Retire from the Navy in 2017

[HawkeyeNFO]

I've decided that I don't really like working, and I think I'm just not going anymore...starting in 2017!

USN officer here, 37 y/o, still having fun with the Navy, although I'd like to travel to places that I want to visit, when I want to visit them. I've been maxing out the TSP, RothIRA, 3 Coverdell accounts for college, and put a little bit into other funds over the past several years. Including equity on a rental property, we have about $750k to $800k stashed away. Hopefully the market goes up in the next 7 years, so I don't need to work much after my 20 years of Naval service is complete.

 

[Coach]

Hawkeye, welcome to the forum!

You sure have been doing the right things to reach FIRE -- congratulations. It always pleases me to see military and public service folks who are well on their way to financial independence. You make a major contribution to all our lives and certainly have earned it.

I'll look forward to your future posts.

Coach

 

[Fireup2020]

Welcome to the board! You will find plenty of Vets and military retirees here. USNR here - will be bailing from employment a few years behind you!

 

[flyfishnevada]

I was literately days away from pulling the trigger and joining the Navy and going into the nuclear power program when I was 17. I decided to go a different route. I often think of how my life would have been different had done that. I know I would have been retirement eligible 5 years ago (5 months in the future now) and I likely would not have met my wonderful wife.

Congrats to you on your planning and early retirement and welcome. We really appreciate your service and are glad you will reap some rewards (FIRE).

 

[av8er]

Welcome to the board, Hawkeye. Great job saving so far...whatever you're doing, it certainly seems to be working for you. Keep it up and you should be in a good position to leave the work force for good once you hang up the uniform.

 

[Nords]

Welcome to the board, Hawkeye. Not too many of you guys around these days.

I often think of how my life would have been different had done that.

Gumby, M Paquette, me, and the rest of us nukes can assure you that it would've been different... very different... although Hawkeye's probably absorbed more radiation than we have.

Oddly enough, if I hadn't joined the Navy then I wouldn't have met my spouse.

 

[unclemick]

The only naval nuke school grad in our family left the navy after 8 for a big bucks civilian job and she married a MARINE!

Wonder if radiation had something to do with it. He'll have his twenty in - 2012.

heh heh heh -

 

[stoutboy]

Congratulations to you. It certainly appears you did all the right things--especially maxing your TSP. I'm always amazed when I read about military officers with minuscule amounts in their TSP. If they were enlisted, I could understand. Their salaries are too low in most cases to max out the TSP, but officers make quite good salaries. Anyway, enjoy your future--you've definitely earned it!

 

[Leonidas]

The only naval nuke school grad in our family left the navy after 8 for a big bucks civilian job and she married a MARINE!

Wonder if radiation had something to do with it. He'll have his twenty in - 2012.

heh heh heh -

Sounds like she came to her senses!

 

[calmloki]

"I've decided that I don't really like working, and I think I'm just not going anymore..."

i see what you did there. Good taste in movies.

 

[friar1610]

Welcome aboard. I personally couldn't have made it solely on a 20 year retirement as I had kids in college during those years. No TSP in those days, but I did sock away a fair amount in after-tax investments. I ended up staying for 28; those extra years and one more promotion made a huge difference in my pension. Although I did work for a few years after Navy retirement, in retrospect, I would have been just fine living off the pension.

Good luck to you.

 

[HawkeyeNFO]

Just updated the spreadsheet - I see seven figures now! I don't mean to brag, but I guess I am. Albeit, it includes real estate and some college funds for the kids, but the total is now a cool $1.03M.

TSP - $209k
Roth - $74k
Roth for wife - $60k
Coverdells - $47k
Stocks / mutuals -$299k
Home equity - $87k
Rental RE equity - $255k

I sure do appreciate everyone's contributions to this site, which is great for inspiration and info. Hope the market continues to go up!

 

[Gumby]

Congratulations, Hawkeye.

 

[Milton]

"I've decided that I don't really like working, and I think I'm just not going anymore..."

i see what you did there. Good taste in movies.

Ditto!

Welcome aboard.

 

[Nords]

Just updated the spreadsheet - I see seven figures now! I don't mean to brag, but I guess I am.

Hey, you're an aviator, it's been done before. No harm.

I'm a decade out of date-- can you share how much of that total is due to the honkin' big aviation retention bonuses that are dumped on E-2 NFOs these days?

I know you have a way to go before you're a three-digit midget, but have you started your short-timer's chain yet?

 

[obgyn65]

Congratulations, Hawkeye.

 

[HawkeyeNFO]

Hey, you're an aviator, it's been done before. No harm.

I'm a decade out of date-- can you share how much of that total is due to the honkin' big aviation retention bonuses that are dumped on E-2 NFOs these days?

I know you have a way to go before you're a three-digit midget, but have you started your short-timer's chain yet?

The Navy is shrinking, getting rid of people, and making promotions tougher. The only exception seems to be the SWO community, where all the good officers seem to get out after 4-6 years. So the bonuses are disappearing, except for the SWOs. Aviation bonuses aren't all gone yet, but are definitely decreasing. I got lucky and got a few bonus checks while they were around. The Navy is still fun, but OPNAV.........

 

[Nords]

So the bonuses are disappearing, except for the SWOs. Aviation bonuses aren't all gone yet, but are definitely decreasing. I got lucky and got a few bonus checks while they were around. The Navy is still fun, but OPNAV.........

Thanks-- and congratulations on reaching your personal glide slope!

 

[friar1610]

The Navy is still fun, but OPNAV........

I hear ya'. The absolute most miserable, most stressful and least satisfying tour of my Navy career. Had it not been for the POAC I'm not sure I would have survived.

 

[HawkeyeNFO]

$1,003,205 in stocks, mutual funds, retirement accounts, and Coverdells!

Updated the spreadsheet today, and the non-real estate funds are over $1M. Add in our primary residence and a rental property, and the equity brings the total net asset value to over $1.5M.

Friar, you're spot-on about the PAC. Without that place for stress management, I fear what the 25,000 Pentagon employees would do when they had a bad day (and they do occur frequently).

 

[haloFIRE]

Congratulations on the excellent progress Hawkeye! I can understand the stress completely! I just left the MDW for a new assignment far away from the five sided puzzle palace. Although not in an easy job (are there any of those?), the stress level has declined markedly! I actually don't mind going into work anymore.
What is your target date in 2017? I'll be cheering yor progress from the sidelines!
HaloFIRE

 

[HawkeyeNFO]

$2.002M as of today

Spreadsheet updated again, and with yesterday's market close, and including the equity on our house, we are now multi-millionaires! And just this past Monday, I received my retirement orders.

Every day, I hear someone ask "have you got a job yet?" or "have you started looking for a job yet?"

Last night I thought of a new job story to answer those questions..."I will be going into aviation financial consulting," which really means that I am looking for ways to fly around the world without spending much or any money at all. I'm thinking points and miles, and maybe some space-A flying.

 

[evilanne]

Thank you for your service & job well done in preparing for your future! Congrats on your upcoming retirement & Best of luck to you in your travels

 

[kitesurfer2]

enjoy your retirement!

 

[friar1610]

Good for you! Congratulations. Fair winds and following seas.