Hello all, I've been reading on the forum for a while and decided to post. I just turned 32 years old and I'd like to quit the 8-5 stuff at age 40. I'll still work, just doing what I enjoy for myself.
I'm an active duty E-7 with 13 years in. I'm single (engaged to be married next year with no kids) We currently rent due to the fact I could move anytime. Zero debt, emergency fund good for 6-8 months.
Currently stationed in Arkansas but plan to live in Tennessee once I retire from the military. I'll be 38-40 when I retire from the military and draw an E-8 retirement which by today's dollars is right at $2200 a month. My situation is rather unique as I live on E-3 pay and have been since I was an E-3, the rest is stocked away. I have a side business where I sell ATV parts on my website and Ebay and also buy and sell vehicles that pays for our rent and most of our everyday living expenses.
Net worth is at $400,000 and have around $250,000 invested as follows and invest $37000 annually:
Asset allocation is 83/17
US 63%
Int 20%
Bonds17%
Taxable
Vanguard Total int VTIAX- $17600 (450 invested monthly)
Vanguard 500 VFIAX- $16000 (250 invested monthly)
Individual stocks $5500 (no monthly investment)
Liquid Savings/Emergency fund (drawing 1.25%) $10,000 (500 invested monthly)
($1200 Total montly investment)
Tax advantaged
Roth
Vanguard Total int VTIAX- $28800 (203 invested monthly)
Vanguard Total Stock market VTSAX- $27500 (258 invested monthly)
$5500 a year
TSP(traditional)
F fund $39700 (459 invested monthly)
S fund $27312 (251 invested monthly)
C fund $75000 (738 invested monthly)
$17,500 a year
Questions:
Am I on track to FIRE shortly after mil retirement? Fire Calc says 80% success rate but I'm not sure it's taking into account my military pension
I have an extra $5000 a year I can save now, should I just add this to taxable investments?
Going to a tax free combat zone this year and was pondering starting a Roth and maxing it out while over there.. Good idea or no?
What could I be doing better?
Thanks for looking and thanks for any help.
I'm an active duty E-7 with 13 years in. I'm single (engaged to be married next year with no kids) We currently rent due to the fact I could move anytime. Zero debt, emergency fund good for 6-8 months.
Currently stationed in Arkansas but plan to live in Tennessee once I retire from the military. I'll be 38-40 when I retire from the military and draw an E-8 retirement which by today's dollars is right at $2200 a month. My situation is rather unique as I live on E-3 pay and have been since I was an E-3, the rest is stocked away. I have a side business where I sell ATV parts on my website and Ebay and also buy and sell vehicles that pays for our rent and most of our everyday living expenses.
Net worth is at $400,000 and have around $250,000 invested as follows and invest $37000 annually:
Asset allocation is 83/17
US 63%
Int 20%
Bonds17%
Taxable
Vanguard Total int VTIAX- $17600 (450 invested monthly)
Vanguard 500 VFIAX- $16000 (250 invested monthly)
Individual stocks $5500 (no monthly investment)
Liquid Savings/Emergency fund (drawing 1.25%) $10,000 (500 invested monthly)
($1200 Total montly investment)
Tax advantaged
Roth
Vanguard Total int VTIAX- $28800 (203 invested monthly)
Vanguard Total Stock market VTSAX- $27500 (258 invested monthly)
$5500 a year
TSP(traditional)
F fund $39700 (459 invested monthly)
S fund $27312 (251 invested monthly)
C fund $75000 (738 invested monthly)
$17,500 a year
Questions:
Am I on track to FIRE shortly after mil retirement? Fire Calc says 80% success rate but I'm not sure it's taking into account my military pension
I have an extra $5000 a year I can save now, should I just add this to taxable investments?
Going to a tax free combat zone this year and was pondering starting a Roth and maxing it out while over there.. Good idea or no?
What could I be doing better?
Thanks for looking and thanks for any help.