Newbie & Soon to be an early retiree

[Prince_Alpi]

Hello all,

I was on google today looking to see what was the percentage of people retiring early and came across this website. My name is Alpi, I was born originally in the Dominican Republic and relocated to Puerto Rico where I joined the Army. I’m 38 and will be retiring from the Army with 50% of my check monthly along with some other benefits and additional VA pension. During one of my retiring brief was suggested to apply for Social Security and if that would of work out I would be receiving 3 checks.
I’m currently living in Germany, but not sure where to go in December they will move my vehicle and furniture to my place of choice, was thinking to go to the Dominican Republic and live there for 2-3 years and see how I like it. I’ve been out of the states for 5 years and reading forums here and news etc is a little scary… I just sold a house I bought in Alaska back in 2006 to ensure I’m 100% debt free.

Well enough about my intro, I joined the site to see what is the life style of people that retire early any one living abroad or which places are recommend to have peace and enjoy retirement.

In my mind, I see myself traveling often like every other month. I do not want to work for anyone, and see myself maybe doing volunteering job like at hospitals helping children or elderly just so I dont go crazy not having a job. Those that are retire early, what do you do to keep yourself busy? I imagine physical activities be the number one?

Anyways hope to meet new friends and learn/ hear advice on how to be or enjoy being retire early!

 

[rodi]

Welcome to the forum!

 

[Prince_Alpi]

Thanks ������������

 

[MRG]

Welcome to a great place.

 

[Prince_Alpi]

Thanks, seems nice

 

[perez99]

Welcome and greetings from Puerto Rico!
This is a great community and you will receive great advise here.

 

[Out-to-Lunch]

Welcome aboard!

 

[Prince_Alpi]

Thank you

 

[Prince_Alpi]

Thanks, my mom side of the family lives in Santurce

 

[Timeisprecious]

Welcome and greetings from Grand Rapids, MI!

This little corner of the world is pretty nice if you don't mind some cold and snow in the winter.

 

[The Cosmic Avenger]

Welcome, Prince_Alpi! Retiring outside the US is something a lot of people here consider and many have actually done, for many reasons, but one of the biggest ones is cost of living, to make their nest egg/monthly check go further. Good luck with your planning!

 

[pacergal]

Welcome, the forum is a great place to learn and many friendly, helpful folks here.
There are also many retired military members on the site.
One in particular, nords, has written some financial books for military. I am not military, but a former govt employee, and found his information helpful. Look him up, great info.

 

[Dtail]

Welcome to the forum.
My DGF was born in Salcedo, Dominican Republic.

 

[Koolau]

Welcome to the Forum.

Be certain to check out past info from our ex-military-retiree Nords. He has (literally) written the book on it. You can find it here.

https://www.amazon.com/s?k=doug+nor...1_10433844&tag=mh0b-20&ref=pd_sl_3z0afb04jj_p

 

[HawkeyeNFO]

Bienvenidos amigo!

 

[Bryan Barnfellow]

Welcome!!

-BB

 

[Bamaman]

Prince: Many of those in the U.S. Armed Forces do take "20 years and out."

However the income they receive is most often not enough to sustain a complete retirement over the long run. Many ex-military find part time jobs and many retrain for new careers. And many have working wives.

Unless you're 62 years of age, U.S. Social Security is not an option unless you're fully disabled. It's doubtful the offer to return your car is to anywhere except the U.S., and even then it must be a U.S. spec. vehicle--meeting EPA standards.

I hope you figure out where you'd like to spend your next few years. And thank you for your service to this country.

 

[Nords]

I’m 38 and will be retiring from the Army with 50% of my check monthly along with some other benefits and additional VA pension. During one of my retiring brief was suggested to apply for Social Security and if that would of work out I would be receiving 3 checks.

I’m currently living in Germany, but not sure where to go in December they will move my vehicle and furniture to my place of choice, was thinking to go to the Dominican Republic and live there for 2-3 years and see how I like it.

Well enough about my intro, I joined the site to see what is the life style of people that retire early any one living abroad or which places are recommend to have peace and enjoy retirement.

In my mind, I see myself traveling often like every other month. I do not want to work for anyone, and see myself maybe doing volunteering job like at hospitals helping children or elderly just so I dont go crazy not having a job. Those that are retire early, what do you do to keep yourself busy? I imagine physical activities be the number one?

Anyways hope to meet new friends and learn/ hear advice on how to be or enjoy being retire early!

Welcome, Alpi, let me know if you have more questions about the details of your transition to retirement. You can find The Military Guide to Financial Independence and Retirement at your base library (readers have donated it to military base libraries there) or Amazon.

If you have a military pension, some VA disability compensation and (eventually, as early as age 62) some Social Security then you’ll have three streams of income that are adjusted every year for inflation… and cheap health insurance.

If you can live on your pension now (a little less than 50% of your base pay, not including special pays or allowances), the VA disability compensation, and the profits from your house sale then you’re financially independent.

You can have the Army move all of your stuff to your Home Of Selection, and then live there for a year or few to see how you like it. Maybe you’ll become a perpetual traveler, in the U.S. or abroad, or wherever you want to explore. You could also start a bridge career (if you want) as a digital nomad or other remote work. In these situations, most people pare down their possessions (as far down as a roller bag and a backpack) to make traveling easier.

You might also decide to settle in one area and travel for a few months of the year. My spouse and I have been doing this for over 20 years:
https://militaryfinancialindependen...nancial-independence-and-military-retirement/

The transition looks pretty scary when you’re trying to figure out what you’re going to do all day. However six months after you’ve retired, you’ll wonder why you were ever worried about it. You won’t go crazy but instead you’ll wonder how you ever found the time to show up for work. You can start reading here:
https://militaryfinancialindependence.com/2010/09/08/but-but-but-what-will-i-do-all-day/
and work through the rest of the posts to learn more.

 

[JDARNELL]

Welcome to the check of the month club. Make sure you understand all the benefits you get upon your retirement. Nords talked about household goods. Don’t forget about SGLI extension etc. also depending on how the VA works out there are some things there. Of course you will probably find over time you would rather have no issues than the payment for your injuries. Don’t underestimate the value of TRICARE and a cola adjusted pension.

 

[Global Wizzo]

Mil Retirement

Hi and welcome.

Unless you plan to live in a low cost area and minimalist life style, you will need more $$ long term.

If you want to travel and space A is not a good option, live near an airport that is served by at least two airlines.

Second job/career is a good idea. You can give another employer 20+ years, build a good 401k, and if you like to travel, find a position that pays you to travel.

Maximize SS contributions. Makes a big difference long term. If you need prescription drugs, you want to be near a base or VA. VA doesn’t see dependents if you have them. Consider medical options and it will cost you. Congress keeps changing the rules.

Since you are overseas, this move is your last terminal move and you can’t delay it like you could if you were in CONUS.

Unless working is a physical impossibility, consider using at least a few years to build some wealth that doesn’t rely on the government.

TRICARE has different rules and pay out depending on status and location. Medicare doesn’t cover internationally. You need to plan for coverage.

The nice thing is you don’t have to hold any position you don’t enjoy. And you don’t have to take any position/job you don’t want.

Have fun, enjoy life.

Retired 3.5 times. .

 

[Global Wizzo]

Forgot one.

You mentioned the 50% retired mil pay, that is 50% of base pay. If you have a service connected disability, that reduces retirement by the % and VA pays that percent which is tax exempt. The rules change once you cross 50% disability.

Make sure you get a good explanation of how everything stacks up so you aren’t surprised.