Howdy All, I have been lurking for several months. I have used the search function and cannot find the answer to "How is your military retirement figured into the FIRE Calc."
I have 10 years in on active duty and plan on retireing at 20 with the rank of CAPT (0-6). How should this be plugged into the system.
I am in the early phase of planning (I guess it is a bit too late, but it is a start) I am 2 months away from paying off over 120K in student loans and will be totally debt free (i am renting at the moment) I have about 50K non retirement and 50K retirement (IRA, TSP). 5 and 7 year old sons and a great wife.
I would love to be able to just stop working at 20. I will get 60% of my base pay at 20 years, today that would be about $4500 per month. I will be 47 years old then and health ins should be covered for me, not too sure about the wife and kids.
I will have many more questions, just looking for a place to start.
Thanks for your help,
SonnyJim
I have 10 years in on active duty and plan on retireing at 20 with the rank of CAPT (0-6). How should this be plugged into the system.
I am in the early phase of planning (I guess it is a bit too late, but it is a start) I am 2 months away from paying off over 120K in student loans and will be totally debt free (i am renting at the moment) I have about 50K non retirement and 50K retirement (IRA, TSP). 5 and 7 year old sons and a great wife.
I would love to be able to just stop working at 20. I will get 60% of my base pay at 20 years, today that would be about $4500 per month. I will be 47 years old then and health ins should be covered for me, not too sure about the wife and kids.
I will have many more questions, just looking for a place to start.
Thanks for your help,
SonnyJim