Active Duty Retiring - Should I Full-Time?
I plan to retire in 2-3 years from active duty (26 years). I'll be around 45 years old. Wife and I have dreamed of full-timing for a while and both kids will be finishing up college. We are conside...
Forum Discussion
JAXFL wrote:
I don't know what rank you guys retired as, I retired as a Senior NCO and that was 24 years ago. My military retirement is less than $1800 a month after taxes and you cannot Full time on that little of an income. I owe nothing except $500 a month on the Motorhome have only the DW and I to support and have a hard time picturing full timing. Insurance for the MH and car run a couple hundred a month, then you add in (at 65) another $208 MEDICARE a month even with Tricare for Life being free. Camping fees, and fuel and you don't have much left for entertainment or sightseeing. I currently work and make more than 5 times what I made in service and still think that is not enough. I have read many BLOGs and would say the average monthly expenses are in the $3000 a month range just to make ends meet. Now remember also you need those 40 quarters of BIG MONEY to get anything over minim Social Security. Go out the SS Website and see what it estimates your check to be. Alos remember that after you retire, those pay increases are very very small.
I know that you guys at are still in make a lot more than we old guys, but look over your REAL numbers and try to live on just that amount before you go out there Full timing and end up hurting...
You're right. There are a metric busload of variables that come into play, nonetheleast of which is the lifestyle you want to have. I have champaign taste and a beer budget.
Off topic, but if you want an eye opening experience, check today's military pay scales for someone of the rank you retired at, and look at how much money is received for housing. I thought I was making good money when I retired ten years ago (I was). That figure has increased by 31% since then.
