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Old 11-14-2019, 07:22 PM   #61
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Farmer, you were in the military so could have gotten a civilian job after retiring.
Who would hire a submariner? They're all kind of weird.
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Old 11-14-2019, 07:52 PM   #62
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Who would hire a submariner? They're all kind of weird.
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Old 11-14-2019, 07:59 PM   #63
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Farmer, you were in the military so could have gotten a civilian job after retiring.
To what purpose?

When I was courting my bride, we envisioned our future to be living on a farm into a dense forest somewhere.

We stayed together by holding onto that common goal.

When I retired, we consolidated our holdings to a single apartment complex. We refinanced it to get our equity out of the property, then we used that cash to buy our farm.

I rather like being retired.

Living below your means is habit-forming. Even retired we have continued investing. We recently bought a mixed-use commercial/residential building in the center of town. Remodeling is nearly finished. The most conservative business model predicts a very handsome return on investment.

At 42, the VA adjudicated that I had five disabilities. But none of them were actually 'dis-abling', but just things to watch for as I get older.

at 55, I had my first bout with cancer.

At 59, the cancer returned, and I am still going through the treatment for that. Now, at 60 I do not have enough energy to work 40-hours a week somewhere. All the livestock that we had, has been butchered and frozen or sold. We quit planting crops. Now we host community potlucks for folks to come to our home to pick apples and press cider [every volunteer gets a free gallon of fresh cider to take home].

It is my perception that anyone who can complete 20 years on Active Duty without being totally disabled is still pretty heavily beat up and worn out.

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Old 11-14-2019, 08:03 PM   #64
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Who would hire a submariner? They're all kind of weird.
There are more airplanes resting on the bottom of the ocean, than there are submarines in the sky.

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Old 11-14-2019, 10:53 PM   #65
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You made it sound involuntary but you had choices. Most do go on to second careers but if you are happy that’s great. I can’t imagine living on so little.
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Old 11-15-2019, 08:41 AM   #66
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You made it sound involuntary but you had choices. Most do go on to second careers but if you are happy thatís great. I canít imagine living on so little.
It was indeed my choice to not pursue a second career.
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Old 11-16-2019, 08:20 PM   #67
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Who would hire a submariner? They're all kind of weird.
I have had a few job offers, mostly from other bubbleheads.

Retirement looks good on me, I like it, and I intend to stick with it.

After 20 years spent working within the dolphin community and on subs, I don't know if I want to see another bubblehead for the rest of my life.

I have a different commercial property that I have been remodeling. It is almost done. Two last remaining contractors need to finish their work, and the state fire marshall should get us our 'Certificate of Occupancy'. Once that is completed, we have competing agencies that each want to fill our vacancies with tenants. I have the capital set aside to cover the quotes for the outstanding work. If no other boggy men jump out at me, it should be Fair Winds and Following Seas for here on out.

Our most conservative business plan projects a $50k/year Net Gain next year, and every year thereafter.

For me, that will be a massive increase to my annual income.

In 10 years, I may do another one.
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Old 11-16-2019, 08:45 PM   #68
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When I first got out and worked as a civilian nuke, virtually everyone at the plant was a former submariner. There was one other submariner with me at law school. During my days in private practice, I never ran into one, but in my last position, as an assistant attorney general, there were two guys in the office who had been submariners. Most of us managed to move on rather well.
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Old 11-18-2019, 04:08 PM   #69
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Yes but I have 2 federal one state pensions and ss
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Old 11-18-2019, 04:22 PM   #70
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You made it sound involuntary but you had choices. Most do go on to second careers but if you are happy thatís great. I canít imagine living on so little.
Big assumption, TT. I have lived quite the nice RETIRED life thanks to the military and its pension.
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Old 11-18-2019, 06:54 PM   #71
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Big assumption, TT. I have lived quite the nice RETIRED life thanks to the military and its pension.
+1.

I did 30 years evenly split between active and reserves. Retired from 2nd career at 60. Reserve retirement (with significant credit from AD), really rounded out my retirement. And, TriCare saved us from ACA nonsense. But as OG Farmer noted, my body is used up in a lot of ways.


Thread hi-jack:
Just got approved today for a ~$300K VA loan. Happy to carry that mortgage to my grave! I know that this is contrary to many here, but after owning several homes over the years, we decided to use some of our current home equity and the favorable VA interest rate to buy our last home. Once we start seeing hearses pulling U-Haul trailers, we'll revisit this decision.
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Old 11-18-2019, 07:29 PM   #72
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It is my perception that anyone who can complete 20 years on Active Duty without being totally disabled is still pretty heavily beat up and worn out.
Fortunately, not all of us are beat up when we retire. But I was worn out. : )
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Old 11-19-2019, 01:27 AM   #73
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As others have noted, it's all about how much you personally want to spend in retirement.

My one "iron rule" of retirement planning was that I did not want to reduce our standard of living after retirement and I did not want to excessively constrain our standard of living before retirement just to get there. Accordingly, while living a fine life, we worked until: 1) pensions and social security can easily cover our spending; 3) in the event something happens to those sources of money, a 4% withdrawal from our portfolio can easily cover our spending. We actually live better now than we did before, because we carry on exactly as before on a day to day basis, plus we have almost unlimited time and money for additional travel.

Yes, we could have retired sooner with less money, but we didn't want to make the lifestyle compromises necessary to do that. Nor did we want to ever have to concern ourselves with money again. We'll probably leave a lot on the table, but I have no need to spend my last dollar.
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+1.

I did 30 years evenly split between active and reserves. Retired from 2nd career at 60. Reserve retirement (with significant credit from AD), really rounded out my retirement. And, TriCare saved us from ACA nonsense. But as OG Farmer noted, my body is used up in a lot of ways.


Thread hi-jack:
Just got approved today for a ~$300K VA loan. Happy to carry that mortgage to my grave! I know that this is contrary to many here, but after owning several homes over the years, we decided to use some of our current home equity and the favorable VA interest rate to buy our last home. Once we start seeing hearses pulling U-Haul trailers, we'll revisit this decision.
I hit my 20 year mark in exactly 2 months from today. All Army National Guard, but over 5 years of active time with deployments. I'll be putting in another 10+ years... Unless I get too fed up with it!
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Old 11-19-2019, 11:26 AM   #74
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Farmer has said repeatedly that he lives on his 20k/year military pension. I know people with bigger ones.
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Old 11-19-2019, 03:57 PM   #75
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I was surprised at my recent college reunion the number of those retired from the military, most O-5.

I've recommended the same to my kids (use the Reserves if needed, but get the pension)
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Old 11-19-2019, 04:01 PM   #76
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I hit my 20 year mark in exactly 2 months from today. All Army National Guard, but over 5 years of active time with deployments. I'll be putting in another 10+ years... Unless I get too fed up with it!
Congrats on the upcoming 20 year letter. Those 5 active years will juice that retirement nicely.
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Old 11-19-2019, 08:05 PM   #77
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Farmer has said repeatedly that he lives on his 20k/year military pension. I know people with bigger ones.
Actually my pension is just a hair under $19,000 a year.

In 2016, we bought a mixed-use commercial/residential building that we are remodeling. We hope to finish its Certificate-of-occupancy here in the next month. Its income will be significantly more than my pension.

My pension has been enough that we have been able to save up enough to buy this other property and remodel it.
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Old 11-19-2019, 09:33 PM   #78
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I do admire your frugal skills.
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Old 11-19-2019, 10:27 PM   #79
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When I retired in 2001, we returned stateside from living in Italy and my pension started. At that time, we owned an apartment complex in Connecticut. We moved into one unit of our Ct property and we took a couple of years to make repairs and capital improvements to that property.

We refinanced that property as a method of extracting the equity it had accumulated.

We used that cash to buy/build our long-dreamed-of off-grid homestead.

The Recession hit us hard, all of our tenants lost their jobs, our mortgage company foreclosed on us and sued us for the market value of the Ct property.

In 2009, we had to file bankruptcy to get through that mess. We lost the income property but we held onto our vehicles and our farm.

And in 2016 we had sufficient capital to buy another income property. Now we have four tenants paying rent and when all renovations are legal we will have an additional ten tenants paying rent [a total of fourteen tenants].
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Old 11-20-2019, 12:33 AM   #80
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I was surprised at my recent college reunion the number of those retired from the military, most O-5.

I've recommended the same to my kids (use the Reserves if needed, but get the pension)
The military pension for new recruits is watered down now. This happened within the last couple of years. They have decreased the pension and added a matching (max 5%) Thrift Savings Plan (military's version of 401K). Fortunately I was grandfathered into the old system, so I'll get the regular pension. The problem is that most young servicemembers won't contribute to the TSP, just like most young civilian workers aren't contributing significantly or at all to their 401Ks, and they'll be left with a lighter pension and an under-funded TSP.

For reserve members, this is an especially poor option for most, because the TSP has the same contribution limits as a 401K or 403B, so most people are better off contributing to their employer's plan (if it's matching) because the average civilian job pays much more than the one weekend a month military does, and thus will generally have better matching.

For someone on active duty who is diligent at contributing as much as they can to their TSP, this is a good option. For me, it just didn't make sense, as I already max out my civilian 401K and get much better matching, so if I had opted in, all I would get is a lower pension. So obviously I didn't opt into the new system. They sold us pretty hard on it, and I know a few who very unwisely were convinced to opt in... and once you opt in, you can't opt out.

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Congrats on the upcoming 20 year letter. Those 5 active years will juice that retirement nicely.
Thanks! The pension will be nice, but the Tricare for life (and other Tricare programs available until Medicare age) is really the best part of the retirement plan for me.
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