Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-14-2014, 07:58 AM   #21
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Posts: 1,977
Quote:
Originally Posted by Bigdawg View Post
I will have to spend some time and digest all of that good info. I have a good friend who is at 23.5 right now. He is a Mustang Major. He is maxing out his TSP and has three rental properties. He put together a 30 plus slide presentation that he periodically gives to various units. He may sign my son up as a test case to see if an enlisted guy with only 20 can make it to be a millionaire. He currently has over 250K in his TSP at age 41. He wants to punch right at 30 and never work again. Personally I think he needs to start putting his money in taxable accounts. His TSP will grow to over a million over the next 19 years. He will need to fund about 10-11 years before his TSP hits at 59.5. All good stuff. I think so many military folks could do so much better with a little planning.
You're very right...military can do well. I'm an enlisted dude that will retire not only from the Air Force but from doing anything for a paycheck at the age of 40...and this is with minor sacrifice. I haven't lived like a pauper to get where I am...It's very much doable.

Nords...I have seen some good numbers on total force numbers that make it to retirement. The latest Rand study that was commissioned (released late last year) on revamping the retirement system had some hard numbers. If I recall, in the Air Force, 15% of officers starting in long enough to draw retirement and 11% of enlisted did. I don't recall the other branches report that the Marine Corp was the lowest, but that's through design.

Sent from my mobile device so please excuse grammatical errors.
__________________

__________________
Founder and Head Lounger @ The Life of Leisure Institute
Retired in 2014 at the Ripe Age of 40.
ExFlyBoy5 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-14-2014, 08:01 AM   #22
Recycles dryer sheets
 
Join Date: Oct 2014
Posts: 356
Quote:
Originally Posted by wrigley View Post
44 years combined service (retired Navy) between my wife and I. Both of us still working. My wife is also a GS-13 and I work for a military contractor. Last child has 1 year of college left and then the fun begins!

Mike
Wrigley, Did you get a chance to give some GI bill to that college kid of yours? Big help for us. A retired sailor with bull dogs? Hmm? A Marine wanna be? jk
-BD
__________________

__________________
Bigdawg is offline   Reply With Quote
Old 10-14-2014, 09:19 AM   #23
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
20 year retired Air Force Major. Worked for another 15 or so years. Our total retirement funds are twice our total expenses. Retired with a comfortable pat. You will find Tricare your most valuable benefit!
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Old 10-14-2014, 11:41 AM   #24
Recycles dryer sheets
 
Join Date: Oct 2014
Posts: 356
Rustic,

Gotta love that OV-10. I had the chance to work on those in 1991 in Okinawa before the Corps decommisioned them. Can't wait to join the ER ranks next September.

-Big Dawg-
__________________
Bigdawg is offline   Reply With Quote
Old 10-14-2014, 01:01 PM   #25
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
Flew it for about 13 years and have a little over 2,700 hours in it. Retirement is a lot more FUN!! You are really going to enjoy it.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Old 10-14-2014, 11:52 PM   #26
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by FlyBoy5 View Post
Nords...I have seen some good numbers on total force numbers that make it to retirement. The latest Rand study that was commissioned (released late last year) on revamping the retirement system had some hard numbers. If I recall, in the Air Force, 15% of officers starting in long enough to draw retirement and 11% of enlisted did. I don't recall the other branches report that the Marine Corp was the lowest, but that's through design.
Thanks, FlyBoy, I looked through RAND's website for the "military retirement" keyword and didn't find anything covering all the services. But it's possible that RAND didn't make that study public.

If you have a link to a news article or a presentation or anything else, maybe I'll be able to dig it out of another source.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 10-15-2014, 11:35 AM   #27
Recycles dryer sheets
ChainsBeGone's Avatar
 
Join Date: Apr 2011
Location: Front Range
Posts: 150
Quote:
Originally Posted by Bigdawg View Post
Personally I think he needs to start putting his money in taxable accounts. His TSP will grow to over a million over the next 19 years. He will need to fund about 10-11 years before his TSP hits at 59.5. All good stuff. I think so many military folks could do so much better with a little planning.
I believe you are absolutely right on the need to fund taxable accounts for that period that lasts from the point one starts receiving the pension until age 59.5 is reached. That has worked for me well (retired for 16 months now after 26 years in the Army) and I have not gone back to work nor am I looking for work.

My pension funds all of our housing needs, other expenses and entertainment, but the savings in the taxable accounts provide for emergencies and future capital purchases. We are frugal but not cheap. I like to think that we can do just about anything we want to do, we just can't do everything we want to do.

I know there are methods to access retirement accounts early, but I didn't want to bother with them and I wanted to let the tax advantaged compounding continue to work in the IRAs/TSP.
__________________
"Our lives are what our thoughts make them" - Marcus Aurellius
FIRE'd on 1 June, 2013 at age 48, DW FIRE'd with me on same day at age 47.
ChainsBeGone is offline   Reply With Quote
Old 10-17-2014, 12:48 AM   #28
Recycles dryer sheets
 
Join Date: Oct 2014
Location: Granbury
Posts: 91
Quote:
Originally Posted by Bigdawg View Post
VG23. Very nice. My son is in the Corps now. I am trying to convince him to punch at 20 and never work again. I'm working the plan with him. He is starting off with 20% in his tsp now. I'm excited for him. Military pensions are nice. So few make it to 20 though
Congrats Bigdawg. I think it is an absolutely essential to influence our kids to save and plan especially as the DB's go away. I'm a little slow it took me 30 yrs to get an AD retirement (reservist on AD) but well worth it.
__________________
World Traveler is offline   Reply With Quote
Old 10-17-2014, 06:13 AM   #29
Recycles dryer sheets
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 345
Quote:
Originally Posted by Bigdawg View Post
Wrigley, Did you get a chance to give some GI bill to that college kid of yours? Big help for us. A retired sailor with bull dogs? Hmm? A Marine wanna be? jk




-BD
No.......When I entered the military I was under the VEAP program. If I remember correctly that program only lasted a couple years and then went away. I had the opportunity to invest in the next program which I believe was the Montgomery GI bill, but I foolishly didn't at the time. (I was young and stupid and needed beer money! )

My wife actually took advantage of her GI bill and enrolled in college at the ripe young age of 38. She completed her bachelor's degree in Criminal Justice at the age of 44 while working full time the entire time. I am very proud of her.

My son is in his senior year of college and has taken out a series of loans through FAFSA. A college education in Florida is relatively inexpensive as long as you are a resident. He's doing well.

Mike
__________________
wrigley is offline   Reply With Quote
Old 10-17-2014, 09:57 AM   #30
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Posts: 1,977
Quote:
Originally Posted by Nords View Post
Thanks, FlyBoy, I looked through RAND's website for the "military retirement" keyword and didn't find anything covering all the services. But it's possible that RAND didn't make that study public.

If you have a link to a news article or a presentation or anything else, maybe I'll be able to dig it out of another source.
Nords, I have spent the last 3 hours trying to locate this stupid report. I think I *might* have it confused with a survey about retirement I completed for RAND a few months ago. I do know there are LOTS of stuff out there sighting different numbers. I did come across this however:

http://www.militaryonesource.mil/120...ics_Report.pdf

With this report, it will show total force numbers as well as all separations/
retirements (normal and disability) for the year of 2012. They don't show percentages, but a little math can get it figured out pretty well.

I think this is something like the stock market...you hear figures that are "averaged" over a period, but I can bet that the figures from 1999 to 2005 to 2014 are vastly different. Just this year alone with the Air Force RIFs/force shaping, the numbers will have to be skewed a little bit.

I do know that I am very thankful to have hung around as long as I have. It's getting much more difficult to serve to that 20 year point and as things are now, there's no way I could/would do it again (under the current conditions).
__________________
Founder and Head Lounger @ The Life of Leisure Institute
Retired in 2014 at the Ripe Age of 40.
ExFlyBoy5 is offline   Reply With Quote
Old 10-17-2014, 11:41 PM   #31
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by FlyBoy5 View Post
Nords, I have spent the last 3 hours trying to locate this stupid report. I think I *might* have it confused with a survey about retirement I completed for RAND a few months ago. I do know there are LOTS of stuff out there sighting different numbers. I did come across this however:

http://www.militaryonesource.mil/120...ics_Report.pdf

With this report, it will show total force numbers as well as all separations/
retirements (normal and disability) for the year of 2012. They don't show percentages, but a little math can get it figured out pretty well.

I think this is something like the stock market...you hear figures that are "averaged" over a period, but I can bet that the figures from 1999 to 2005 to 2014 are vastly different. Just this year alone with the Air Force RIFs/force shaping, the numbers will have to be skewed a little bit.

I do know that I am very thankful to have hung around as long as I have. It's getting much more difficult to serve to that 20 year point and as things are now, there's no way I could/would do it again (under the current conditions).
Thanks, FlyBoy, I know that feeling. I'll dig into those numbers and see what I can figure out.

I think we all look back after 20 and wonder how we did it. Even today I can't imagine how I held down a full-time job while there were so many other things to do in life!
__________________

__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Help choose military charities receiving donations from "The Military Guide" sales Nords Other topics 18 01-05-2011 06:07 PM
USAA & Military.com's "2010 Best Places for Military Retirement" Nords Life after FIRE 11 12-13-2010 09:19 PM
Retired Military Guy Here. BLS53 Hi, I am... 13 03-30-2008 01:10 PM
Military pay (ECI) vs military retiree pay (CPI) Nords Other topics 0 11-05-2005 11:51 AM
Retired military officer survey Nords Other topics 0 10-21-2004 08:08 AM

 

 
All times are GMT -6. The time now is 02:47 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.