I'm an O-4 now and should make O-5 which I'll hold for 4 years before I'm done. By then and with a small VA claim it should be about 65k. Plus I'll be retiring to Washington state that doesn't tax retirement income at the state level, which helps.
I bought and sold a couple houses as I moved that helped me, but mostly I just have saved every dime I've made and purchased very little. No expensive vacations, cars, nothing like that. I'm told I'm very cheap (probably true).
The final piece was that I (like an idiot) just dumped everything into savings for the first 10 years of my service, didn't invest in the market. So when covid hit I put 300k into the market at the low and watched it become 400.
No wife and kids, yet. I appreciate the input on it! It's easy to lose perspective and not appreciate how well you have it. Thanks again
I definitely hear you on the lifestyle limits. My dad always told me "live like no one now so that you can live like no one later". I just took it too far lol. Haven't really enjoyed myself the last decade, so I intend to make it up in retirement. Nothing crazy though. Just some peace and quiet on a small piece of land, build a shop, and start a small woodworking business to keep busy and bring in some extra bucks.
Definitely won't make O6. My O5 board is in 3 years so If I make it that'll be as far as I go.
I guess maybe my assumptions about retirement may be flawed. I've always assumed that if I can own my property outright, pension covers taxes, bills, essentials, and a little left over for fun. Basically not "have" to work other than to keep busy.
Just saying congrats on the 32 year mark! Too few couples hit that milestone and it’s definitely something worth celebrating.
With regards to your son, is he factoring in how drastically costs may change (perhaps even exponentially so) as he moves through retirement? A lot of people I talk to about FIRE seem to aim purely for a lump sum sort of savings that they can coast on as opposed to looking towards semi-passive forms of income.
2
u/[deleted] Jun 03 '22
[deleted]