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.
Military retirees?
- Thread starter moneymaker
- Start date
You're welcome, and I'm glad we could help!
"Never" isn't over yet. Every couple of decades a bargain still rears up and smacks us in the head.
It certainly is-- I had that sentiment several times today.Life is good
wrigley
Full time employment: Posting here.
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!
Mike
Mike
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mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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.
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
bmcgonig
Thinks s/he gets paid by the post
- Joined
- Aug 31, 2009
- Messages
- 1,578
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.
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.
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.
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.
Red Badger
Thinks s/he gets paid by the post
+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.
I retired as an E-8 in 2017 with 5 years reserve and 21 active through the Army. Between the pension & VA comp the family and I would have gotten by fine in CA. DW still works as a nurse with the VA and is in no hurry to hang up her hat.
After a few months of down time I went from crusty medic to a 46 y/o surveying apprentice. The work is intriguing and since my company is 95% subdivision development my work schedule is very limited during the rainy season; which I consider a huge incentive. I plan on sticking with this until 55? and enjoy my winters being off. Tahoe is less than a 2 hours drive as well as Travis AFB= skiing and space A snow birding.
After a few months of down time I went from crusty medic to a 46 y/o surveying apprentice. The work is intriguing and since my company is 95% subdivision development my work schedule is very limited during the rainy season; which I consider a huge incentive. I plan on sticking with this until 55? and enjoy my winters being off. Tahoe is less than a 2 hours drive as well as Travis AFB= skiing and space A snow birding.
If you were Army and on that timeline, getting pulled for E-9 would be a consideration that you would either have to dodge or go forward with. In general, that adds about 4.5 to 5 years to your timeline. List comes out->12-6 months later attend PME->11ish months later graduate->sometime within 12 months start getting paid E-9->start 3 year service remaining requirement from that date.
+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.
Amen to the Medicare/TFL combo. In my experience the only copays I've ever had are on prescriptions and chiropractic care (Medicare covers it to a point but Tricare doesn't so you pay the copay.) I can sure live with that.
fisemper
Recycles dryer sheets
Not that I am counting down, but I plan to be on terminal in 48 mos, 2 wks, 3 days.
I hope and am interested in others. I plan to make more in retirement off pension than I do now. Only because I live well below the means now ~36K p/year and retired pay is well above that annually.
Van-Guard23
Recycles dryer sheets
- Joined
- May 10, 2013
- Messages
- 124
DW and I are both retired Army...I retired at age 44 in 2013 after 20+ years on AD and DW retired in 2015 after 22+ years on AD.
Prior to retirement, we realized we were financially independent and didn't need a bridge career after our military retirement. Reading Nords' book and blogs helped us realize we were FI and can RE if we wanted to...and during terminal leave, DW and I both realized we didn't want nor need to get another paying job...so we mainly did some volunteer gigs that we found interesting and were fulfilling for us. Just like Nords, our high savings rate and years of living below our means set us up for good.
We retired in Hawaii (last duty station), but after living there for 8+ years, we realized friends and family stopped visiting (novelty must've worn off) and we found ourselves flying more and more to the mainland to attend events and visit family...so in 2018, we made the move to Central Texas and we haven't looked back.
Yes it has. We didn't need to tap into our nest egg at all with our pension and VA disability covering all our expenses. I guess it also helped owning and selling a house in HI and buying a house with cash here in TX...so no mortgage to worry about.
The timeline is essentially the same in the AF. It is a conundrum that I have definitely considered and don't particularly have a good answer. Gotta love service commitments
We have an option to opt out of promotion consideration but who really wants to do that...Jollyquick
Recycles dryer sheets
I retired from the USAF after a combined 26 years in the Army/AF (enlisted/warrant/commissioned). I was hired into a GS position while still on terminal leave at the same duty station. Stayed in that job way longer than I should have for another 7 years.
We didn’t really need the money, just couldn’t imagine not working. Ultimately the daily grind became more trouble than it was worth, our kids grew up, and we had no real excuse not to retire.
We retired in place and have been living in Europe ever since.
We’ve been down the home ownership rabbit hole and never want to do that again. However, Renter laws and protections are significantly different (favorable) in Europe. Not sure we’d stay renters if we returned to the US depending on which state.
My retirement pay more than covers our annual living expenses. We haven’t had to touch any investments (yet) and we travel quite a bit and aren’t consciously LBYMing it.
Tri-Care is a PITA overseas but covers 100% of our health care issues.
The US Military is one of the last, great career opportunities available to young people today. Even with the recent changes to the military retirement system there is no greater opportunity to become wealthy and “retire early”. Especially for those young people coming from underprivileged backgrounds/situations.
We didn’t really need the money, just couldn’t imagine not working. Ultimately the daily grind became more trouble than it was worth, our kids grew up, and we had no real excuse not to retire.
We retired in place and have been living in Europe ever since.
We’ve been down the home ownership rabbit hole and never want to do that again. However, Renter laws and protections are significantly different (favorable) in Europe. Not sure we’d stay renters if we returned to the US depending on which state.
My retirement pay more than covers our annual living expenses. We haven’t had to touch any investments (yet) and we travel quite a bit and aren’t consciously LBYMing it.
Tri-Care is a PITA overseas but covers 100% of our health care issues.
The US Military is one of the last, great career opportunities available to young people today. Even with the recent changes to the military retirement system there is no greater opportunity to become wealthy and “retire early”. Especially for those young people coming from underprivileged backgrounds/situations.
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TX_Ret_Soon
Confused about dryer sheets
Spent 17.25 years AD USAF, retired under TERA in 2014 as an O-4. Was retired for one week before starting at a large corporation (where I met Nords once when he was visiting). Moved on after two years to my current job. Could retire, but wasn't ready in 2014 and not ready now, even though I spent years thinking I would be. Current plan is to retire at age 52 or 53 when the last kid finishes college. Maybe.
Nords follower since 2012, maybe earlier. The book and blog literally changed my life.
Nords follower since 2012, maybe earlier. The book and blog literally changed my life.
HawkeyeNFO
Thinks s/he gets paid by the post
I went to Navy OCS in Pensacola in '97 when I was 24, then received a commission and went to flight school in '98. Never originally intended to be a career, but I ended up serving 20 years until retirement in '17. Could have lived off of the retirement pay and investments, but we decided to tear down our house and build a new one. So I took a Beltway Bandit job in '18 to cover the additional expenses, and I'm still working there now. Hoping to retire for good in the next year or 2.
Just curious which flavor of TRICARE you are on?
Thanks, everyone, and I really appreciate all the help we put together here to build the book!
OAG
Thinks s/he gets paid by the post
21 Years of Army AD, E1 (HS Dropout) to CW4 (College Graduate). Great organization (US Army) lots of opportunity (if taken).
In 31 days I will be entering my 42d year of "retirement".
BTW Great to "see" you Nords, have followed you for a lot of years.
In 31 days I will be entering my 42d year of "retirement".
BTW Great to "see" you Nords, have followed you for a lot of years.
Jollyquick
Recycles dryer sheets
Rustic23
Thinks s/he gets paid by the post
Twenty years AF, retired in 87 after 20 years. I was lucky to have 20 years flying. Both dw and I worked after retirement. Why, well with two kids one starting college, that’s what you did! And, this site did not exist. Tricare for life did not exist.
I had figured I had to make about $1,000 net a month to supplement retirement pay, and I could work at Walmart or McDonalds and make that. As is DW, a teacher, and I went in to Real Estate appraising (family business). I could have gone the airline pilot route, but was tired of TDYs and the effect on the family. In hind sight, the airline travel retirement benefit would be nice.
I believe if this site, and Nords book had existed, we would have retired earlier. The decision to retire was actually made when we bought a lot on a lake, and built a “lake home”. Less than three months after it was completed we both decided we want to retire and move there.
Having said all that, I am glad we did it that way. Working has greatly padded our retirement accounts, to the points that the house is paid off, and we have no financial worries. Yes we both worked an additional 15 years, but we both enjoyed what we were doing.
I had figured I had to make about $1,000 net a month to supplement retirement pay, and I could work at Walmart or McDonalds and make that. As is DW, a teacher, and I went in to Real Estate appraising (family business). I could have gone the airline pilot route, but was tired of TDYs and the effect on the family. In hind sight, the airline travel retirement benefit would be nice.
I believe if this site, and Nords book had existed, we would have retired earlier. The decision to retire was actually made when we bought a lot on a lake, and built a “lake home”. Less than three months after it was completed we both decided we want to retire and move there.
Having said all that, I am glad we did it that way. Working has greatly padded our retirement accounts, to the points that the house is paid off, and we have no financial worries. Yes we both worked an additional 15 years, but we both enjoyed what we were doing.
Thank you.
ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The timeline is essentially the same in the AF. It is a conundrum that I have definitely considered and don't particularly have a good answer. Gotta love service commitments
I did exactly that. My last assignment was the best by far (doing flight test w/ large DoD contractor outside the purview of the Air Force which meant lots of excitement and fun!) but was a limited duration due to the contract being fulfilled. I could have tested for promotion, but even if I was selected, I would have declined since I was NOT going to PCS. It was a great decision for me and the folks that I flew with went on to doing "regular AF" stuff and they were miserable. All retired when their service commitments (PCS) were up.
Your story reminds me of one of the guys I flew with at my last assignment. He was an O-4 and applied for TERA twice and was denied. Well, he was a non-select for O-5 and was forced out. Lucky for him, he had over 15 years TOS and was able to retire anyway. He went on to get a cush job flying for FedEx and loves it. About a year ago, he got a letter from big blue asking him to come back. You can guess what his answer was.
The AF was very good to me. I was also a HS drop out and was able to get in through a waiver...by the skin of my teeth. After 22 years I had gotten my GED, three associate degrees, a bachelor's degree and a master's degree. After I retired, I went to law school that was fully paid for with the GI Bill. I haven't w*rked for a single dime since I retired from the AF. Oh, and I got to do some really, REALLY cool stuff that many folks can only dream about doing. So yes, I was truly blessed.
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