FIRE in Atlanta ... Out in Oct

[jimnjana]

Intro/Recap

I've been enjoying the board for several months now and have made some posts, I wanted to post my situation as I count the days until I leave my job…

My wife and I are retired Army, our combined net monthly retirement will now is about $6900, expect this will be about $7300 after COLA and increased disability (spouse is VA rated at 70% ) later in year.

Earlier this year we sold a vacation property and paid off our primary mortgage. Our debt to net income ratio (on our mortgage + property taxes + insurance on both homes) is about 32%(considering just pension income) which I project will fall to about 30% next year, after COLA increases. We currently have a property for sale and intend to use the proceeds to purchase another vacation property and use a portion of the proceeds to pay down our mortgage on our second home.

After expenses and budgeted items we expect to have about $1000 month left. We have ample emergency funds, and have put about $250K in retirement savings.

I went back to work last October with the Army as a civilian, after separating from the Army in April 2007. By Jan 2008, I had decided that I’d be leaving my job in the fall. Nothing against the civil service, this was more of a decision about what I wanted from life.

In the next few weeks I’ll be giving my immediate supervisor the formal “Its been great, but I gotta go” Notice, he knows what my plans are and has been great.

What’s next?

After my wife retired in Jan 06, she started an at-home travel agency which keeps her busy, and gets us some great deals... so we will be doing some traveling. … this year we are gonna try the “snowbird” thing in Florida, While it really doesn’t snow much in Atlanta, the concept is the same.

Jim

[Coach]

Jim, congratulations! It sounds like you've got the thing solved. I hope you and your wife enjoy a wonderful retirement.

Coach

[deepc]

Bravo Zulu!

I can appreciate your take on the Civil Service. Retired from the USN, took a Navy civilian posit, and left after 13 months ten days ago. Same experience with my immediate supervisor, most folks very supportive...the decompression after you give notice is amazing.

Good luck!

[jimnjana]

Quote:

Originally Posted by deepc Bravo Zulu! ...the decompression after you give notice is amazing. Good luck!

it was... It was like a weight was lifted from my shoulders. Even though I have not been shy about telling some co-workers my plans, it's different to have put my signature to paper. Gave notice on the 1st and my last day on the payroll will be 1 Nov. My last work day will be 30 Oct. I'll cash in the rest of my leave etc.

Jim

[freebird5825]

welcome and congratulations on your decision.
i did 18+ yrs in civil service. the first 10 were very good, the last 8 were...well...you know. I FIREd in Spring 2007, after giving 6 weeks notice to transition some huge contract mgmt projects to my replacements. i liken that to mentally dropping the anchor over the side with tying it off.
it is a feeling that is indescribable, as you are experiencing.

[jimnjana]

Happiness is.... seeing your current job position vacancy announcement on the "vacancy announcement board". Down to 8 more work days, well after a sick day and "comp time" day, make that 6 more work days.

Jim

[EagleEye]

My prior reply seems not to have posted, so let me try again:

JimnJana, congrats on the retirement. It sounds like it will be a good life for you and your wife. Enjoy it.

I am a little surprised at the size of the pension. You are only 45, and will, with your wife, draw 87K after tax, inflation-adjusted for life. On top of that, you have two homes, vacation property, and decent-sized savings.

I assume you have put in 20+ years with the Army, but is the above typical even for a 20+ year veteran like you and your wife? Or is there something in your individual case that boosted your retirement income?

[jimnjana]

Quote:

Originally Posted by EagleEye My prior reply seems not to have posted, so let me try again: JimnJana, congrats on the retirement. It sounds like it will be a good life for you and your wife. Enjoy it. I am a little surprised at the size of the pension. You are only 45, and will, with your wife, draw 87K after tax, inflation-adjusted for life. On top of that, you have two homes, vacation property, and decent-sized savings. I assume you have put in 20+ years with the Army, but is the above typical even for a 20+ year veteran like you and your wife? Or is there something in your individual case that boosted your retirement income?

Eagle Eye,

My wifes disability rating is what pushed our income higher. My wife is receiving VA Disability of approx 15K per year on top of her pension. We made some good and some bad investment decisions over the years. The key has been living beneath our means, that has allowed us to accumulate the retirement savings and freed up funds to save towards the purchase of property etc.

Jim

[jimnjana]

Well, tomorrow afternoon I will be JOB FREE!!!! Surprisingly getting out of Civil Service requires alot less paper work than getting into Civil Service.

Jim

[Sarah in SC]

Wonderful news, Jim! I know you are thrilled! Congrats and please remember us jealous wanna-be FIREes out here when you are enthralled in all things retired!

[tangomonster]

Hey, Jim! A fellow Atlantan wishing you the best. Atlanta traffic is so much easier to cope with when you don't have to commute to and from work.....

[Khan]

Quote:

Originally Posted by jimnjana Well, tomorrow afternoon I will be JOB FREE!!!! Surprisingly getting out of Civil Service requires alot less paper work than getting into Civil Service. Jim

I recall thinking that my retirement from civil service was rather simple and low key.

Just a few people standing in line and filling out some forms and getting IDs.

I thought there should be a band and buffet and cheering section.

And: Congratulations!

[Goonie]

Congratulations Jim!

Quote:

Originally Posted by Khan I recall thinking that my retirement from civil service was rather simple and low key. Just a few people standing in line and filling out some forms and getting IDs. I thought there should be a band and buffet and cheering section.

I had it even easier than that! When I was pulling the plug from civil service, all I had to do was fax all of my paperwork in. I called them by phone a few minutes later to confirm that they had received it...which they had.....and that was that! I received written confirmation the next day. I had dropped off my letter of intent to ER at our HR department 12 months earlier.

[NotReady4Purple]

Congratulations and best wishes on your new phase of life.

[jimnjana]

Quote:

Originally Posted by Goonie Congratulations Jim! I had it even easier than that! When I was pulling the plug from civil service, all I had to do was fax all of my paperwork in. I called them by phone a few minutes later to confirm that they had received it...which they had.....and that was that! I received written confirmation the next day. I had dropped off my letter of intent to ER at our HR department 12 months earlier.

All I had to do was sign a request for personnel action, the security clearance/information disclosure form and besides turning in my building security card and ID/CAC card, that was it. As I left the building I handed my security card to the guard and said "Keep it, I'm not coming back".

Jim

[Moemg]

Welcome from a year round Floridian . I'm curious why you will be coming to Florida in the winter I thought Georgia was pretty mild in the winter .

[jimnjana]

We leave the Cold Atlanta weather a week from next Monday. Our place is near Indian Harbor south of Patrick Airforce Base. At this point, spending the winter in FL may be a 2 or 3 year experiment, if it goes well we may decide to move and spend Hurricane Season up here in the great "north".

Jim

[tightasadrum]

Congratulations! I was listening to the radio yesterday when the WSB afternoon Atlanta traffic report came on. I-285 eastbound over the top was a mess. That was my route until I hung it up in April. What a great feeling knowing I didn't have to fight it. I'll bet you'll feel the same way.

Good luck