I am trying to get advice from others who have been in my position on when to punch out of work.
I retired from the Military at age 43 with 22 years of military service on 1 June 2015. I had a job already lined up and started the job while still on terminal leave.
My retirement from the military plus VA is $5300 a month.
I have two rentals that make about $500 a month pure profit, 10 acres of free and clear property in Florida, and several properties and rental homes in Mexico that are free and clear. (I don't count this income because I rent to Mexicans for almost nothing, they break even)
I have about $230,000 in cash and stock.
I am an only child and I stand to inherit roughly $1,000,000 of cash and property in the next 10 years.
I almost never spend more than $5000 a month.
My Current job pays $56,000 a year plus a stipend of up to $35,000 a year for housing, rent, electricity, water, garbage etc. (In actuality my total home expenses are around $24,000 a year that my job reimburses)
My son an only child is attending college he is a freshman I have allotted ($30,000 a year for this expense)
I have no other debt, I save around $30,000 a year.
I really like my job because I still get to help and mentor Soldiers everyday.
My question is not can I retire, I know I can. My question is given the three choices below which one makes the most sense and why.
1. Work until my son graduates college age 48. Total savings should be about $450,000 income of $7000 a month.
2. Work until age 56 this would allow me to collect an additional pension of around $1000 a month. Based on my current savings rate I should have about $1,000,000 in stock by then. This would push my income to $8500-$9000 a month. At SS age it would increase an additional $2000 a month.
3. Work until age 62 my additional pension would be $1600 a month. I should have about $1,500,000 and my income would be 12,500 a month.
Does the time out weigh the money?