

But I joined anyway.....

Hi Folks..

Where to start. I am 48 and have been a soldier all my life. I married at 20, still on wife one, we have two kids (both college/university grads) who have left the koop.

I can stay in the service until I'm 55 even 60 but expect to leave at 50 and maybe sooner.

Reason for joining is to suck up knowledge from those that have retired early. Is it worth it? Did any of you regret it?

Everything is in place for an early retirement, I could even go now.
I am having trouble making the split, being a soldier is all I have known. My Wife is 53 this year and this factors heavily on timing my exit from the military.

Here is a snapshot...
House is paid off.
We have 200K Cdn in mutual funds. 50K cash.
Own two cars, a 2008 and 2006.
We are debt free.

I am eligible for a military pension (min 64%) which will pay 55K Cdn if I retire in 2010. I expect I will end up going out at 50 with 68%.
Max I could get from my military is 70% for 35 years of service, I have 32 years this year.

Any advice would then be most appreciated.

Yours aye....airbornesapper.

As an aside, I have just returned from a year on OEF attached to US Forces Afghanistan. I was honored to work with such fine folks, who in turn honored me with the Bronze Star Medal.
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Old 01-24-2010, 06:24 PM   #2
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Welcome We always need more Canadians! Thank your for your service airbornesapper. Wow. A Bronze Star Medal. I'm impressed.

Just a couple of questions. Have you analyzed your current expenses and what you expect to spend when you retire? What do you and your spouse plan to do with the new found time when you're no longer working?

I'm sure other will chime in and I look forward to hearing more from you.
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Old 01-24-2010, 06:38 PM   #3
Confused about dryer sheets
 
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Welcome We always need more Canadians! Thank your for your service airbornesapper. Wow. A Bronze Star Medal. I'm impressed.

Just a couple of questions. Have you analyzed your current expenses and what you expect to spend when you retire? What do you and your spouse plan to do with the new found time when you're no longer working?

I'm sure other will chime in and I look forward to hearing more from you.
Thanks for the kind words Purron.

Our current expenses lees food are about one thousand per month (property tax, internet, hydro, etc),

I like to golf and ski, better half likes neither.

Golf season here is late April to Oct/Nov (East Coast). I would like to become a golf teaching professional....although the likelihood of that is low.

We both like to travel, flying or driving.

I am originally from the UK. Travel will feature prominently in the years ahead.

I used to own a boat and thought about going that way again...but probably will not. Getting a Harley is also in the tea leaves although I have not ridden a bike since my first year in the service.

Best regards.
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Old 01-24-2010, 06:42 PM   #4
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Welcome aboard.

I think the psychic impact of retirement is as important as the financial impact, and shifting away from the only thing you have known for the last 30 years will require some adjustment for you. My dad spent 20 years in the US Navy and it was much harder for him to make the shift to civilian life than it was for me after only 5 years in the Navy.

There are quite a few ex/retired military types here. I'm certain that some of them will be along soon to tell you how they dealt with the transition.

P.S. -- thanks for helping our guys in Afghanistan. They don't give out Bronze Stars for nothing.
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Old 01-24-2010, 08:59 PM   #5
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Welcome to the boards--we can always use a hero! Thanks for your service.

If you find yourself at loose ends after you retire, whether this year or in three years, you probably would have no trouble finding some part time work. But most of us are having trouble fitting all of our activites into our days, even if said activity consists of savoring a cup of coffee in midmorning with friends. You might enjoy getting reacquainted with a boat.

Your finances sound good, by the way--you probably have already run the Firecalc tool (button at the bottom of this page) and know whether your expenses are covered (they sound like they certainly are).
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Old 01-25-2010, 12:19 AM   #6
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Thank you for your service, airbornesapper! We need all the help we can get. Glad you are back in one piece, carrying the flag, not under it.

You may want to take a peek at Gummy's site: gummy stuff
and Financial Webring: Financial Webring
and the MoneySense website: MoneySense which, in spite of a lot of stock-picking nonsense, fosters a Canadian Couch Potato approach. All are Canadian web sites focusing on investment and retirement.

I hope you are taking advantage of the TFSA. It is truly amazing. Much better than our Roth IRA.

Cheers,

Ed
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Old 01-25-2010, 07:16 AM   #7
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Wellcome! I´m a civilian, but my Dad was a Navy officer, and so is my brother, now ERed. I have a lot of respect for the military, more so for the ones that saw real action.
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Old 01-25-2010, 07:42 AM   #8
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Welcome Sapper. Let me add my thanks to those from other posters.
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Old 01-25-2010, 08:15 AM   #9
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Welcome from another Canadian. (Southern Ontario Near Port Dover). I am a Retired Fed. Congratulations on the Bronze Star.

I went at 53 with 66%. Think you will also get a healthy severance some of which you should be able to roll into an RRSP if you want. Your pension and severance works a bit different than mine though but something to check.

Make sure you are ready mentally for retirement then go. I have no regrets and it is well worth it. I do not have enough hours to do everything I want to. I was invited to return to work last fall but was really too busy.

Bruce
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Thanks for the comments.
Old 01-25-2010, 08:22 AM   #10
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Thanks for the comments.

Spent a few hours reading threads here so far....lots of great info.

Looks like a quality web site; one I am glad I found.

Yours aye.
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Old 01-25-2010, 01:22 PM   #11
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Originally Posted by airbornesapper View Post
I am having trouble making the split, being a soldier is all I have known.
I wouldn't worry too much about that. Leaving the CF doesn't have to mean a complete change of friends and lifestyle, especially if you live in a town with a large military presence. And you have the option of transferring to the militia, if part-time service has any appeal.

Quote:
Originally Posted by airbornesapper View Post
My Wife is 53 this year and this factors heavily on timing my exit from the military.
How so?
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Old 01-25-2010, 03:16 PM   #12
Confused about dryer sheets
 
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Milton, to answer the age question...although my wife is far from worn out, it just seemed to be a good fit...leaving while/even before she hits her mid fifties.

I may keep a mess membership going but don't expect to serve in the Reserve Force although it is a worthy endeavor. When I'm done, I'm done.
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Old 01-25-2010, 03:35 PM   #13
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Welcome to the forum, and my heartfelt thanks for your service in Afghanistan.

Maybe the DW is ready for your retirement because of the extended deployment? Absence makes the heart grow fonder... which others report can change when you retire, she doesn't golf or ski, and you two are cooped up together for an extended period of time for the first time in many years.

Better buy that Harley before you pulll the plug...

Best,
WS
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Old 01-26-2010, 03:35 PM   #14
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Yes, by all means keep up the mess membership for a year or so. I suspect that you will rarely attend functions and will decide to drop it after a year or two; but I could be wrong and in any case it will help you ease your way out. I assume that you will qualify for an associate membership or similar at a reduced rate, so it's not like it will be a big expense.

I keep in touch with various ex-navy friends, and get together with several of them a couple of times a year; and there are those who live farther away that I see every few years or so. Just because you are no longer doing the same job doesn't mean that you no longer have the shared memories and values ... most of your CF friendships will continue if you want them to.
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Old 01-26-2010, 06:41 PM   #15
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Welcome. Surely you can handle the new assignment.
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Old 01-26-2010, 07:15 PM   #16
Confused about dryer sheets
 
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Welcome. Surely you can handle the new assignment.
We will see..... Have to find the parts to quit first....
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