Hello folks. I've lurked around this community for several years and find all kinds of great information and encouragement from the participants. For this I say thank you.
I've always dreamed of ER and hoped that after a 20 year military career I would be able to comfortably retire if I chose to do that. Well, I've been retired from the military for 5 years now and I think I may have reached that goal.
Here's my asset profile:
- Wife (#1 Asset)
- $800K Cash
- 36K/year COLA adjusted Mil Retirement
I'm 48 years old and have my dream job in a major west coast city. That is the problem. My wife and I would love to move back to the east coast. But I currently have a job that I love with an annual income of 210K. It's this fact that makes it hard for me to chose ER and make the move back east. Complicating the decision are 3 kids (9,12,14). I've alway lived WBMM and would have no problem doing without some the luxuries of life we can now afford. One thing I do consider is college for the kids. Personally, I never considered that an obligation of mine and figured if our kids truly wanted to go to college, they would find a way as my wife and I did many moons ago.
So, my dilemma is basically would you give up a job you love with great income in a location that really doesn't feel like home. Or would you make the move with the subsequent reduction in income. Using 4% rule, I figure we're looking at about 68K spending per year. (800*.04 + 36K) By and large this would be tax free with 3 kids and living in a no-income tax state.
This is basically a "Your Money or Your Life" philosophical question. Any thoughts would be appreciated.
Nano
I've always dreamed of ER and hoped that after a 20 year military career I would be able to comfortably retire if I chose to do that. Well, I've been retired from the military for 5 years now and I think I may have reached that goal.
Here's my asset profile:
- Wife (#1 Asset)
- $800K Cash
- 36K/year COLA adjusted Mil Retirement
I'm 48 years old and have my dream job in a major west coast city. That is the problem. My wife and I would love to move back to the east coast. But I currently have a job that I love with an annual income of 210K. It's this fact that makes it hard for me to chose ER and make the move back east. Complicating the decision are 3 kids (9,12,14). I've alway lived WBMM and would have no problem doing without some the luxuries of life we can now afford. One thing I do consider is college for the kids. Personally, I never considered that an obligation of mine and figured if our kids truly wanted to go to college, they would find a way as my wife and I did many moons ago.
So, my dilemma is basically would you give up a job you love with great income in a location that really doesn't feel like home. Or would you make the move with the subsequent reduction in income. Using 4% rule, I figure we're looking at about 68K spending per year. (800*.04 + 36K) By and large this would be tax free with 3 kids and living in a no-income tax state.
This is basically a "Your Money or Your Life" philosophical question. Any thoughts would be appreciated.
Nano