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10-14-2014, 06:58 AM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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Quote:
Originally Posted by Bigdawg
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.
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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.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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10-14-2014, 07:01 AM
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#22
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,543
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Quote:
Originally Posted by wrigley
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
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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
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10-14-2014, 08:19 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,204
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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.
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10-14-2014, 10:41 AM
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#24
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,543
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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-
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10-14-2014, 12:01 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,204
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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.
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10-14-2014, 10:52 PM
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#26
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by FlyBoy5
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.
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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.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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10-15-2014, 10:35 AM
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#27
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Recycles dryer sheets
Join Date: Apr 2011
Location: Front Range
Posts: 150
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Quote:
Originally Posted by Bigdawg
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.
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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.
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10-16-2014, 11:48 PM
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#28
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Recycles dryer sheets
Join Date: Oct 2014
Posts: 147
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Quote:
Originally Posted by Bigdawg
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
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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.
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10-17-2014, 05:13 AM
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#29
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Full time employment: Posting here.
Join Date: Nov 2008
Location: Jacksonville
Posts: 637
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Quote:
Originally Posted by Bigdawg
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
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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
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10-17-2014, 08:57 AM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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Quote:
Originally Posted by Nords
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.
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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).
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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10-17-2014, 10:41 PM
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#31
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by FlyBoy5
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).
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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!
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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04-16-2019, 12:11 PM
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#32
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,543
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Quote:
Originally Posted by Bigdawg
Punched last year after 23 yrs. Doing contract work now. Plan to punch for real next fall just prior to age 50. Found this site while looking at some Doug Nordman stuff. Love the attitude of the posters on here. Lots of retired early and loving it. Wish me luck.
-Big Dawg-
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Looking back on my introductory post I realized that there wasn't much info. I will update and fill in the blanks.
Me-53, retired O-4 USMC 23 years, currently a contractor-138K/yr salary, 50K/yr pension, 15k/yr VA Dis
DW 47, retired Chief Warrant Officer 4, USMC 21 years, currently a GS , 111K/yr salary, with 7 years in the federal system. 40K/yr pension
House=700K (just built) owe 550 @ 4%
401K, Me=260K, DW=60K
Taxable account: 97K
ROTH IRA: Me=22K
Receiving 650/mo on contract for deed on townhouse. Balanced owed is 74K. If he defaults the townhouse is worth 110K
DS: 26 years old heading to USMC officer candidate school this summer.
DD: Finishing up grad school in Ireland in three weeks coming back to the states for job hunting. No student debt.
Planning on going to 32 hours/wk next month for 8 months then down to 30 or less. Glide slope to full ER. Thanks for all the great advice.
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie
" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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04-17-2019, 10:13 PM
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#33
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Full time employment: Posting here.
Join Date: Oct 2018
Posts: 530
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Are you and your wife currently collecting your pensions? 90 k a year is awesome. Owing 550k on the house is the only negative in my book. Will you take that debt into retirement?
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04-18-2019, 08:21 AM
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#34
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,543
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[QUOTE=Vacation4us;2223996]Are you and your wife currently collecting your pensions? (Yes) 90 k a year is awesome(Pensions plus VA dis =110K/yr). Owing 550k on the house is the only negative in my book(owing 550K isn't the best idea but it is our only debt. House is worth 700K. House is literally brand new. On the Potomac as it flows into the Chesapeake. 4% mortgage. Easily covered my one of our pension checks.) . Will you take that debt into retirement?(yes)[/QUOTE]
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie
" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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04-18-2019, 09:35 AM
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#35
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Recycles dryer sheets
Join Date: Jan 2015
Location: Boerne
Posts: 421
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Quote:
Originally Posted by ChainsBeGone
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.
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Good Day All
Wow, you guys are pretty impressive and have done well. I retired in 2004 as a Navy E9. Came in 1979 and back then pay was low to say the least for an enlisted person. I have been working for the government as a GS12 for the last 10 years, pretty much maxing out TSP and stuffing cash in the mattresses since then. Today at 58, DW and I (finally) just went over 1M in investments/cash.
. With over 100K in retirement checks and DW SS, hope to retire next spring sometime at age 59. I will most likely wait until age 67 to take my SS. Yes, the military lifestyle can be rewarding monetarily IF and ONLY IF you plan accordingly and live below your means! It takes discipline and we all have had that in the military for sure. Best of luck to you all.
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04-18-2019, 10:40 AM
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#36
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Recycles dryer sheets
Join Date: Jan 2015
Location: Boerne
Posts: 421
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Quote:
Originally Posted by Rustic23
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!
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Yes; however, at age 65 Medicare becomes your best asset and Tricare becomes your supplemental! :-)
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04-19-2019, 06:30 AM
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#37
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Recycles dryer sheets
Join Date: Jan 2015
Location: Boerne
Posts: 421
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Quote:
Originally Posted by World Traveler
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.
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Please excuse my ignorance; however, the acronym "DB's" meaning?
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04-19-2019, 07:02 AM
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#38
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,346
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Quote:
Originally Posted by cnocmmz
Please excuse my ignorance; however, the acronym "DB's" meaning?
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Defined Benefit (traditional pension plan)
http://www.early-retirement.org/foru...rum-34884.html
__________________
I thought growing old would take longer.
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04-19-2019, 08:18 PM
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#39
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Dryer sheet aficionado
Join Date: Jan 2010
Posts: 41
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Bigdawg...Your follow-up prompted me to do the same....
Have worked with some good USMC folks along the way....did you ever serve with 2/7 specifically... Helmand 2008/9?
Good luck to you... and all on here....Particularly nice to see the ex service folks doing well....
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04-22-2019, 11:36 AM
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#40
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,543
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Quote:
Originally Posted by airbornesapper
Bigdawg...Your follow-up prompted me to do the same....
Have worked with some good USMC folks along the way....did you ever serve with 2/7 specifically... Helmand 2008/9?
Good luck to you... and all on here....Particularly nice to see the ex service folks doing well....
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No, not 2/7. In 2007/2008 I was embedded in Sadr City. 12 months of fun in the sun. My last deployment. Yup, Marines are fun. So fun that I married one and fathered one.
People on here seem to love the follow ups so my plan is for every six months. What will change? I should be down to 32 hours/wk, DS will be married and a graduate of USMC OCS (Officer Candidate School) and DD will have her Master's from Trinity in Dublin. The accounts? Who knows but they should all be fatter than today.
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie
" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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