How many military retirees are on here?
Here! Well, technically I'm on terminal leave retiring officially 1 Jan 2020 after 20 years.
Did you work after military retirement? If so, did you realy HAVE to work?
Yes, I will start a new career on December 2nd ("double dipping" for a month). I do not need to do THIS specific job, but I would've needed to supplement my pension and wife's income with about $15,000 per year to cover expenses without touching savings or dividend income. Had I been willing to dip into savings or dividends right now, I would not need to work and we probably would've been fine long term.
I am working because I still have energy to do so, and am excited to try my hand in the business world. A unique opportunity came along for me to run a business with substantial compensation immediately after I left the Navy, so I'm taking it. I will do it for at least a year and then re-evaluate things.
There is a distinct possibility that my wife and I will start our own small business, and this experience will definitely help if we choose to go that route. Military retirees are in a great situation for entrepreneurship with health care and guaranteed income already in place.
We are staying in San Diego, where I was stationed for 10 of my last 12 years and my wife has lived for 15 years.
Did your pension and any saving cover your lifestyle?
As mentioned above, it would cover us long term. Our expenses are high right now due to paying for in-home child care for our two young daughters, but we could cover that with my wife's income, my pension income, and dividend income if we had chosen to. Once they start school, we can more than cover expected expenses with just pension and either my wife's income or savings.