corn18
Thinks s/he gets paid by the post
- Joined
- Aug 30, 2015
- Messages
- 1,890
Keep a small amount in your TSP to keep it open. I did that 12 years ago just to keep access to the G fund.
Military retirees?
- Thread starter moneymaker
- Start date
ncbill
Thinks s/he gets paid by the post
Congarats!
I'm trying to convince my kid to go career...since he's in for a decade anyway...
I'm trying to convince my kid to go career...since he's in for a decade anyway...
Welcome to the check of the month club. That blue card is worth a lot. I kept my TSP open and am happy with how it has done. I remember going thru the VA nut roll. Won’t go back that’s for sure even though I have some additional 0 ratings. I anticipate knees will have to be done one day. Every year I go back to Bragg for AA week.
I've been stationed at Bragg 4 different times. My last AA week was hands down the best one. Not because it was my last. It was the 2015 AA Week where we did the Airborne Review on Sicily instead of the Division Review on Pikes Field.
I'll take a nice comfy C-17 ride over a walk down Ardennes to stand in the sun any day of the week. Although I will say there was something amusing about watching people in formation with fixed bayonets pass out and then everyone running off the field in Corcoran 1s.
I was always to short to stand in the Div review so I was in the tree line to fill in when someone fell out from locking their knees which was followed by the bayonet wound. Funny stuff. I shouldn’t say that lol
Yes, I get about $3,300 after tax military retirement, VA disability @80% will be about $1772 per month ( it is not taxed). Our mortgage is low 750 per month with 11 years left and I plan to take my SS at earliest age 62 and invest it all.should be about 1100 or so after taxes. I dont use many of the benefits besides Tricare, I could drive to Offutt AFB and use the BX and commisary, but nothing there that we cant find at a regular grocery store and besides Nebraska does not have a food tax and going through the gate is more hassle than it's worth IMO. Maybe if I lived 5 miles or less from the gate but I live in Lincoln 50 miles away so i's not worth the drive. I can order online from AFEES, but they really dont have anything that I cant get locally. Fianlly at a point where we can do some serious investing starting this month we are dumping over 1k per month into Vanguard balanced index fund. it may ramp up to 2k per month when i get SS retirement and toss that into the mix Anyways, No regrets about retiring and no alarm clocks LOL!
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This seems to be a good problem to have lol. Congrats
Glad to hear the VA thing worked out for you. It took me 15 years to get something. It just seemed harder because I retired in 2004 and back then, it just seemed the VA was in disarray? Since I still W**K for the USN, these days everyone I talk too who have recently retired are getting between 70-100% disability which I find amazing and glad they are able to get what they deserve. VA has come a long way indeed.
Thanks for your service. I would recommend maxing out everything you can although try not to stress out since after reading your thread, you already have your basic monthly bills covered. These investments you are striving for are extra $$$$. Life is short my friend and enjoy. Just strive for an emergency fund for Housing, Car maintenance, some extra cash, and you will be fine. Medical is covered and if you are 80% VA disabled or more a lot of your LTC issues should be covered as well. I will say, I would recommend (as others have) focusing on Spousal income if you were to pass away 1st? I do like the fact that you have life insurance until age 75. Personally,
I retired as a Command Master Chief in 04 and I had to continue to work. I had an EX-wife and lots of bills; and re-married 6 years prior. To your point, it is tough on an enlisted person (salary wise). Like most, a lot sacrifice and moves, etc. When I re-married 97 we had about 10K to our names, and as of 2020 we were at 1.2M in investments and 200K in cash. Actually made the most money ever working as a gov contractor and Gov GS and banked 40% of income between cash and 401K's over the past 15 +years. Hopefully, 2021 will be the year at age 61 I walk away. Just padding the accounts while COVID still plays out. Working from home most of the time so (in my view) no sense giving up the salary while in this environment.
Best of luck to you and the family
mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
In addition, if you are near a MTF, all medical prescriptions can be obtained at no cost forever for you and spouse. Thank your fellow citizens for these great benefits that we have been able to earn.
Thanks as well for your many years, we have an emergency fund of about 10K and toss about $200 a month in it, finally got it built back up after spending 12k on a roof,new shingles for house and garage and replacing old sewer and water p ipes which resulted in redoing some walls and ceilings. Now finally have a decent emergency fund and can finally get serious about saving for our own retirements. I wasted 20's and 30s was in a Royal neighbor annuity( a waste of $$ basically) 3 kids, a few moves, caring for ailing parents , and we just did not manage to save much..
Congrats on you and family for making it into "the Land of Critical Mass" as Bob Brinker used to say on his Radio program years ago Known as "Money talk" Anyone withy a worth of 1 million or more he called critical mass. At 1.2 mill ion that is amazing. Anyway at my age 60 wife and I may not make it into the millionaire club, but "God willing and the creek dont rise" we hope to crack the 1/2 million club in about 15-16 years. Riding the Vanguard VBIAX balanced fund as far as we can. We don't have IRA or 401 or any tax advantage accounts so it is all taxable and since we don't have "earned income' only option is a taxable account. VBIAX has averaged about 7% and after tax about 5.4. Of course past performance does not indicate future performance, but that fund with it's 60% stock 40% bond seems to me to be acceptable risk at my age. One advantage retirees have and it is a huge one is that Tricare is very good, wife and I do not have dental we just pay out of pocket for that which is basically about 500 a year for us each to have a teeth cleaning, I can get glasses at VA and we just pay out of pocket for my wife's glasses.
I'll revive this post. I'll be retiring 1 Jan 23, after 21 years 3 months in the AF. Deployed now but back in October and after leave, R&R, TAP, I won't be seen much till after 1st of the year 2023. I start the skillbridge program in July so I'm pretty much done in June of next year. I'm super excited about it, I was always told by the ole timers that I'd know when it was time, well I know for sure I'm ready to go, after 8 deployments and several more TDY's and 2 short tours, I'm ready to have some stability. I've been planning this heavily and building income sources on the side for about 10 years now. My goal was 10 sources of income I am now at 7 not counting my fiancés income. I can proudly say that I am and have been living off my side income for several years now. The mil pay has been invested and thrown at the mortgage the last few years. I found my dream home that came with a rental property back in 2019 and will have it paid off in a few months so I'll be 100% debt free with around 800K invested. I plan to continue to do my side business/s which are online sales, buying and selling ATV's or whatever I can find (this is what I love to do by the way) and the rental. I value freedom and flexibility and the ability to do what I want with my time and I can't wait to see what that feels like. I should pull in right at $32K a year after taxes from mil retirement not counting any disability (that's a wildcard for me), and of course Tricare is a big perk. Any advice from those that have gone before, any thing you wish you'd known a year out?
Offgrid Organic Farmer
Full time employment: Posting here.
I retired from the US Navy as an E6 after completing 20 years on Active Duty. I had the Navy pension and some investments at that time.
That was 20 years ago, this past Spring.
Last month I got my first Social Security check.
I did some research on my SS account. and I found that since I was 15yo I have paid $22k into my SS account [and a matching $22k has been paid by my various employers]. If I live to be 80yo I will have collected $194k from SS.
I had half expected Social Security to not exist by the time that I was finally old enough for it. But it does exist, WooHoo!
I could have done better, by investing on my own that $22k. But realistically I could have also lost it.
For the past 20 years, we have done okay with $1580 a month as our family income. And now I am getting an additional $923 a month. WooHoo!
I have my eye on a new .50 caliber rifle and my wife wants a new CCW pistol. Beyond that I have no idea what I will find to spend money on.
We own 150-acres of forest land, a huge house, multiple vehicles, and a commercial/residential rental property. We can grow most of our food, our house is on solar power, my car is hybrid electric and it recharges from our solar power system. Our living expenses are extremely low. I do not earn a high enough income to pay any income taxes, our property taxes are around $800 a year. So I think we have worked out an optimum lifestyle. For a military retiree.
That was 20 years ago, this past Spring.
Last month I got my first Social Security check.
I did some research on my SS account. and I found that since I was 15yo I have paid $22k into my SS account [and a matching $22k has been paid by my various employers]. If I live to be 80yo I will have collected $194k from SS.
I had half expected Social Security to not exist by the time that I was finally old enough for it. But it does exist, WooHoo!
I could have done better, by investing on my own that $22k. But realistically I could have also lost it.
For the past 20 years, we have done okay with $1580 a month as our family income. And now I am getting an additional $923 a month. WooHoo!
I have my eye on a new .50 caliber rifle and my wife wants a new CCW pistol. Beyond that I have no idea what I will find to spend money on.
We own 150-acres of forest land, a huge house, multiple vehicles, and a commercial/residential rental property. We can grow most of our food, our house is on solar power, my car is hybrid electric and it recharges from our solar power system. Our living expenses are extremely low. I do not earn a high enough income to pay any income taxes, our property taxes are around $800 a year. So I think we have worked out an optimum lifestyle. For a military retiree.
HouseHubby
Confused about dryer sheets
- Joined
- Jun 2, 2008
- Messages
- 7
Haven't posted in ages. Retired 0-5 Navy at 43 after 21 yrs (NFO type) & moved to MCOL area. Been retired 15 yrs. Wife wanted to go back to work when I retired so we swapped & I stayed at home with the kids. (As an aside, we believe that having a parent at home was very important & worth the lost wages/investment gains. Not everyone can afford to do but we made it a priority.)
After 8 yrs took a part-time job doing bookkeeping/admin/HR for small company. Eased out of that a few months ago. Kids have graduated college and have good jobs out of state.
Wife worked civilian for a few yrs & then got a Fed job. She is eligible for MRA+10 and will leave in a few months. Her small FERS pension will be postponed until 62 to avoid the 5% per year reduction. Once the mortgage is paid off in a few months, my Navy pension will cover normal living expenses. Investments will fund charitable giving, travel, major home repairs/improvements, and nice to have things. It will be hard to go from savings to spending. I figure I'll take SS @62 & she'll wait until 70. I'd love to move but she likes it here.
Things have worked out much better than we could have imagined.
After 8 yrs took a part-time job doing bookkeeping/admin/HR for small company. Eased out of that a few months ago. Kids have graduated college and have good jobs out of state.
Wife worked civilian for a few yrs & then got a Fed job. She is eligible for MRA+10 and will leave in a few months. Her small FERS pension will be postponed until 62 to avoid the 5% per year reduction. Once the mortgage is paid off in a few months, my Navy pension will cover normal living expenses. Investments will fund charitable giving, travel, major home repairs/improvements, and nice to have things. It will be hard to go from savings to spending. I figure I'll take SS @62 & she'll wait until 70. I'd love to move but she likes it here.
Things have worked out much better than we could have imagined.
My first Navy assignment was in the Philippines. I was at a small communication station about an hour away from the hubbub of Subic. As you went through the barrios on the road to/from Subic, most of the houses were fairly basic Philippine “nipa huts”. But every so often there would be a quite nice, much larger home constructed of spackled concrete block. Supposedly, those homes belonged to either local politicians or Filipinos retired from the US Navy who had come back to the PI to live. Their pensions went a long way there.
Very true and domestic he!p in the PI is easy to find and cheap since a lot of the young locals are always looking for work. We clean our own home here in the USA but the maid service to clean homes in our country charge quite a bit to clean houses.
rhrihm
Dryer sheet wannabe
Retired Army. Did 35 years total (14yrs Reserves / 21 yrs Active) retired off active duty in 2011 and went back to civilian Federal law enforcement job and retired from there in 2017.
Army pension, Federal pension, and VA disability (for things that happened in Afghanistan). We live pretty comfortably off the three pensions. We have not had to touch either TSP so far.
Army pension, Federal pension, and VA disability (for things that happened in Afghanistan). We live pretty comfortably off the three pensions. We have not had to touch either TSP so far.
Timeisprecious
Recycles dryer sheets
It's interesting that this thread is still going. To address one of the questions of the OP, there are many retired U.S. warfighters on this site. This is probably evident now, given that as of this writing this thread is on page 8.
I officially retired as an Army O-5 with just over 20 years of service in February of 2020 (at age 62 I called in quits after receiving and serving a six-month extension). However, my last day of w*rk was in December of 2019 due to taking terminal leave time. My Army retired pay easily covers our living expenses, and my disability pay helps us cover any extras we want. DW and I often go out to eat, and we're planning a lot of travel soon with a cruise planned for the fall. I'm happy for these current sources of income, as I didn't plan for retirement financially as early or as well as I could have. Our retirement "egg" is decent but not anywhere close to the size of many in here. It doesn't matter - right now we don't have to touch it if we so choose, and we don't plan to begin SS until I'm 70. DW worked close to full-time while I was working on my advanced degree, but she became a homemaker by our decision shortly after the kids came and due to injuries and a long fight with brain cancer could never work for an employer again. That doesn't matter either - the retired and disability pay is more than sufficient. So - yes; military retirement is something worth considering. It isn't something I planned for - I entered military service to serve my country. But - now that it's here, I'm very content and thankful.
I officially retired as an Army O-5 with just over 20 years of service in February of 2020 (at age 62 I called in quits after receiving and serving a six-month extension). However, my last day of w*rk was in December of 2019 due to taking terminal leave time. My Army retired pay easily covers our living expenses, and my disability pay helps us cover any extras we want. DW and I often go out to eat, and we're planning a lot of travel soon with a cruise planned for the fall. I'm happy for these current sources of income, as I didn't plan for retirement financially as early or as well as I could have. Our retirement "egg" is decent but not anywhere close to the size of many in here. It doesn't matter - right now we don't have to touch it if we so choose, and we don't plan to begin SS until I'm 70. DW worked close to full-time while I was working on my advanced degree, but she became a homemaker by our decision shortly after the kids came and due to injuries and a long fight with brain cancer could never work for an employer again. That doesn't matter either - the retired and disability pay is more than sufficient. So - yes; military retirement is something worth considering. It isn't something I planned for - I entered military service to serve my country. But - now that it's here, I'm very content and thankful.
wrigley
Full time employment: Posting here.
The father of my daughter's childhood friend retired from the Navy as a 30 year E-9. He stayed in the US until all his kids were married and settled then him and his wife moved to the Philippines (she's Phillipino, he's American). They have been living like kings on just his pension for almost 20 years now.
Mike
Kudos for asking this question now. I get way too many unhappy e-mails from vets who didn't know what they didn't know, and didn't think to ask about it until it was way too late.
You’re probably already choosing a TAP date. If your fiancé has the time then I’d strongly recommend that they attend with you. You’ll each hear the presentations differently, and you’ll have many thoughtful conversations based on what you’ve learned. Having both of you attend TAP together is far better than bringing home a stack of TAP paper and trying to share everything you’ve learned over dinner.
You’ve probably heard this before, but now is the time to clean up your records. If you’ve been [-]hiding[/-] er, I mean, overlooking a potentially disqualifying medical or physical condition, then get it documented in your medical records now.
When you’re back from deployment, visit your local VA clinic or office’s Veteran Service Officer for an appointment to review your record. (They also do a limited review at TAP.) That’ll get you started on what additional documentation might be necessary. You'll be using the VA's Benefits Delivery Discharge during your military retirement physical. The VSO will ask you questions about things that you haven't thought of in years, and they can help you get the right documents in the right places in the right records.
Be aware that the retirement physical is only the military's official check for undiagnosed surprises before you leave active duty. (DoD doesn't want to dump these surprises on the VA.) If you have any additional questions about a physical condition or a medical symptom then ask it on the screening form, and make sure that the medical staff follows up with the additional referrals to specialists. It's not easy and it's certainly not fun, but it's far easier to handle this stuff on active duty than it is to do it with the VA (or Tricare) after you retire. My personal example involved an allergy screening test (skin scratches) and an exam of my nasal passages with a fiber-optic scope. Both were highly unpleasant (let alone the medical bureaucracy) but they definitely fell into the category of "things I wish I'd known a decade ago."
If you need specific items listed in your DD-214 (for example, documentation that you’re qualified to supervise the operation & maintenance of naval nuclear power systems) then talk with your personnel staff to see whether your service record (and your service’s personnel database) already has what it needs in it for the DD-214 software to populate that part of the form. The personnel staff don’t know what additional items you might need to fit into your DD-214, and the software might not automatically add it. I had to spend six months with the Navy’s BUPERS database wonks waiting for them to update an obscure database with my nuke history so that I had the right code added to the DD-214. Your personnel staff might not have the system access to add that info on their own.
I’d talk more about your Skillbridge plans with the Linkedin group “Veteran Mentor Network.” (https://www.linkedin.com/groups/4466143/) They’re the people who can tell you what they wish they’d known, and some of them run their corporation’s Skillbridge programs. You’ll also be able to review topics like buffing up your Linkedin profile:
https://www.linkedin.com/pulse/ultimate-linkedin-cheat-sheet-michael-quinn/
The Skillbridge program can be tremendously valuable if you view it as an extended career interview through informational networking. VMN will help you turbocharge that.
This is a ridiculously complex chart of the 12-month countdown to military retirement. I’m not suggesting that you need to follow it. Instead I’d read through it on the chance that there’s something in the checklist that you haven’t thought of yet.
https://www.linkedin.com/pulse/navigating-military-retirement-thoughts-lessons-kirk-windmueller/
I don’t know much about the VetsFirst program, but they have another example of an incredibly detailed separation guide at their site:
Military Separation Guide | VetsFirst
Again, it’s way more info than you probably need (let alone care about) but it’s worth reading through it to add items to your own list.
If you’re planning to travel then I’d recommend Stephanie Montague’s Poppin’ Smoke site:
Military Separation Guide | VetsFirst
She and her military-retiree spouse have been perpetual travelers for over five years now. When the military Space A program restarts (2022?) she’ll be among the first to spread the news.
Of course you can ask us more questions here, or send me a PM. You can search more keywords at The-Military-Guide, and my books are in the military base libraries and public libraries in all formats.
Nords,
Thanks as always for your helpful posts and advice. I have read your book a few times. I reached out to you before through the military guide years ago and have held on to some of your responses for years to reference back on.
My TAPs scheduled for Nov when I get back and I do plan on having my fiance go with me. I'm watching YouTube videos and doing a ton of reading on the disability process. Going through my records this weekend and sorting by diagnosis. I will check out those groups that you mentioned. Thanks again.
$923 SS check at age 62? seems very low. Maybe because you haven't had earned income since 42? I also ret E-6 (76-96)- Have not yet filed for SS which will be about $2200 by 65. I worked continuously up to age 63 (2020) after military life
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