dsanders137
Confused about dryer sheets
- Joined
- Apr 1, 2012
- Messages
- 2
Hello everyone. I've been lurking on the site for a while and am finally comfortable posting.
I'm a 43 soon to be 44 year old who's considering putting in my military retirement paperwork for the fall of 2013 at which time I'll have just turned 45. I'm married with a wife and an 8 year old son and am ready to try something new whether that's semi-retirement or a job in the civilian world I'm just not sure. I had to mention Nords as I just finished reading his book and really enjoyed it as not many books out there cover the military retiree. I've also read several other retirement books (Work Less, Live More, Happy, Wild & Free, Your $$$ or Your Life, Billy and Akaisha's book and website, etc.)
I'm torn between going into semi-retirement trying to find a job doing something I like part-time and going into a second career for the next 10-15 years and then calling it quits for good. My skill set and clearance pretty much guarantee employment in the civilian world in the $80-100K starting out (based on friends who have departed the military/retired from it and work in the same field as I do.) I'm not sure I want to continue down that path though and am looking at other options for employment doing something I truly enjoy (albeit potentially making less $$$) vice something I know will pay me well.
I'll receive approximately $53.5K+ in military retirement indexed to inflation and another $11K+ (or more) in tax free disability putting my gross retirement/disability around $65K. I figure net it will be about $50K.
I have approximately $71K in Roth IRAs split evenly between my wife and I, $16K in traditional IRAs split evenly, $55K in a joint account split between vanguard funds and stocks in blue chip companies, and $71K in my Thrift Savings Plan. This puts me at approximately $215K in retirement accounts. In addition, I have $56K in cash and am adding between $2-3K per month to that cash balance (projected $85-100K in cash at retirement.) Yep retiring from the only career I've ever really known makes me nervous so I want plenty of cash on hand for it. My wife is an occupational therapist and wants to continue to work part time until our son is gone of to college. Speaking of college I have transferred my G.I. bill to my son so he should be mostly set for college expenses in 10 years.
I currently fully fund a Roth IRA for my wife and for myself (10K a year) plus I put away $650 a month into my TSP account. I will continue to do this until I retire in October 2013. My math puts this at about another 16K in Roths (I'll fund for 2012 and 2013 prior to retirement) and another 11K in my TSP. In addition, I'll get a promotion in Sep 2012 that puts another $600 (before taxes) and another $100 in housing (tax free) in my pocket until retirement.
I have a home in Colorado with a military renter in it through June 2014 at which time I plan to sell it. The rent covers my mortgage, home equity loan, property taxes and insurance with only $1.50 a month out of my pocket. I plan to sell the house once the renter moves out. I currently have approximately $100K in equity which minus the projected realtor fee would leave me $80-85K if I don't sell it myself (like I did my last house.)
We are looking to move to the SE U.S. (GA, FL, SC, NC) haven't really decided where yet but I know the cost of living is lower as are the home prices in most locations we have looked at. The only real debt I have is <$25K on a vehicle loan that's financed at .9% so I'm in no hurry to pay it off.
One final thing, many books I've read talk about converting part of your retirement portfolio into an annuity at some point but since I receive almost $65,000 a year (indexed to inflation) in retirement/disabilty what does this equate to if I thought of it an an annuity? I guess what I'm saying is if the standard advice is 25 x $ amount needed in retirement what does my $64,500 a year in retirement equate to if I looked at this as putting money into an annuity? Also, am I smart to think of this $65K as my bonds which allows me to take more risk since in essence I have this "annuity."
Any advice/comments are appreciated.
I'm a 43 soon to be 44 year old who's considering putting in my military retirement paperwork for the fall of 2013 at which time I'll have just turned 45. I'm married with a wife and an 8 year old son and am ready to try something new whether that's semi-retirement or a job in the civilian world I'm just not sure. I had to mention Nords as I just finished reading his book and really enjoyed it as not many books out there cover the military retiree. I've also read several other retirement books (Work Less, Live More, Happy, Wild & Free, Your $$$ or Your Life, Billy and Akaisha's book and website, etc.)
I'm torn between going into semi-retirement trying to find a job doing something I like part-time and going into a second career for the next 10-15 years and then calling it quits for good. My skill set and clearance pretty much guarantee employment in the civilian world in the $80-100K starting out (based on friends who have departed the military/retired from it and work in the same field as I do.) I'm not sure I want to continue down that path though and am looking at other options for employment doing something I truly enjoy (albeit potentially making less $$$) vice something I know will pay me well.
I'll receive approximately $53.5K+ in military retirement indexed to inflation and another $11K+ (or more) in tax free disability putting my gross retirement/disability around $65K. I figure net it will be about $50K.
I have approximately $71K in Roth IRAs split evenly between my wife and I, $16K in traditional IRAs split evenly, $55K in a joint account split between vanguard funds and stocks in blue chip companies, and $71K in my Thrift Savings Plan. This puts me at approximately $215K in retirement accounts. In addition, I have $56K in cash and am adding between $2-3K per month to that cash balance (projected $85-100K in cash at retirement.) Yep retiring from the only career I've ever really known makes me nervous so I want plenty of cash on hand for it. My wife is an occupational therapist and wants to continue to work part time until our son is gone of to college. Speaking of college I have transferred my G.I. bill to my son so he should be mostly set for college expenses in 10 years.
I currently fully fund a Roth IRA for my wife and for myself (10K a year) plus I put away $650 a month into my TSP account. I will continue to do this until I retire in October 2013. My math puts this at about another 16K in Roths (I'll fund for 2012 and 2013 prior to retirement) and another 11K in my TSP. In addition, I'll get a promotion in Sep 2012 that puts another $600 (before taxes) and another $100 in housing (tax free) in my pocket until retirement.
I have a home in Colorado with a military renter in it through June 2014 at which time I plan to sell it. The rent covers my mortgage, home equity loan, property taxes and insurance with only $1.50 a month out of my pocket. I plan to sell the house once the renter moves out. I currently have approximately $100K in equity which minus the projected realtor fee would leave me $80-85K if I don't sell it myself (like I did my last house.)
We are looking to move to the SE U.S. (GA, FL, SC, NC) haven't really decided where yet but I know the cost of living is lower as are the home prices in most locations we have looked at. The only real debt I have is <$25K on a vehicle loan that's financed at .9% so I'm in no hurry to pay it off.
One final thing, many books I've read talk about converting part of your retirement portfolio into an annuity at some point but since I receive almost $65,000 a year (indexed to inflation) in retirement/disabilty what does this equate to if I thought of it an an annuity? I guess what I'm saying is if the standard advice is 25 x $ amount needed in retirement what does my $64,500 a year in retirement equate to if I looked at this as putting money into an annuity? Also, am I smart to think of this $65K as my bonds which allows me to take more risk since in essence I have this "annuity."
Any advice/comments are appreciated.