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BZ, Hawkeye. Enjoy your retirement.
Retire from the Navy in 2017
- Thread starter HawkeyeNFO
- Start date
haloFIRE
Recycles dryer sheets
Impressive HawkEye! Up a million increase in 3 years! Awesome!
What is your date?
What is your date?
OP
OP
HawkeyeNFO
Thinks s/he gets paid by the post
Officially retired today!!!
First official day of retirement was today, although I severred a tendon and had surgery a week ago, so I spent the today mostly on the recliner, with a big aircast on the right ankle. No driving, minimal walking, and more medical appointments on the calendar. At least now there is plenty of time for them!
Updated my spreadsheet, and the numbers look good.....
$2.1m is the current portfolio, if you include about $365k in home equity. We sold the rental property last year.
So I am FIRE'd for now at 44 y/o, with numerous house projects waiting to be accomplished, of course once the ankle issue allows it. Find a follow-on job in a couple of months? Maybe....maybe not!
First official day of retirement was today, although I severred a tendon and had surgery a week ago, so I spent the today mostly on the recliner, with a big aircast on the right ankle. No driving, minimal walking, and more medical appointments on the calendar. At least now there is plenty of time for them!
Updated my spreadsheet, and the numbers look good.....
$2.1m is the current portfolio, if you include about $365k in home equity. We sold the rental property last year.
So I am FIRE'd for now at 44 y/o, with numerous house projects waiting to be accomplished, of course once the ankle issue allows it. Find a follow-on job in a couple of months? Maybe....maybe not!
W2R
Moderator Emeritus
Wow, CONGRATULATIONS, HawkeyeNFO! What a great announcement. I hope you have the best retirement ever.
Sorry to hear about your tendon injury, but thank goodness you will have all the time you need to recuperate properly.
Sorry to hear about your tendon injury, but thank goodness you will have all the time you need to recuperate properly.
Blue Collar Guy
Thinks s/he gets paid by the post
Wow, congrats, I think all veterans should retire as millionaires, especially the combat ones.
exnavynuke
Thinks s/he gets paid by the post
Now, I was just some dirty blue shirt, but us nukes are pretty good at math... so $2.1 at 3.5% is ~$70k/year plus officer retirement check with tricare for life.... so Work?? Only if you would do it for free at this point!
Enjoy it and congratulations on the retirement!
haloFIRE
Recycles dryer sheets
Congratulations Hawkeye!!
Today is my first day of retirement too. I'll miss the Army, but I'd miss retirement even more if I had stayed in another year!
Today is my first day of retirement too. I'll miss the Army, but I'd miss retirement even more if I had stayed in another year!
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- Joined
- Jul 1, 2017
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Congratulations, and thank you for your service! Get well soon.
Son #5 just got his wings (NFO too) and just transferred from Pensacola to Jacksonville where he will be stationed for a few months. He is starting SEREs in a few days, so there is a nervous wife and momma.
Son #5 just got his wings (NFO too) and just transferred from Pensacola to Jacksonville where he will be stationed for a few months. He is starting SEREs in a few days, so there is a nervous wife and momma.
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ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Oh SERE training...lots of fun there but nothing to be nervous about.
Congrats to the OP and good luck with the recovery!
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nash031
Thinks s/he gets paid by the post
Congrats brother! Two more for me... At 42 with the same numbers, hopefully! We will see if work calls to me or not!
Again - enjoy it, you've earned it!
Again - enjoy it, you've earned it!
Van-Guard23
Recycles dryer sheets
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- 124
Congratulations! I FIRE'd just over 4 years ago at 44 years old as well. Retired Army officer...and my wife retired from the Army a couple of years ago, so life is great.
OP
OP
HawkeyeNFO
Thinks s/he gets paid by the post
From 3 years ago...
Guess what? I actually have a job doing aviation financial consulting for the Navy. Guess I failed at ER, so here is what happened, and an update on some numbers....
Retirement lasted about 6 months, and during that time, we made a decision to tear down our house and build a brand new one. The investment portfolio was up to nearly $1.9M in Jan 2018 (home equity not included), and then we started moving money around to set up the construction financing. To get the construction loan, I knew it would be easier if I had a job, so I started working in April 2018; a contractor job at the Pentagon sort of fell into my lap. I'm still there 2 years later.
After selling off some mutual funds in 2018 and 2019 to keep the mortgage manageable, and with the latest drop in the market, the portfolio is now a bit less than $1.7M, but we have a much larger amount of home equity and a brand new home in which to enjoy quarantine. Mortgage amount is roughly $120k more than before.
When we had the $1.9M investment portfolio back in 2018, we had acheived FI. I could have lived off of that and the military retirement pay, but sometimes you just need a new house. The old one had numerous problems and it was not much more $$$ to build new than it would have been to update the kitchen, put a small addition on, add a garage, etc.
So with about $450k spent to pay off old mortgage debt and cover some builder expenses, we still have a substantial amount owed on the current mortgage. About half of our monthly expenses is housing (not uncommon around Washington, DC).
Unfortunately, the increased home expenses mean that our FI number is higher than before. We need to add about $500k to the $1.7M portfolio, and then I will be FI (again).
Guess what? I actually have a job doing aviation financial consulting for the Navy. Guess I failed at ER, so here is what happened, and an update on some numbers....
Retirement lasted about 6 months, and during that time, we made a decision to tear down our house and build a brand new one. The investment portfolio was up to nearly $1.9M in Jan 2018 (home equity not included), and then we started moving money around to set up the construction financing. To get the construction loan, I knew it would be easier if I had a job, so I started working in April 2018; a contractor job at the Pentagon sort of fell into my lap. I'm still there 2 years later.
After selling off some mutual funds in 2018 and 2019 to keep the mortgage manageable, and with the latest drop in the market, the portfolio is now a bit less than $1.7M, but we have a much larger amount of home equity and a brand new home in which to enjoy quarantine. Mortgage amount is roughly $120k more than before.
When we had the $1.9M investment portfolio back in 2018, we had acheived FI. I could have lived off of that and the military retirement pay, but sometimes you just need a new house. The old one had numerous problems and it was not much more $$$ to build new than it would have been to update the kitchen, put a small addition on, add a garage, etc.
So with about $450k spent to pay off old mortgage debt and cover some builder expenses, we still have a substantial amount owed on the current mortgage. About half of our monthly expenses is housing (not uncommon around Washington, DC).
Unfortunately, the increased home expenses mean that our FI number is higher than before. We need to add about $500k to the $1.7M portfolio, and then I will be FI (again).
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nash031
Thinks s/he gets paid by the post
It's an ever moving target for us as well. I retired in January, but was employed in December (double dipped for a month!), and was recently RIFed from that job. Now "retired/unemployed" and kicking the tires on starting my own business. Not really sure what to do, but our FI number is an average market year over the horizon. If we avoid touching our savings (i.e. my wife gets to go back to her job), we'll keep right on truckin' and it won't matter one bit what I do. If not, well, contracting may be in the offing (barf!).
All that to say, plans change, do what makes you happy, even if it's tearing down and rebuilding a house!
All that to say, plans change, do what makes you happy, even if it's tearing down and rebuilding a house!
Interesting to see these military retiree updates. To me there have always been two seperate aspects of FIRE. The FI part and of course the RE part. As my sig line states I have been FI since reaching my 20 in 2010. I took the uniform off three years later and have been contracting since. Took 8 months off in 2015 but went stir crazy, ie failed at RE. Tore down the 30 yr old modular to biuld a new house. Moved in there in April 2019 and went down to 32 hrs/wk. Got youngest back from grad school (Ireland) in May 2019 and have been padding the accounts since. Worked up a nice Power point for DW last month showing her that we can punch now. At 48 she would like to go until 50. COVID is letting me work from home and collecting a large pay check. No reason to quit right now. Working on upping my SCUBA qual to instructor and maybe working in Roatan. That is one of our potential RE locations. There is a group down there that specializes in SCUBA experiences for disabled vet's. I would love to help them out. We'll see.
Only one thing that I have set in stone regarding RE: I will never go in and sit in a cubicle daily again. If I can continue this easy money from home thing why give it up? So unofficially we are looking at late 2022 for full RE from 9-5. Will probably continue a combo of sports officiating and SCUBA instructor. So many choices when you are FI. Best of luck to all the retired military folks out there.
One more thing: Just closed a deal on a 68 Chevelle. 8K. Bought it with a buddy. Our little turn around project. A New Mexico car with no rust. After market 454 makes it pur. Paint is good. Maybe 1-3K in TLC then turn for nice profit. I'll start another thread in the appropriate area with pics. Already got an as is offer of 15K.
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ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I too like these updates. Those of us that did the mil thing (especially up to retirement where we get "wake up pay" every month) tend to be slightly different than the traditional route of retirement. Congrats on the Chevelle! I won't lie...I take a look on bringatrailer.com about once a week and day dream about how nice it would be to have something like...oh, I don't know...maybe a 1970 Olds 442 W30 w/ a 455...convertible of course, but I'm not too picky!
We have done very well money wise over the last 5 (almost 6!) years since I retired and my DW continues to w*rk much to my displeasure (not really...she w*rks from home and enjoys what she does). I have yet to be bored but I have contemplated that doing something else that brings in even more money may not be a terrible deal. I waffle back and forth because I feel like we have "won" when it comes to amount of $$$ we would need to live a nice retirement but we have also given some consideration to some things that would be easier with a little more capital (such as a home on a tropical island or a truly custom built home). This has been exasperated by a recent development where I have been offered a part time j*b of sorts that pays exceedingly well...but I am having a tough time deciding if it's a wise decision or not.
Pros: It would be w*rk from home. Hours are not set, but instead paid by project and the expectations aren't too great for how much you do. I wouldn't be required to supervise anyone and I would only have one direct supervisor. It would be mentally challenging w*rk (in the legal field) that would be varied and most likely different and interesting. I don't *have* to do it. I could do legal w*rk without paying for malpractice insurance.
Cons: Well, it's a j*b and well, I don't know that I want a j*b. It would increase our taxes...perhaps substantially. I would lose my title of being TRULY FIREd...I would *only* be FId and that might be a slight bruise to my ego. Did I mention that it's a j*b? Not a side hustle or whatever the kids are calling it today.
I would still have to answer to SOMEONE and after 22 years of answering to A LOT of people in my mil days, I don't know that I am so eager to do that again.Thankfully, I don't have to make a decision anytime soon so I probably won't. But, it sure is nice to be in a position to be able to waffle back and forth. Not too many people my age are in that position and I am very thankful for that.
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OP
OP
HawkeyeNFO
Thinks s/he gets paid by the post
$3.001M net worth
$3.001M net worth today, says the spreadsheet. A lot of that is due to the run-up in Northern Virginia real estate, using Zillow's estimate FWIW. With a Senior in HS looking at colleges, and 2 more kids not far behind, another sizable chunk of the NW is earmarked to pay tuition, room, & board. In any case, ~50% growth in NW since May '17 is pretty awesome!
$3.001M net worth today, says the spreadsheet. A lot of that is due to the run-up in Northern Virginia real estate, using Zillow's estimate FWIW. With a Senior in HS looking at colleges, and 2 more kids not far behind, another sizable chunk of the NW is earmarked to pay tuition, room, & board. In any case, ~50% growth in NW since May '17 is pretty awesome!
mh
Thinks s/he gets paid by the post
Zillow can be way off . But you probably know that given your fwiw qualifier.
OP
OP
HawkeyeNFO
Thinks s/he gets paid by the post
My 05-20-2020, 05:14 PM post stated the need for a higher FI number, which has been surpassed in the last few weeks. Total NW is around $4.1M. About $2.4M of that is for me and Mrs. Hawkeye to retire on. The rest of the NW will pay for kids' education, or is tied up in real estate. Then there is the "check of the month" for serving Uncle Sam for 20 years.
Still working, but looking at taking a "sabattical" break. Could be a very long one.
Still working, but looking at taking a "sabattical" break. Could be a very long one.
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OP
OP
HawkeyeNFO
Thinks s/he gets paid by the post
VA disability - So I always put off applying to the VA, figuring that I was doing well, and got out while I was pretty healthy. A year ago, some friends encourage me to apply anyways, even though I've been out for years. So I finally get things done, and the letter came to my house a couple days ago. VA has determined that I am 60% disabled. I expected maybe 20-30%.
So overnight, my SWR went from 3.71% to 2.71%, according to my spreadsheet!
That said, I'm still sitting in the cubicle Ranch, so right now I don't withdraw a thing.
So overnight, my SWR went from 3.71% to 2.71%, according to my spreadsheet!
That said, I'm still sitting in the cubicle Ranch, so right now I don't withdraw a thing.
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Congrats on the VA Dis. I know that congrats is sort of shallow because if you/me/anyone is receiving VA Dis that means they are hurting. I know I am. I got bumped from 60 to 90% recently with the 2 hip replacements. I would trade my aches and pains for a zero % disability rating every day of the week. But, the extra $ every month does make those aches and pains a bit more bearable.
Get your butt out of that cubicle Sir! RE is fine.
aaronc879
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Kind of crazy how that VA Disability works. My Dad spent 2 years in Vietnam and never had any noticeable injuries and never tried to get disability until he was in his mid-60's. That was his only time in the military. In his mid 60's someone suggested he talk to someone at the VA and they determined that he had PTSD. Then they determined his PTSD led to his alcohol abuse which led to his heart problems. They say his PTSD led to his over eating which led to his diabetes and bad back. After a few years of doctor appointments he is now 100% and getting over $40K/yr for life which I think is crazy. Take it if you can legally get it but I think it's crazy.
Congrats Hawkeye...
Were you ever at PAX with say VX-20 for T&E?
Been there since Jan 1980 with VX-23.
Me and BigDAWG are going to have a celebration for his RE when i get back from Snow birding in FLA.
You'll love taking it easy.
Were you ever at PAX with say VX-20 for T&E?
Been there since Jan 1980 with VX-23.
Me and BigDAWG are going to have a celebration for his RE when i get back from Snow birding in FLA.
You'll love taking it easy.
The disability compensation formula may be arcane, but that doesn't make it any less valid.
Dash man
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I left the Air Force in 1995. I’m hurting pretty bad these days. Never thought I needed to contact the VA. Is it too late for me? Where do I begin?
