Active-duty retirement thwarted...advice needed

[Neecy]

Time for an update. This thread is almost like my diary. I did meet my lt. col. board this year instead of next year. My wing commander told me today that I got picked up for lt. col. and will most likely pin on in October 2013. I am so stoked! Finally, things are lining up. Again, thank you for the wonderful advice in weathering my active duty and reserve career. It has definitely been an eventful journey.

 

[Neecy]

This article reminded me of what happened to me three years ago:

http://www.military.com/daily-news/2014/06/30/army-fires-officers-after-ordering-them-to-move.html

I hope he finishes his time in the national guard or reserve.

Happy 4th!

 

[jimnjana]

Hello Nords, I was hoping to hear from you! I have about 19 years of total service, since I started in the Army National Guard. I have about 14.5 years of active duty. I changed my mind about MD a couple of years ago. I still want to move forward and settle in Texas in the near future.

I like the idea of maxing TSP to reduce my taxable income. I had just discontinued it yesterday, so I could shore up money in my transition. I don't think they will let me put everything in TSP. I am leaning more towards preparing myself for the "emergency" of being without an income if I'm unemployed longer than expected.

I loved Japan...left there in 2009 and totally miss it. I will send you a PM with my address. Thanks much for your input/guidance!

Think you need to check your years of total service to make sure you know exactly what you have. About 19 years of service now, could be 20 good retirement years in the reserves when you separate. All you would need to do is transfer to the inactive reserve and request retirement status. Unless you want to pursue a reserve time for promotion or points.

 

[Neecy]

Think you need to check your years of total service to make sure you know exactly what you have. About 19 years of service now, could be 20 good retirement years in the reserves when you separate. All you would need to do is transfer to the inactive reserve and request retirement status. Unless you want to pursue a reserve time for promotion or points.

Thanks! I have been in the Reserve since 2012. Glad I returned or I would have walked away from a pension. I have 22 years as of today.

 

[unno2002]

Back in 1995 I was discharged with 15+ years of active duty. Ignoring details (get a good lawyer) I got back into reserve status, and finished my 20 in the reserves. Yes, I won't see a military pension until after age 60, and the service recovers all my severance pay… but, for now I have commissary / exchange access, and at 60 TRICARE turns on… it will be years later yet for the pension…

 

[Neecy]

Back in 1995 I was discharged with 15+ years of active duty. Ignoring details (get a good lawyer) I got back into reserve status, and finished my 20 in the reserves. Yes, I won't see a military pension until after age 60, and the service recovers all my severance pay… but, for now I have commissary / exchange access, and at 60 TRICARE turns on… it will be years later yet for the pension…

Yeah, the military will recoup up to 40% out of your pension, so you will still get a pension at 60.

 

[martyb]

I retired from the reserves in 2010. Since we live near an AF base, we shop the commissary every week, and use the exchange whenever we want to. This base has several good fishing lakes too, so I spend time doing that. I'm using the fitness center as well. I'm 56 1/2 so 3 1/2 yrs till I start drawing my pay. On the fence about using Tricare, but maybe.... Of my 33 yrs military time, only 4 1/2 yrs was active duty. I was enlisted.

 

[jimnjana]

Thanks! I have been in the Reserve since 2012. Glad I returned or I would have walked away from a pension. I have 22 years as of today.

Have you requested your 20 year letter from the Reserves? That is the official validation that you have 20 good reserve years for retirement purposes.

 

[Neecy]

Have you requested your 20 year letter from the Reserves? That is the official validation that you have 20 good reserve years for retirement purposes.

Yes, I have my 20 year letter. I requested an audit in 2012 and they added my Army National Guard time as well. Due to the audit, I reached 20 years in December 2012. I have to do two more years to retire as a Lt Col. I pinned on October 2013.

 

[Neecy]

I retired from the reserves in 2010. Since we live near an AF base, we shop the commissary every week, and use the exchange whenever we want to. This base has several good fishing lakes too, so I spend time doing that. I'm using the fitness center as well. I'm 56 1/2 so 3 1/2 yrs till I start drawing my pay. On the fence about using Tricare, but maybe.... Of my 33 yrs military time, only 4 1/2 yrs was active duty. I was enlisted.

Wow, that is a lot of time in the Reserve. Were you an ART? How is Bossier? I have a rental house there. Bossier seems to have really expanded since I was there in 2002.

 

[martyb]

Wow, that is a lot of time in the Reserve. Were you an ART? How is Bossier? I have a rental house there. Bossier seems to have really expanded since I was there in 2002.

Yep, I was an ART from 1981 through most of 2008. I spent 15 years with the 924th in Austin, TX and then when BRAC closed us, I transferred to Barksdale and worked with the 917th until '08, when I left the ART world & went to work for Defense Contract Management Agency (DCMA) in Wisconsin. Spent a year there, then transferred to Lufkin TX in '09. Stayed in Lufkin till Jan '14, when I got a transfer back to Shreveport. After 6 months, decided to go ahead & hang it up. We live in north Bossier. You're right, this place is growing fast. Unemployment rate is better than most of the country and housing is more expensive than I'd like. Still, hard to beat the low property taxes. I go on base average once a week...commissary, etc. In the late 90's I worked as a realtor in the local area, tried to concentrate mostly on Bossier. RE prices sure have gone up since then!

 

[Neecy]

Yep, I was an ART from 1981 through most of 2008. I spent 15 years with the 924th in Austin, TX and then when BRAC closed us, I transferred to Barksdale and worked with the 917th until '08, when I left the ART world & went to work for Defense Contract Management Agency (DCMA) in Wisconsin. Spent a year there, then transferred to Lufkin TX in '09. Stayed in Lufkin till Jan '14, when I got a transfer back to Shreveport. After 6 months, decided to go ahead & hang it up. We live in north Bossier. You're right, this place is growing fast. Unemployment rate is better than most of the country and housing is more expensive than I'd like. Still, hard to beat the low property taxes. I go on base average once a week...commissary, etc. In the late 90's I worked as a realtor in the local area, tried to concentrate mostly on Bossier. RE prices sure have gone up since then!

Yeah, I love the low property taxes. Glad I kept my house and didn't sell it in 2004.

 

[martyb]

Yeah, I love the low property taxes. Glad I kept my house and didn't sell it in 2004.

Yep, and I really wish we'd kept ours when we moved to WI in '08. It would be close to being paid off now, or better, and I could rent it for $1700 or more. Wife didn't want to, thought it would get destroyed. I should have tried harder to convince her. I honestly didn't think I'd get transferred back here. It sold in less than 30 days when we listed it. Live & learn.

 

[Neecy]

Yep, and I really wish we'd kept ours when we moved to WI in '08. It would be close to being paid off now, or better, and I could rent it for $1700 or more. Wife didn't want to, thought it would get destroyed. I should have tried harder to convince her. I honestly didn't think I'd get transferred back here. It sold in less than 30 days when we listed it. Live & learn.

Yeah, I could've gotten $10,000 (before giving my realtor her 6%) from it in 2004. I think it appreciated $50,000-$60,000 in 10 years. My property manager is really good and owns most of my block. According to Zillow, I can get $1,500, but I am only renting it for $1,300. I refinanced it last year for a 4% interest rate. If I wasn't sidetracked from being RIF'd in 2011, I would be near paying it off. I paid an extra mortgage payment when I lived overseas for about a year.