Realistically, when do you think you can retire?

This subject is something I think about often. Soon to be 26 yrs old been on active duty (army) for 6 years, 7.5 by the end of this contract. Everyone I talk to tells me I'm dumb if I don't stay until retirement, however to me, I feel as if it's not worth it. Wife and I do not have kids but want them in the near future ~1yr or so from now and to be gone on active duty for another 13 years and away from the rest of our family while moving our own family around several time just doesn't seem like it is worth it.

It's almost like is the monetary gain worth the emotional distress?

Now if I do decide to leave active service, I will transition to reserves or national guard. This allows me to provide Health care for the family for about 220$ a month while also contributing to retirement. Just won't be able to draw the pension until I am 60 which isn't bad. I'd get too bored if I didn't work.

As for financial saving I admit I should save more but I save SOMETHING. I put about 5% a month into an IRA and the same to a TSP. As I become more comfortable I contribute more and plan to diversify with mutual funds and buying real estate. Hopefully, I'd like to start flipping rental properties within the next 5-10 yrs with a friend.

Any advice from the guys and gals that have retired from service? Was it really worth it beyond a shadow of a doubt? (Other than just for the love of merica)

 

I did my 4 yrs and some change, but have a good buddy that stayed in (he's going on 25yrs now). Recently visited him and his family a while back and here are my thoughts...

He looks like hell, on several different medications. Also has two college degrees he got in the Army and has a fed job lined up when he gets out. Long story short, if you have doubts about making a career out of it, come up with a plan, get out and implement it.

Best of luck Dgibson529

 

Thanks I appreciate the feedback

 

You guys get free healthcare after retirement? That is what keeps a lot of people working beyond what they planned. health care is just so expensive especially sence the affordable healthcare act.

 

not free, but cheap. there are still copays and whatnot but all around a better deal than the civilian side at times (if you get a good doctor that is)

 

I'll be working right up to lunch time of my funeral

 

Nyc sanitation worker will retire with a 50% pay nyc pension in 8 more years full medical for life . Been putting 15% before tax pay into a 401 and 457 . Should have a healthy amount put away . I'll be 51 when I retire . Also have a decent pension from a supermarket (pathmark) I worked at since I was 14 that kicks in when I'm 62 did 22 years at pathmark .

 

because of this thread, my retirement plan just went south. Bottom line, I need to save more ouch

 

Good topic.

Hope to be a pensioner in 7 years.

Hopefully this market will turn around.

Lost 80k in the 401 this last year.

List 50k back in 2008. Hopefully things are similar.

Cross your fingers boys and girls.

 

You sir are awesome.

 

I retired two months ago, at 51. I find plenty to keep busy with

 

markets are crazy right now, but looking at the economic indicators, I wouldn't be too concerned unless if you have invested heavily in the oil sector. As for China... Well, it's hard to trust their data, but I think their bubble has started leaking some air. Overall I think now would be a good time to buy some quality stocks with everyone freaking out and hold on to it. I am about to dump some more money into the market, but I think I will let the market calm down a bit before making any big moves.

 

Other than winning the lottery or finding a nice sugar momma, what is your secret?

 

Many folks I know who retired early to mid 50s (GE, ATT) have enjoyed their time, but it's important to make good use of your funds in those early years. A couple of poor decisions and now in their late 60's, early 70's, and they're beginning to have some financial scale backs. The lesson is to be careful............

I retired at 61.5. We are blessed to have 5 income sources that add up to more than my pre retirement gross, and are currently able to live quite nicely on about 2/3 of that. World and national travel included, multiple times per year. As well as being generous to others in need.

Some would consider that I was 'underemployed' during my working years. By that I don't mean I was extra special, but I chose (on purpose) to work at what some would consider moderate organizations, like utilities and local government. IE I 'could' have earned more.

Yes, I could have. Maybe as much as 30% more. BUT, good pensions, one of which is a COLA, and I have a very nice supplemental health plan at a modest premium. Sometimes moderate is better than glam. Stability matters.

Our investments are not overwhelming to the big rollers, but they are not paltry either. But due to the fixed income, we won't have to touch them for a good while.

To the kids (mine and others) I say they won't have as many alternatives for that stable career path and guaranteed income stream. So the practice of living below your means, being debt free, and investing well in low cost solid funds will be critical to your future.

 

Yes. But low cost mutual funds like Vanguard Total Stock is even safer. I'm not smart enough to be much of an individual picker.

But as I tell the youngsters all in a twit about the market........ ever hear of buy low, sell high? Well, when do you think it will be lower? Up your monthly buying now, and lower your buy rate when the market starts to recover.

 

no lottery ticket, but my wife is worth more than gold to me. we live within our means. Don't have addiction problems. Save when we can and she has a teachers pension that is very nice when she decides to retire (5-8 years). Pay our cc's off every month, so we don't pay interest at all. Live a nice yet modest lifestyle. Most important thing is happiness, it's all we need. Best advice I can give is have fun but save everything you can early in life, and don't smoke cigarettes

 

Most agree with #6..I love the dollar store, I get all my cleaning stuff there versus 3-4 dollars at the supermarket.

#10..I pay $200 a month on my mortgage extra. Especially matters as my wife is in her mid-50s.

#11..we each have one low interest credit card. Other than buying concert tickets they are for emergencies. Shows are really my only indulgence and I don't drink or eat at a concert.

 

Never let the credit card company's get there hooks in you. Stay away from Bank of America.

 

I'm 67 and I've been Retired for almost 2 years and live comfortably the best advice I can give you is put as much into your 401K as you can afford, at lease match anything the company will match and the best advice I ever received from a very wealthy man was "Have no house payment the day you retire. Have a diversified Portfolio, and as you invest make sure that the percentage of Bonds in your Portfolio match your age making adjustments to keep that ratio every 3 years. Last rebalance your portfolio every year. Never eat your seed corn, Don't take SS at 62 wait until you reach your full retirement age .

 

true that. Their hidden fees will be all over you like a cheap suit.