Greetings from Oklahoma City

[rhrihm]

Greetings from Oklahoma City!

How are we doing?

I’m Richard and my wife is Gayle

I’ll be 62 in June of this year and my wife just turned 67. A little background I retired from the active Army in 2011 as a Master Sergeant with my pension beginning immediately. I did a total of 35 years, 21 years active duty, and 14 years in the Army reserves. My wife, who has had a multitude of jobs throughout her working life also retired shortly after my grandson was born. He just turned 11.

I also retired from my civilian job as a Federal Law Enforcement officer in 2017 and am receiving my pension from OPM. I am also a 90% disabled veteran from injuries in Afghanistan in 2006. Two combat tours to Afghanistan and one combat deployment to Iraq/Kuwait. We live in Oklahoma City, though I’m originally from New York City and my wife is from Indiana.

Our current financial situation.

- My pensions Army, OPM, and the VA equals a little over $7500.00 net per month
- My wife just started taking her Social Security a couple of months ago
and receives $1195.00 per month after Medicare premium
- I’m not planning on drawing Social Security until a minimum of full retirement age
- All of our monthly income sources have an annual cost of living adjustment
- I have 2 Thrift Savings accounts totaling approximately $500,000.00
- Our house is paid off with an estimated value of $200,000.00
- My medical coverage is provided by the VA and my wife is covered by Medicare and Tricare for Life which is free
- I have Survivor Benefits for my wife with both my Army and OPM pensions. When I die the VA pension will stop as they don’t have any Survivor Benefits program
- We live what I would describe as an average lifestyle, not too exciting…
- We have some consumer debt that we are paying off but nothing overwhelming

We have not really done a whole lot since being retired. But, now with the pandemic starting to fade, hopefully, we can pick up the pace.

 

[Figaro]

Why hello there! Y'all look to be doing mighty fine. The reliable retirement income is pretty darn good I'd say!

In your position with a paid off house and a guaranteed income, you'd want to look out for RMDs for the TSP when they are coming @ 72 You may want to start converting your balances now.

Also, I'd make it my primary mission to get rid of that consumer debt - but even with it, I'd think you'd be fine with the guaranteed income - it's just not optimal and I'm an optimizer.

You may want to delay your own SS till later than FRA depending on the value of it - as it'll be an offset against the potential loss of the VA pension if your benefit is greater than your spouses for Survivor benefits on SS. Best to review with your SS office on those strategies). Or...you could just look to blow through the incremental increase of income at FRA as it might not make a dent in your plans anyway. Hard to say without knowing your expenses and the margin between your income/expenses. If you have margin - it don't matter no bit.

 

[steiny]

THANK YOU for your SERVICE



And welcome

 

[mystang52]

Welcome, and thank you for your service - and the physical sacrifice you made. Based on what you wrote, I second the recommendation to get rid of that consumer debt now. Just withdraw from liquid savings and pay it off.

 

[rhrihm]

Thank you for your comments.
Our monthly expenses are pretty low at approximately $1500.00 per month. The remaining monthly income is basically discretionary income and debt reduction. With the pandemic, I have been able to pay a lot of the debt down and am hoping to eliminate it all this year.

 

[PageTwo]

Welcome to the forums and to a well deserved retirement!

 

[MRG]

Congratulations.

 

[NW-Bound]

- My pensions Army, OPM, and the VA equals a little over $7500.00 net per month
- My wife just started taking her Social Security a couple of months ago
and receives $1195.00 per month after Medicare premium
- I’m not planning on drawing Social Security until a minimum of full retirement age
...

Our monthly expenses are pretty low at approximately $1500.00 per month...

Welcome to the forum.

Be sure to check out the "BTD" thread, where esteemed posters share the various ways they Blow The Dough.

 

[rhrihm]

Blow the Dough

Thank you. I have looked at the blow the dough thread. Some interesting ideas.

 

[Out-to-Lunch]

Welcome aboard!

 

[rhrihm]

Thank you!

Appreciated...

 

[Nomad4hire]

greetings from oklahoma city!

How are we doing?

I’m richard and my wife is gayle

i’ll be 62 in june of this year and my wife just turned 67. A little background i retired from the active army in 2011 as a master sergeant with my pension beginning immediately. I did a total of 35 years, 21 years active duty, and 14 years in the army reserves. My wife, who has had a multitude of jobs throughout her working life also retired shortly after my grandson was born. He just turned 11.

I also retired from my civilian job as a federal law enforcement officer in 2017 and am receiving my pension from opm. I am also a 90% disabled veteran from injuries in afghanistan in 2006. Two combat tours to afghanistan and one combat deployment to iraq/kuwait. We live in oklahoma city, though i’m originally from new york city and my wife is from indiana.

Our current financial situation.

- my pensions army, opm, and the va equals a little over $7500.00 net per month
- my wife just started taking her social security a couple of months ago
and receives $1195.00 per month after medicare premium
- i’m not planning on drawing social security until a minimum of full retirement age
- all of our monthly income sources have an annual cost of living adjustment
- i have 2 thrift savings accounts totaling approximately $500,000.00
- our house is paid off with an estimated value of $200,000.00
- my medical coverage is provided by the va and my wife is covered by medicare and tricare for life which is free
- i have survivor benefits for my wife with both my army and opm pensions. When i die the va pension will stop as they don’t have any survivor benefits program
- we live what i would describe as an average lifestyle, not too exciting…
- we have some consumer debt that we are paying off but nothing overwhelming

we have not really done a whole lot since being retired. But, now with the pandemic starting to fade, hopefully, we can pick up the pace.

thank you for your service!

 

[cnocmmz]

Greetings from Oklahoma City!

How are we doing?

I’m Richard and my wife is Gayle

I’ll be 62 in June of this year and my wife just turned 67. A little background I retired from the active Army in 2011 as a Master Sergeant with my pension beginning immediately. I did a total of 35 years, 21 years active duty, and 14 years in the Army reserves. My wife, who has had a multitude of jobs throughout her working life also retired shortly after my grandson was born. He just turned 11.

I also retired from my civilian job as a Federal Law Enforcement officer in 2017 and am receiving my pension from OPM. I am also a 90% disabled veteran from injuries in Afghanistan in 2006. Two combat tours to Afghanistan and one combat deployment to Iraq/Kuwait. We live in Oklahoma City, though I’m originally from New York City and my wife is from Indiana.

Our current financial situation.

- My pensions Army, OPM, and the VA equals a little over $7500.00 net per month
- My wife just started taking her Social Security a couple of months ago
and receives $1195.00 per month after Medicare premium
- I’m not planning on drawing Social Security until a minimum of full retirement age
- All of our monthly income sources have an annual cost of living adjustment
- I have 2 Thrift Savings accounts totaling approximately $500,000.00
- Our house is paid off with an estimated value of $200,000.00
- My medical coverage is provided by the VA and my wife is covered by Medicare and Tricare for Life which is free
- I have Survivor Benefits for my wife with both my Army and OPM pensions. When I die the VA pension will stop as they don’t have any Survivor Benefits program
- We live what I would describe as an average lifestyle, not too exciting…
- We have some consumer debt that we are paying off but nothing overwhelming

We have not really done a whole lot since being retired. But, now with the pandemic starting to fade, hopefully, we can pick up the pace.

Hi , we are in the same boat ( retired Navy E9) LOL. WRT your VA disability, check with the VA because I believe your spouse with get something if you pass first. It may not be a lot but she gets a monthly amount. Thanks for your service to this nation...and well, with that guaranteed income start planning trips and more importantly GO! We are right behind ya in about a year.

 

[pacergal]

Welcome!
If your SI is about $7500/mo and monthly expenses are at $1500, you are golden for your retirement.
Your debt is a flag to me, if you are putting your monthly $ overage towards paying it down and it will take this year to pay off. (unless it is your mortgage you are paying off?)