Author Topic: 27 medically retired from military how to retire in 10 years  (Read 926 times)

Shuman4413

  • 5 O'Clock Shadow
  • *
  • Posts: 40
27 Married with 2 kids
State PA
Income
Me:
83k salary
24k military pension
(Healthcare for life me and family)
Total 107k per year
Wife : Housemaker

No debt
No mortgage we rent.

How could I retire in 10-13 years is it possible? I could live very frugally and do homesteading to supply some basic needs please give some ideas on how to accomplish this. I am in the brainstorming session. I am a clean slate looking for some strategies.

Thanks


Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 9664
  • Location: Oregon
Re: 27 medically retired from military how to retire in 10 years
« Reply #1 on: June 12, 2018, 06:25:09 PM »
If you look under the "Case Studies" section, there is a sticky titled "How to Write a Case Study". Doing a full case study following those directions will give you the best results, since we have a lot more to go on!

mozar

  • Magnum Stache
  • ******
  • Posts: 2761
Re: 27 medically retired from military how to retire in 10 years
« Reply #2 on: June 12, 2018, 07:36:59 PM »
If you can live off your pension you can retire now.

Shuman4413

  • 5 O'Clock Shadow
  • *
  • Posts: 40
Re: 27 medically retired from military how to retire in 10 years
« Reply #3 on: June 12, 2018, 07:44:45 PM »
Is it possible to live off 2100 a month? What would a budget for that look like?

Penn42

  • Stubble
  • **
  • Posts: 235
Re: 27 medically retired from military how to retire in 10 years
« Reply #4 on: June 12, 2018, 09:51:09 PM »
I don't have kids, but I live off about 1300 a month for myself.  Add the SO's expenses in and we'd still be under 2000.  The budget looks like most any budget but without all the unnecessary stuff like giant fancy cars or frequent eating out or buying DVD's.  Peruse the forums more, it won't take long to find the answers you seek.

grundomatic

  • 5 O'Clock Shadow
  • *
  • Posts: 49
Re: 27 medically retired from military how to retire in 10 years
« Reply #5 on: June 12, 2018, 11:06:11 PM »
Welcome to the forum! My wife and I live on approximately that much per year. If you read the blog from beginning to end and take it to heart, with an income like that you can set yourself up for a super luxurious retirement in short order. 

snogirl

  • Bristles
  • ***
  • Posts: 353
Re: 27 medically retired from military how to retire in 10 years
« Reply #6 on: June 13, 2018, 01:29:50 PM »
I'm retired military and live off 2,600 net quite comfortably. No kids. Every day is like vacation. As mentioned, my budget is pretty simple. Basic needs with an occasional splurge. I have no debt and am not drawing off my tsp yet. Also I sold a house I had in a HCOL moving to a LCOL area buying a nice 10 year old cape that's more than I'll ever need. 

Sent from my Moto G (5) Plus using Tapatalk


Chrissy

  • Pencil Stache
  • ****
  • Posts: 728
  • Age: 41
  • Location: Chicago
Re: 27 medically retired from military how to retire in 10 years
« Reply #7 on: June 13, 2018, 07:34:33 PM »
How could I retire in 10-13 years is it possible? I am a clean slate looking for some strategies.

Thanks

I think you can do this.  Your spending needs to be $50k or below right now.  Preferably below.  The surplus goes into a mutual fund.  The most efficient way to get there is to minimize your taxes by maxing your 401k ($18.5k + employer match), a tIRA for you ($5.5k) and one for your wife ($5.5k), and the rest to an individual account.  Once you hit ~$700k you can retire as long as you can keep to the $50k spending limit.  With market gains, it'll take at least 10 years, but probably not the full 13. 

Grogounet

  • Bristles
  • ***
  • Posts: 264
  • Location: Australia
    • http://www.quest2independence.com
Re: 27 medically retired from military how to retire in 10 years
« Reply #8 on: June 13, 2018, 07:39:22 PM »
Some VERY good tips from Doug, a retiree from military, with tons of tips, beyond financial independence
https://the-military-guide.com/

Be careful, u might end up surfing like him as FIRE :-))

Nords

  • Magnum Stache
  • ******
  • Posts: 3103
  • Age: 58
  • Location: Oahu
    • Military Retirement & Financial Independence blog
Re: 27 medically retired from military how to retire in 10 years
« Reply #9 on: June 16, 2018, 08:43:08 AM »
Some VERY good tips from Doug, a retiree from military, with tons of tips, beyond financial independence
https://the-military-guide.com/

Be careful, u might end up surfing like him as FIRE :-))
Thanks, Grogounet!

Shuman, I saw your "Case study" post before I found this thread, so I started an answer over there and gave you a link to the format of the case-study post.

https://forum.mrmoneymustache.com/case-studies/plan-to-retire-asap/

I grew up near Pittsburgh, but when the Navy sent us to Hawaii I saw no reason to return to PA.