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Old 05-16-2020, 09:38 AM   #41
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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
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Old 05-16-2020, 10:47 AM   #42
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Originally Posted by FDC319 View Post
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.
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.



Quote:
... 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.
That is the way to do it. Rent your first year living here.

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Old 05-16-2020, 11:01 AM   #43
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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 !
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Old 05-16-2020, 11:10 AM   #44
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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.
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Old 05-16-2020, 07:01 PM   #45
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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?
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-b...-i-do-all-day/

Here's more urban legends of financial independence:
https://the-military-guide.com/myths...ly-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-...nd-challenges/
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Old 05-17-2020, 11:05 AM   #46
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I am a retired E6. My pension is enough to support a family living here in rural Maine.



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.
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Old 05-17-2020, 12:07 PM   #47
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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.
OhNo!

You tracked me from City-Data?

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Old 05-17-2020, 01:32 PM   #48
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OhNo!

You tracked me from City-Data?

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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Old 05-17-2020, 01:57 PM   #49
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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.

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Good save. Just don't tell him about the implanted microchip.
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Old 05-21-2020, 09:53 AM   #50
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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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Old 05-21-2020, 08:05 PM   #51
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I retired in 2011, E7 with 21 years. Built our house out of pocket so no mortgage payment and that's a huge plus. I'm semi-retired now and work for myself about 20 hours per week. Between the pension and disability check we could survive easily but wouldn't have a lot of play money left over. I plan on saving up more then fully retiring in 5 years at 53. However, with my disabilities getting worse I may have to pull the plug sooner because sometimes I have to cancel or delay work for my customers when I can't giddy up.
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Old 05-21-2020, 11:16 PM   #52
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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!
You're welcome, and I'm glad we could help!

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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.
"Never" isn't over yet. Every couple of decades a bargain still rears up and smacks us in the head.

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Life is good
It certainly is-- I had that sentiment several times today.
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Old 05-22-2020, 02:51 AM   #53
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I retired after 20 years (Navy) in July of 1998. While on terminal leave I interviewed for my current job and was hired on May 7th of 1998. I double dipped for a few months. I’m still working for the same company (22 years) and enjoy very much what I do!

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Old 05-24-2020, 02:18 PM   #54
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Entered AD (Army) in 1966 as E-1. Off AD 1970 & into Army reserves 1970. Retired 1994 as O-5. Living in CCRC with a bunch of mostly Air Force folks. Life is good.
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Old 05-24-2020, 10:32 PM   #55
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I did 20 yrs AD from the USN retired in 96. Live in the same city of my last duty station which is a HCOL. I was only an E-6, married with one child and my wife was stay at home. An enlisted monthly pension from the military is not much unless you are high ranking and do at least 25 yrs. I've working worked at the same company doing IT work since 99. I'm almost 63. thankfully my comp. has a defined pension. I need to work a few more yrs till maybe 66 or 67 and delay my ss while my defined pension grows. A military pension can go far in a LCOL....but the jobs don't pay as good. My house won't be paid off until I'm 69 (2026) and should be worth 500-550k but so what? I gotta live somewhere
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Old 05-24-2020, 11:58 PM   #56
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Entered AD (Army) in 1966 as E-1. Off AD 1970 & into Army reserves 1970. Retired 1994 as O-5. Living in CCRC with a bunch of mostly Air Force folks. Life is good.
That always amazes me. Going from E-1 to O-5. The contrast in rank is stunning. It must give you a terrific perspective for leading enlisteds. Well done.
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Old Yesterday, 09:47 AM   #57
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Not retired yet but ever so near the goal. Currently an E-8 at 18.5 years of service in the AF. I really don't know how long I will stay in but I think until 22 or 23 years. Really depends on if I am having fun and how the market does over the next few years. I have been planning to at least be financially independent after retiring from the military since 2004 when I first started reading some of Nords posts.
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Old Yesterday, 10:29 AM   #58
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Served in the active AF and the ANG. I retired as an O-4 when they were letting people out early between Desert Storm 1 and 2. I was ready to move on and that was a good opportunity for me.

I got a good follow on job that I am now (25 years later) partially/mostly retired from.

Turning 60 was game changer, knowing that I had Tricare for health insurance and a monthly check from Uncle Sugar. It took about 6 months for that to totally sink in, but I know that now with a mil and corporate pension (along with SS when I pull that trigger), I'm keeping my job just because it's working for me right now and not because I need it.

It was interesting to see some folks mention considering their pension as the "bond" part of their asset allocation. My Dad is retired mil and that's how he explained it to me many years ago.
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Old Yesterday, 01:52 PM   #59
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Served in the active AF and the ANG. I retired as an O-4 when they were letting people out early between Desert Storm 1 and 2. I was ready to move on and that was a good opportunity for me.

I got a good follow on job that I am now (25 years later) partially/mostly retired from.

Turning 60 was game changer, knowing that I had Tricare for health insurance and a monthly check from Uncle Sugar.

It was interesting to see some folks mention considering their pension as the "bond" part of their asset allocation. My Dad is retired mil and that's how he explained it to me many years ago.
+1.

I did 30 years split almost equal between active army and AR and exited as an E-8. I retired from mega-c*rp 26 days after turning 60. Life-changing is a over-used phrase. But not for Tricare and Mil pension. DW is a few years older than I, and is on Medicare. After Tricare covers the 20%, we get regular EOB's for $0.
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