ratherbfishing
Confused about dryer sheets
- Joined
- Jul 16, 2018
- Messages
- 2
Hello all. I am at a crossroad with a pretty big decision to make that seems impossible to make my mind up. I am active duty military, Marine Corps, have 19 years in. I am trying to decide to retire at 20 or stay in and do some more years. Each year is a 2.5% increase in pension which caps out at 75% base pay at 30 years. I am supposed to decide this week. Been dealing with going back and forth for the past year.
I have saved and invested since I was 23, wish I would have started sooner. I would have more in savings/investments but got divorced in 2010. I am 37 years old, I have no debt, a college degree and $220k in TSP/Roth IRA with six months of living expenses in a savings account. I continue to save my money like clockwork. I am remarried and she works, has the same outlook as mine. We will not be having children. I have two kids from my previous marriage. I have a background in Supply Chain logistics and have a lot of skills that will transfer to the civilian sector. She is almost done with her accounting degree and has a great job here.
I have always lived below my means, bought used cars, paid them off, not an extravagant lifestyle but I enjoy my life all the same. My ultimate goal is to retire early. I grew up poor, on welfare and didn’t have too many options growing up but feel I have done well for myself.
I feel like my heart is saying it’s time to leave the service but my mind, when I do the numbers say to stick it out. I have been fortunate to have made it to where I am rank wise, not an Officer but an E8 and will most likely pick up E9 which will be a nice pay rise. I bring home about $70k after taxes a year, I am not taxed any state. I do my job well, people look up to me and I like mentoring Marines while getting the mission done. I have learned in my life that when I go through tough times, I always look back with fondness that I grew as a person. I don’t want to get out and then at the 24, 26 or 30 year mark and think, “man, I wish I would have stayed in” or vice versa “I wish I would of retired earlier”. Mentally, the job wears me out. There is a lot of stress and the political correctness if taking its toll. Politically, I have changed since I was 18 as well. The political correctness, lazy individuals and bureaucratic red tape annoys me but I am sure that happens everywhere to some extent.
If I do stay in, I will have orders this December which would be nice. The command climate is not that great were I am at and I feel like I am ready for a change of scenary.
One of the biggest concerns I have, is my children. They are both pre-teens and if I stay in I would be missing out on their lives (They live with the ex). I feel I have been missing out already but I feel like I would be turning my back on them because I have a chance to move closer to them if I retired. There is no drama with my ex and my wife loves the children as her own. I pay a reasonable amount for child support and I would like to continue supporting them as they grow older and decide to go to school and whatnot. If I still can, I am looking at transferring my GI Bill to them. That’s an option if I stay in.
I know this is a decision I will ultimately have to make. Just looking for some wisdom. Is there anyone here that stuck it out past 20 years and was it worth it? Any regrets? I am still young, and worked so hard to get where I am. I am physically able to handle the PT test etc. but I am getting slower and things are hurting more as I get older
COA 1: Stay in and continue to serve for as long as possible past 20, save and invest as usual. Increase in pay, promotion to E9. Potentially retire for good at 48 with $900k net worth with approximately $70k a year in pension (includes $1k a month for disability).
COA 2: Retire at 20, move closer to the kids. Go back to school to work on masters on the GI Bill with an allowance of $1500 a month on top of retirement and disability (Roughly $4500 a month). Get a job in logistics, work until 50, and retire for good.
COA 3: Retire at 20 and join the civilian workforce until 50.
Thanks for any advice.
I have saved and invested since I was 23, wish I would have started sooner. I would have more in savings/investments but got divorced in 2010. I am 37 years old, I have no debt, a college degree and $220k in TSP/Roth IRA with six months of living expenses in a savings account. I continue to save my money like clockwork. I am remarried and she works, has the same outlook as mine. We will not be having children. I have two kids from my previous marriage. I have a background in Supply Chain logistics and have a lot of skills that will transfer to the civilian sector. She is almost done with her accounting degree and has a great job here.
I have always lived below my means, bought used cars, paid them off, not an extravagant lifestyle but I enjoy my life all the same. My ultimate goal is to retire early. I grew up poor, on welfare and didn’t have too many options growing up but feel I have done well for myself.
I feel like my heart is saying it’s time to leave the service but my mind, when I do the numbers say to stick it out. I have been fortunate to have made it to where I am rank wise, not an Officer but an E8 and will most likely pick up E9 which will be a nice pay rise. I bring home about $70k after taxes a year, I am not taxed any state. I do my job well, people look up to me and I like mentoring Marines while getting the mission done. I have learned in my life that when I go through tough times, I always look back with fondness that I grew as a person. I don’t want to get out and then at the 24, 26 or 30 year mark and think, “man, I wish I would have stayed in” or vice versa “I wish I would of retired earlier”. Mentally, the job wears me out. There is a lot of stress and the political correctness if taking its toll. Politically, I have changed since I was 18 as well. The political correctness, lazy individuals and bureaucratic red tape annoys me but I am sure that happens everywhere to some extent.
If I do stay in, I will have orders this December which would be nice. The command climate is not that great were I am at and I feel like I am ready for a change of scenary.
One of the biggest concerns I have, is my children. They are both pre-teens and if I stay in I would be missing out on their lives (They live with the ex). I feel I have been missing out already but I feel like I would be turning my back on them because I have a chance to move closer to them if I retired. There is no drama with my ex and my wife loves the children as her own. I pay a reasonable amount for child support and I would like to continue supporting them as they grow older and decide to go to school and whatnot. If I still can, I am looking at transferring my GI Bill to them. That’s an option if I stay in.
I know this is a decision I will ultimately have to make. Just looking for some wisdom. Is there anyone here that stuck it out past 20 years and was it worth it? Any regrets? I am still young, and worked so hard to get where I am. I am physically able to handle the PT test etc. but I am getting slower and things are hurting more as I get older
COA 1: Stay in and continue to serve for as long as possible past 20, save and invest as usual. Increase in pay, promotion to E9. Potentially retire for good at 48 with $900k net worth with approximately $70k a year in pension (includes $1k a month for disability).
COA 2: Retire at 20, move closer to the kids. Go back to school to work on masters on the GI Bill with an allowance of $1500 a month on top of retirement and disability (Roughly $4500 a month). Get a job in logistics, work until 50, and retire for good.
COA 3: Retire at 20 and join the civilian workforce until 50.
Thanks for any advice.