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Starting young
Old 11-10-2006, 10:51 AM   #1
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Starting young

I do not know what qualifies as early, but My goal has been 55. I have a decent 503c program with my current employer, a pension that should kick in at 55 from the Military, a pension from another employer I can collect, my house will be paid off as 51, and my youngest child is 10 going on 11 years old. I plan to start a hobby job when I retire to prevent rusting up, and fading away.
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Re: Starting young
Old 11-10-2006, 12:24 PM   #2
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Re: Starting young

Sounds like a noble goal to me. Welcome aboard.
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Re: Starting young
Old 11-12-2006, 10:57 PM   #3
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Re: Starting young

Welcome to the board, Half elf! Sounds like a good plan, but you might find plenty to do without a "hobby job".

Quote:
Originally Posted by Half elf
a pension that should kick in at 55 from the Military
I'm not aware of any military pensions that kick in at age 55, although there's been a lot of effort at a Reserve version of that. Can you tell me more about yours?
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Re: Starting young
Old 11-13-2006, 08:02 AM   #4
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Re: Starting young

Welcome to the forum! What is a 503c program?
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Re: Starting young
Old 11-13-2006, 08:42 AM   #5
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Re: Starting young

I am currently a Air Force reservist, and they are attempting to stagger the retirement collection age based on years of service. 20yrs would equal 60 as a collection time all the way down to 30+yrs collecting at 55. I have 23yrs including 10yrs ao active duty right now, and am only 41yrs old, so 30yrs is a real easy goal for me to see. I know they havent done this yet, but something must be done for the reserves or they are going to lose the middle managment structure becuase of the increased tempo of deployments. A 503c is the tax deffered program open to county workers where I am employed, similar to 410K with no match.
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Re: Starting young
Old 11-13-2006, 09:26 AM   #6
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Re: Starting young

Quote:
Originally Posted by Nords
I'm not aware of any military pensions that kick in at age 55, although there's been a lot of effort at a Reserve version of that. Can you tell me more about yours?
If civilian federal can start at 55 (with 30 years of service; and it does), then surely federal military can?
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Re: Starting young
Old 11-13-2006, 09:30 AM   #7
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Re: Starting young

Quote:
Originally Posted by Half elf
I am currently a Air Force reservist, and they are attempting to stagger the retirement collection age based on years of service. 20yrs would equal 60 as a collection time all the way down to 30+yrs collecting at 55. I have 23yrs including 10yrs ao active duty right now, and am only 41yrs old, so 30yrs is a real easy goal for me to see.
The Navy Reserve has been seeing a huge wave of retirements & IRR transfers... right after the members completed their one-year mobilization to the desert to backfill the burned-out Army & AF reservists.

Quote:
Originally Posted by Half elf
I know they havent done this yet, but something must be done for the reserves or they are going to lose the middle managment structure becuase of the increased tempo of deployments.
Now that Rumsfeld is gone there might be a chance to pass this proposal on what, its sixth try? His comment on the legislation was "I'm over 70. Why in the world would anyone want to retire at 55?" That was one of his few questions that he didn't answer for himself...
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Re: Starting young
Old 11-18-2006, 11:40 AM   #8
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Re: Starting young

I'm currently a reservist (Air Force) who will have 30 yrs service time in a couple of months. Since I'm a military technician/civil servant, I can't retire from either civil service or the reserves until 2013. I haven't heard anything about this tiered retirement proposal, where can I find some info on it? When I retire from the reserves in 2013, I'll be 55 & as it stands now, I won't be able to start collecting my military retirement until age 60, five years later.
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Re: Starting young
Old 11-18-2006, 12:57 PM   #9
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Re: Starting young

It is interesting how many reservists are on this board. It must be a personality type that can appreciate the value of reserve service and retirement. I have 8 years active and 20 reserve, still drilling.

Here's the latest information on reserve retirement at 55.

http://capwiz.com/afa/issues/bills/?bill=7522531

It has been borderline for several years. I have been sending letters to my representatives for years to recognize the increased sacrifices of reservists.

Unfortuantely, the last six years have seen Congress spending money like drunken sailors (it takes one to know one) and there is never enough to take care of our own.

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Re: Starting young
Old 11-18-2006, 04:05 PM   #10
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Re: Starting young

Quote:
Lowering Reservist Retirement Age

Sen. Jon S. Corzine, D-N.J., on March 16 introduced legislation lowering the National Guard and Reservist retirement age from 60 to 55. This modification brings the retirement age for reservists down to the federal civil servant retirement age, as was intended when the reservist retirement age was set fifty years ago Corzine said. His bill has been endorsed by the Reserve Officers Association, Veterans of Foreign Wars, the Military Officers Association of America, the Air Force Sergeants Association, the Air Force Association, the Retired Enlisted Association, the Fleet Reserve Association, the Naval Reserve Association, and the National Guard Association.
I know this is dated, but I have 6yrs AD Navy, 4yr AD Army, 5.75yr Army reserves, and almost 7yr Air Force Reserves. I am only 41 soon yo be 42, and looking forward to retiring at 55. I wish the powers that be would honor their commitments with the people who enable them to live in the freedom's they take for granted.
I should climb off my soap box now, before I get rowdy, but sometimes I feel a little abused by the same people who give the orders.
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Re: Starting young
Old 11-18-2006, 05:55 PM   #11
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Re: Starting young

Quote:
Originally Posted by Half elf
I should climb off my soap box now, before I get rowdy, but sometimes I feel a little abused by the same people who give the orders.
I had to respond to this one, since I've "been there". Unlike you, I only spend 4 years (A.F.) but I still remember my "re-up talk" in '71 (I had 4 years in, been in Nam, and was an E5).

My answer to all the "good stuff" was that "they" (meaning the A.F.) had so many good reasons to stay, I just did not know what to do...

My answer? I told them I'd flip a coin in the air... If it stayed there, I would re-up...

Needless to say, at this time I can confirm it was the "right" decision to make - to leave the military.

Not to down you guys/gals that "stay the course" (God bless you). It just wasen't for me (and my young family).

- Ron
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