I have been lurking around here for a few months and finally decided to join and hopefully contribute.
I am originally from New England, 51, and 10 years retired from the USAF. I have 3 Kids 26, 17 and 13. The 26 year old is doing her own thing, the 17 year old got a decent scholarship that will cover tuition (not housing) and will start at U of Arizona in the fall and the youngest is into soccer and will start high school in the fall.
With my retirement pay, a small VA disability and a decent savings I am at or near FI. I am waiting until my youngest graduates in 25 before I implement the RE, in either 25 or 26 depending on how his path is looking (leaning towards 26 as you can see by my username).
I still work for the Military as a contractor and make good money, max out Roths for me and DW, max out my 401k, put money in 529s for the kids and have non tax sheltered investments as well. My residence and a rental property are both paid off. I work in Information Technology and for the most part I like my job and my immediate co-workers but once you get further out I get very annoyed with the people I see, maybe because I have been here so long that I see the same mistakes being made again by new people and management…can’t they learn? Anyway, my big problem with work is the alarm clock, I am not a morning person! And this field changes so much it is a lot of work to stay current.
Why wait you say?
My vision of FIRE, at least for the first few years involves a lot of travel, months at a time, not weeks; and I can’t do that with a child in high school and the additional years of savings will allow me to be more relaxed about leaving work and spending. I have lived overseas for 11 years (Guam, Tokyo, Okinawa) with the military and enjoyed it and want to see more of the world.
Also, I still have a hard time wrapping my head around spending my savings. I think saving, investing, setting goals, meeting them and pushing them out has been a “hobby” for so long it will be difficult for me to start dipping into my saving…that’s has always been a no no to me but we’ll see. I think in order to enjoy my RE my budget will need to be a min, not a max to ensure I am enjoying retirement and not being to cautious.
Financially, every calculator I have tried gives me 100% success with a budget of $100k a year (including mil retirement, VA, income from rental property, and withdrawals). I also have the added benefit of inexpensive medial insurance through my military service…
Big on podcasts, some of my favs:
Clark Howard
How to Money
Bigger Pockets
Choose Fi
Radical Personal Finance
The Money Nerds
Also lurk on the Reddit “personalfinance” sub reddit
I am originally from New England, 51, and 10 years retired from the USAF. I have 3 Kids 26, 17 and 13. The 26 year old is doing her own thing, the 17 year old got a decent scholarship that will cover tuition (not housing) and will start at U of Arizona in the fall and the youngest is into soccer and will start high school in the fall.
With my retirement pay, a small VA disability and a decent savings I am at or near FI. I am waiting until my youngest graduates in 25 before I implement the RE, in either 25 or 26 depending on how his path is looking (leaning towards 26 as you can see by my username).
I still work for the Military as a contractor and make good money, max out Roths for me and DW, max out my 401k, put money in 529s for the kids and have non tax sheltered investments as well. My residence and a rental property are both paid off. I work in Information Technology and for the most part I like my job and my immediate co-workers but once you get further out I get very annoyed with the people I see, maybe because I have been here so long that I see the same mistakes being made again by new people and management…can’t they learn? Anyway, my big problem with work is the alarm clock, I am not a morning person! And this field changes so much it is a lot of work to stay current.
Why wait you say?
My vision of FIRE, at least for the first few years involves a lot of travel, months at a time, not weeks; and I can’t do that with a child in high school and the additional years of savings will allow me to be more relaxed about leaving work and spending. I have lived overseas for 11 years (Guam, Tokyo, Okinawa) with the military and enjoyed it and want to see more of the world.
Also, I still have a hard time wrapping my head around spending my savings. I think saving, investing, setting goals, meeting them and pushing them out has been a “hobby” for so long it will be difficult for me to start dipping into my saving…that’s has always been a no no to me but we’ll see. I think in order to enjoy my RE my budget will need to be a min, not a max to ensure I am enjoying retirement and not being to cautious.
Financially, every calculator I have tried gives me 100% success with a budget of $100k a year (including mil retirement, VA, income from rental property, and withdrawals). I also have the added benefit of inexpensive medial insurance through my military service…
Big on podcasts, some of my favs:
Clark Howard
How to Money
Bigger Pockets
Choose Fi
Radical Personal Finance
The Money Nerds
Also lurk on the Reddit “personalfinance” sub reddit
