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Old 10-21-2009, 08:16 AM   #21
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Once you start drawing your reserve component retirement check at 60 you also qualify for Tricare. My pension will be similar, when I turn 60.
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Old 10-22-2009, 06:48 AM   #22
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Right now, with 5 kids at home I am only able to save about $500 per month, and my salary is around $80K. As for my home, I only owe about $38,000 and it will be paid off by the time I reach 59-1/2.
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Old 10-22-2009, 08:47 AM   #23
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Will the wife get some SS too at 62 or later?
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Old 10-22-2009, 09:05 AM   #24
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Will the wife get some SS too at 62 or later?
Yep,..but she is 12 years younger than I am, so I'll be around 75 before that happens.
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Old 10-22-2009, 09:45 AM   #25
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I think your in good shape. The only enemy of yours I can see is health insurance for you and the wife. But with 500k and a paid for home you will be in great shape. Living in AR is cheap I know this from living in MO. Average household income in AR is around 41k in 2008. Census Bureau reports on income, poverty - USATODAY.com Many people from MO move to AR to retire.
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Old 10-22-2009, 02:08 PM   #26
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I think you are in pretty good shape. Five school aged kids could be a problem if you can't keep them off the dole.

Also, 59 1/2 isn't exactly early retirement. Maybe think about manageing expenses and getting out earlier.

Good luck!
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Old 10-25-2009, 12:07 AM   #27
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I think you are in pretty good shape. Five school aged kids could be a problem if you can't keep them off the dole.

Also, 59 1/2 isn't exactly early retirement. Maybe think about manageing expenses and getting out earlier.

Good luck!
Perhaps three years ago, 59 1/2 would not have been considered early. I think 59 1/2 is going to be the new early retirement.
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