Military retirees?

Retired from AF the year my DH got his graduate degree. Followed his career after that.

Sadly, the cost of housing in our location means that my pension is about equal to the amount we pay for mortgage + prop tax + insurance.

Lucky for me that DH is still working...or else I'd need to find another source to pay for utilities, house repairs ... and food!
 
moneymaker said:
How many military retirees are on here?
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Back in 2008 (when I was still drafting The Military Guide) we had 78 servicemembers, vets, & family members sign up for the book’s private group. Not all were retirees, and a few were not veterans. Statistically perhaps about 10 of them are retirees.

(Note to new members: that social group is inactive & archived. There’s no need to join it.)

moneymaker said:
Did you work after military retirement?
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No. My spouse and I were financially independent and had zero interest in working for paychecks.

We maintained a high savings rate (~40%) for most of our dual-military career. In retrospect, we reached FI on our savings & investments in 1999 but we didn’t realize it. (To be fair, everyone else in the stock market that year also reached FI... unless they stayed invested for the next year.) In 1999 I was at the 17-year point with a great billet and a good chain of command. Life did not suck so badly by then and I retired in 2002.

While I never worked after retiring from the military, I was surprised to get unsolicited job offers every year for the first few years. Even today they roll in every 3-4 years.

DoD actuarial statistics show that only 15% of the U.S. military force serves until retirement. It’s broken down at about 19% active duty and 14% Reserves/National Guard. I haven’t seen any recent statistical breakdown by service or by officer/enlisted/MOS, but the highly credible rumor is that Air Force officers have the highest retirement rate while enlisted Marines have the lowest.

According to a 2004 thesis survey by a PhD who’s retired military, 85% of military retirees immediately start bridge careers. (For various reasons.) There was a weak correlation (insufficient data) between higher ranks and higher likelihood of starting a bridge career.

moneymaker said:
Where did you retire to?
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We stayed on Oahu, where (at the time) we’d already been for 13 years.

Today it’s >30 years... more than half of my life. I’ve also lived at the same address here (>19 years) for longer than I’ve lived anywhere.

Perhaps more to your point, I'd recommend the website TheEarthAwaits.com to help you identify your criteria and a list of places to check out.

moneymaker said:
Did your pension and any saving cover your lifestyle?
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Yes.

Again (in retrospect) our analysis showed that I should have left active duty at the 12-year point (where I dropped off the submariner career track) and gone to the Reserves. I would’ve taken a civilian contractor or consulting job (or lots of Reserve duty). The finances would’ve worked out about the same but our quality of life would’ve been much better. For those who haven’t seen this yet:
https://the-military-guide.com/dont-gut-20-leave-active-duty-reserves-national-guard/

After 17 years of active-duty retirement, my pension has risen over 40% despite three years of zero COLAs. Our investments have grown much faster, and that growth has slashed their necessary withdrawal rate. We spent 16 of those 17 years converting our TSPs and IRAs to Roth IRAs, and today we won’t need to touch our Roth IRAs. We barely touch our taxable account.

Life is very good and it’s become clear that we’re not spending it fast enough. In 1999 we could have given up either the military pension or a million dollars, and we’d still be FI with a lifetime-sustainable withdrawal rate.
https://the-military-guide.com/hey-nords-hows-net-worth/


Thread hijack:
While I have the attention of the U.S. military retirees, I’d like to make sure you’re aware of military Space A flights. If you haven’t taken a Space A flight in the last decade, they’re much better today. Stephanie Montague at Poppin’ Smoke has everything you need to know, and there are several other sites like SpaceA.net and Facebook groups.
https://www.poppinsmoke.com/
In our military retirement, my spouse and I have flown more miles on military aircraft than commercial ones.

Vets with a 100% VA disability rating are also eligible to fly Space A, although there are no special accommodations and family members are not eligible. This is a very recent change. Air Mobility Command agrees that this is not the way it could be, and they’re working with the VA & Congress to make it better.
https://www.blogs.va.gov/VAntage/60642/eligibility-disabled-veterans-space-available-flights/
 
I'll hit my 20 years in two months. All of it has been National Guard, but with four deployments, I've got over 5 years of active duty time. The pension won't be enough for me to live off, and I never planned it would, but will certainly reduce the amount of savings I need for retirement. I still owe the Army National Guard 12 more years due to student loan repayment and incentives I took while in school, so I'll end up retiring with between 30-35 years, depending on how I feel in ten years.

I suspect I'll be chasing promotions, which will keep me in closer to the 15 year time frame from now, even though I'm mentally ready to hang it up now. I spent ten years enlisted before commissioning. Currently I'm O-3 waiting on O-4 promotion to process. I'm hoping to retire an O-6, which is fairly automatic for physicians if you're in long enough in the National Guard... But I could honestly see retiring at O-5 and retiring earlier and paying back some of the benefits. It will largely depend upon the deployment situation at that time. These deployments are getting harder and harder mentally the longer I'm in and the more of them I do. And not just hard on me, but hard on my family. In fact, I think they're often harder on the family at home.
 
How many military retirees are on here? HaloFIRE is. 32 years.

Did you work after military retirement? If so, did you realy HAVE to work? No and No. Plus i resigned when he retired bc I wanted to play, too. Put HHG in storage and traveled 18 mos. Spent SPring summer in Europe in Airbnbs. Took about 7 cruises. Did alot of our bucket list. Then grew up and bought a house bc i missed my creature comforts.

Where did you retire to? San Antonio

Did your pension and any saving cover your lifestyle? yes
 
Retired with 19 yrs with special early provision in 1994. No way I could have retired ... I wanted to the busy and have fun ...work hard, travel, meet people, work with smart folks, etc.

Also had younger kids so stayed around till it wasn’t fun anymore ... left job at 62 ... no issues with finances except need to spend more.
 
Timeisprecious said:
(For one, I think I remember Gumby being military retired?)
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Sorry to disappoint. I left active duty on the day my 5 year commitment was up (actually 58 days before that due to all my unused leave time), which had been my plan since my first day at USNA.

I was in a drilling Reserve unit for about a year after that, then another 5 years in the Individual Ready Reserve.
 
Sometimes things work out very differently from what you expected.

I was planning a 30 year career since I was single and always enjoyed what I did. Being good at it was a bonus.

As it happened, I met DW by chance when I had 19 years in, and she expressed extreme trepidation, if not outright fear at the thought of being a military officer's wife. So I weighed the balance of staying in and making her move from her lifetime home into an utterly foreign environment, or putting in my papers and moving out here to flyover country.

A real no-brainer. I took about four months off to decompress, then got a civilian job which I absolutely loved. Stayed with that second career (various companies and a bunch of contracting) for another 12 years before finally hanging it up for good at the ripe old age of 55.
 
[FONT=&quot]Add another retired vet to the tally. I retired from a 30yr USAF career in 2016, when we moved from an overseas post to our current location. When I was commissioned in 1985, the thought that I would do 30 years never crossed my mind. After a series of overwhelmingly positive assignments, getting married and having children, the years flew by and retirement snuck up on us. Joined this site in August 2019 and have found the content extremely helpful.[/FONT]

[FONT=&quot]Did I work after retirement? Yes - currently in year 3 of what will be a 4 year post retirement job; currently at the OMY point right now.[/FONT]

[FONT=&quot]Did I really HAVE to work? No, but we chose to in order to continue to grow our retirement assets.[/FONT]

[FONT=&quot]Did your pension and any savings cover your lifestyle? They could have, but I enjoyed the job (boss is phenomenal and a pleasure to work for…wouldn’t have lasted as long as I have if it was anyone less capable) and the financial compensation. A career of living well below our means enabled DW and I to amass a sizeable nest egg. Our pension, Tricare medical coverage and New GI Bill benefit (paid for 4yrs of DD’s in state university), contributed to our solid financial situation. [/FONT]

[FONT=&quot]Straying a little off topic, it was only in the past 6 months or so that we turned our attention from accumulating wealth to serious consideration of how to manage our assets in retirement. The good news is that this site has been invaluable to DW and I in identifying the fact that we DO NOT need to work anymore - Firecalc, ORP, New Retirement, Flexible Retirement Planner and Fidelity’s planning tools all confirm we are going to be able to live very comfortably and securely into our late 90s and beyond should we be so lucky. Travel, volunteering, and time with family and friends will fill up our days after we finish up our work life.[/FONT]

[FONT=&quot]The bad news is that our previous fixation on asset accumulation skewed our assets heavily towards tIRAs (TSP and Vanguard), creating the first world problem of managing our assets, particularly our large tIRA balance. Since our pension takes us into the current 22% MFJ bracket before any distributions or other income, were still mulling over whether, when, and how much of our tIRA we should roll over into a Roth or not. We also have considerable Roth IRAs, but with hindsight being 20/20, we would have beefed up our Roth savings in lieu of tIRA savings in our earlier years when our tax bracket was lower.[/FONT]
 
Interesting thread. I plan to retire as an O4 in 2022 with 23yrs service, and my wife will retire in 2027 as an O5 with 20yrs service.

I would like to work until my wife retires in 2027 (I will be 47, and she will be 42), and be FI. One of us may still work at that point, but if we are FI then we only have to if we like doing it.

Appreciate there is a forum that allows us to search and find so much quality advice.
 
I have an approved retirement for December after 28 years, 6 months, and 26 days of active duty Army time. Enlisted type.

I plan on going to northern New England and NOT working. My pension + the most conservative estimation of VA disability will more than cover expenses. My taxable investments will cover real estate purchases and then some. I credit my Mom for getting me into saving money.

My largest hurdle will not be the finances, it is the logistics of getting settled in up there. I doubt I will find the "perfect" place from 2K miles away, so I will either buy an OK place to live for a few years before buying something else, or I will rent while searching for a place to buy. The average rent seems to be north of 2K dollars for mediocre places, so buying may be the way.


After I get settled in, I may pick up a part time job doing something just for the social aspect.
 
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FDC319 said:
My largest hurdle will not be the finances, it is the logistics of getting settled in up there. I doubt I will find the "perfect" place from 2K miles away, so I will either buy an OK place to live for a few years before buying something else, or I will rent. The average rent seems to be north of 2K dollars for mediocre places, so buying may be the way.
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I would advise you to think that through very carefully. What is commonly recommended when moving to a new area is to rent until you're sure you know where and how you want to live. It's easy to make a mistake buying too soon in an unfamiliar place, and such a mistake can be both costly and very unpleasant.
 
braumeister said:
I would advise you to think that through very carefully. What is commonly recommended when moving to a new area is to rent until you're sure you know where and how you want to live. It's easy to make a mistake buying too soon in an unfamiliar place, and such a mistake can be both costly and very unpleasant.
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Oh, I know. I would prefer to rent as I can just wash my hands of a place after my lease is up. I'm just picky about what I live in. The rental inventory there sucks. I would be willing to lose money to sit in a decent "bridge" house for a few years. At the end of the day it will come down to whether or not I want to cough up $2K to $2.5K a month for a rental vs something slightly more permanent.
 
Feeling Blessed

I retired 22 years ago from the AF. Continued working various jobs until I landed my current job in 2005. Leaning towards retiring next year. Net worth is over $900K. Started saving seriously in the past ten years. Doing a lot of catch up. Projected annual income in retirement not counting retirement accounts will be over $81K. We have estimated that our living expenses will be approximately $1400 monthly. we have no mortgage. Plenty of money left over to travel, invest and share with our kids. I feel we are blessed to have a military pension and Tricare. My only concern in retirement would be how to fill in all those extra hours that I will have once I retire. Scared of boredom and of nothing to do.

How have you guys filled in your new found free time? Are you bored? Do you travel? What recommendations would you have for us?

:dance:
 
I think there is a period of 'stir crazy' after 20+ years of service. I found a few good volunteer opportunities, though it did take some searching to find the right fit. I also discovered that I need to do a physical fitness program, yet very different from the military style--more focused on health vs. performance. The problem isn't boredom as much as actually having the time and freedom to decide what YOU want to do. It can be unsettling at first, but I recommend embracing it.
 
In 2013 retired from the NAVY with over 30 years. I rolled into a gig as a contractor that turned into a GS position. I still love being part of the NSW team so it has been a OMY or until it stops being worthwhile. We have been living on my retirement the entire time and have been investing about 90% of my civilian income and blowing the 10% .

Another excuse for me to work is my wife spent most of our married life chasing me around the world and raising our kids, stashing most of my civilian salary will ensure she is ok financially if I kickoff before she does.


Mike
 
FDC319 said:
I have an approved retirement for December after 28 years, 6 months, and 26 days of active duty Army time. Enlisted type.

I plan on going to northern New England and NOT working. My pension + the most conservative estimation of VA disability will more than cover expenses.
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I am a retired E6. My pension is enough to support a family living here in rural Maine.

I do not have any VA disability to draw from.



... I doubt I will find the "perfect" place from 2K miles away, so I will either buy an OK place to live for a few years before buying something else, or I will rent while searching for a place to buy.
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That is the way to do it. Rent your first year living here.

:)
 
I am not retired military, but i was a 3x6 1976-1979-VS-31, First IKE deployment and 2yr active reserve with VP-68 at PAX. Jan 1980 I was on initial F-18 flight test and have supported F-18 A-F and F-35, in Dec 2020 I will retire with 47 yrs supporting USN flight test, supporting you war-fighters, so i feel like i have been part of this group....

Thank you for your service !
 
21 years AF, followed by a job as a BSC (Blood Sucking Contractor) with Lockheed Martin and General Dynamics for 11 additional years. Retired for good at 57.

Lived well beneath my means with no debts at final retirement. Pension, wife's SS and a small IRA monthly withdrawal does us well. SS for me at 70 with my current age being 65.
 
Musica40 said:
My only concern in retirement would be how to fill in all those extra hours that I will have once I retire. Scared of boredom and of nothing to do.

How have you guys filled in your new found free time? Are you bored? Do you travel? What recommendations would you have for us?
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Everyone worries about that before retiring. Six months after you retire, you'll wonder what the heck you were worried about.

The subject is one of the first posts from the blog:
https://the-military-guide.com/but-but-but-what-will-i-do-all-day/

Here's more urban legends of financial independence:
https://the-military-guide.com/myths-of-military-retirement-and-early-retirement/

We traveled over 36,000 miles in 2019. We're not going to make that pace for 2020, but we hope to recover a little of it in 2021.
https://the-military-guide.com/slow-travel-wonders-and-challenges/
 
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Offgrid Organic Farmer said:
I am a retired E6. My pension is enough to support a family living here in rural Maine.


:)
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I'll admit I've read your Maine posts on City Data and found them useful for the budgeting(and more) aspect. Maine is just slightly my second choice after the occasionally high property tax state to you all's west.
 
FDC319 said:
:blush:lol, nope. Not really. I lurk the NH and used to lurk the Maine forums and I know there is a frugal off grid retired Navy guy that posts in the Maine forum.

You had some good comments about unincorporated towns in ME awhile ago that I remember.

#notastalker
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Good save. Just don't tell him about the implanted microchip.
 
Retired from the AF back in 2011 (22 yrs AD). I took a year and half sabbatical afterward, then worked as a GS civilian for 8 yrs (left last December). Just turned 50 this month. Between my COLA'd military/VA pensions, the ability to tap into non-retirement investments/savings (if need be), and having Tricare health insurance, I'll never have to work again...unless a "dream job" happens to fall into my lap.

I was also able to build up substantial balances in my TSP and Roth IRAs along the way due to advice from Nords (and his Military Guide book) about treating my pensions as my bond allocation (due to their guaranteed payout). So I was pretty much 100% stocks for the 9 years between AD retirement and now. Thank you Nords!

I think my only regret along the way was that I never purchased a home...so rent will be part of my monthly expenses for the foreseeable future. I also won't be able to donate as much to charitable organizatons as I once did (when I double-dipped) but it's still something I want to do.

Life is good :)
 
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