benherring
Confused about dryer sheets
Hi, I am half of a dual military couple. Love the website, lots of great insight. I just read up on TDubs post which is a similar situation to ours but just wanted to put up our info as well and get some tailored advice/opinions.
I’m a 39 y/o O-4 with 16.5 years, hoping to retire as an O-5 at 24 years. Wife is a 30 y/o O-3 with 8.5 years in and a conservative goal of retiring at 20 as an O-5 but maybe as an O-6 at 24.
Only debt is one mortgage in CO which we just refinanced down to a 15 year loan last year. We are overseas right now and are making extra payments each month so the house will definitely be paid off before my wife retires. Goal is to use the rental income from that house to offset the cost of our retirement home which at this point we have no idea where that will be.
Major life change is going to be we will start having kids next year (I had a pretty good run). Planning on 2 and taking care of them is probably what i'll be doing after my military retirement in 2026.
Assets:
Cash: $48k (need a new car/travel/emergency)
Brokerage: Total: $142K
TD Ameritrade: $77K in AAPL/AMZN/FB/TSLA/IBB – Fun Account…pretty much just watch it
LPL: $65K, 7/10/14/19/21/28% in FBK/NEWFX/SMCWX/PG/CWGIX/AGTHX – hate mostly because of fees, plan on transferring it all over to VTI which is where all future savings will go (~$20kish/yr)
Retirement: Total $358K (maxing all of these out each year: $48K)
My Traditional TSP: $215K, 30/40/30% in C/S/I (C=S&P 500, S=Extended Mkt, I=Developed Overseas)
DW Roth TSP: $67K, 20/80 in S/LC50
My Roth IRA: $65K, 8/10/20/27/34% in IEMG/VTI/VWEHX/VGSLX/VHDWX
DW Roth IRA: $11K, 100% in VTI
Total: $548K
My military pension (O5/24 yrs): $76K
DW military pension (O5/20 yrs): $60K
Total: $136K COLA adjusted
Annual Expenditures: ~$85K
SBP: My thoughts are that unless we have disabled kids that we both will pass on it since we will both will still receive our own pensions. I haven’t done much research on it though. Worst case scenario: I die the day after I retire and we have two healthy kids. Wife will still have her retirement, get a life insurance check and have a nearly paid off house.
Life Insurance: Thinking about getting 20 year term life insurance here quickly since I turn 40 in a month…thoughts? Should I drop SGLI or just double up.
I think that we are in a pretty good spot but appreciate any advice you guys may have. Thanks,
-Ben
I’m a 39 y/o O-4 with 16.5 years, hoping to retire as an O-5 at 24 years. Wife is a 30 y/o O-3 with 8.5 years in and a conservative goal of retiring at 20 as an O-5 but maybe as an O-6 at 24.
Only debt is one mortgage in CO which we just refinanced down to a 15 year loan last year. We are overseas right now and are making extra payments each month so the house will definitely be paid off before my wife retires. Goal is to use the rental income from that house to offset the cost of our retirement home which at this point we have no idea where that will be.
Major life change is going to be we will start having kids next year (I had a pretty good run). Planning on 2 and taking care of them is probably what i'll be doing after my military retirement in 2026.
Assets:
Cash: $48k (need a new car/travel/emergency)
Brokerage: Total: $142K
TD Ameritrade: $77K in AAPL/AMZN/FB/TSLA/IBB – Fun Account…pretty much just watch it
LPL: $65K, 7/10/14/19/21/28% in FBK/NEWFX/SMCWX/PG/CWGIX/AGTHX – hate mostly because of fees, plan on transferring it all over to VTI which is where all future savings will go (~$20kish/yr)
Retirement: Total $358K (maxing all of these out each year: $48K)
My Traditional TSP: $215K, 30/40/30% in C/S/I (C=S&P 500, S=Extended Mkt, I=Developed Overseas)
DW Roth TSP: $67K, 20/80 in S/LC50
My Roth IRA: $65K, 8/10/20/27/34% in IEMG/VTI/VWEHX/VGSLX/VHDWX
DW Roth IRA: $11K, 100% in VTI
Total: $548K
My military pension (O5/24 yrs): $76K
DW military pension (O5/20 yrs): $60K
Total: $136K COLA adjusted
Annual Expenditures: ~$85K
SBP: My thoughts are that unless we have disabled kids that we both will pass on it since we will both will still receive our own pensions. I haven’t done much research on it though. Worst case scenario: I die the day after I retire and we have two healthy kids. Wife will still have her retirement, get a life insurance check and have a nearly paid off house.
Life Insurance: Thinking about getting 20 year term life insurance here quickly since I turn 40 in a month…thoughts? Should I drop SGLI or just double up.
I think that we are in a pretty good spot but appreciate any advice you guys may have. Thanks,
-Ben