Your resource for everything Military and FIRE is this site:
http://the-military-guide.com/
The author of it, Nords, posts here, and I'm mentioning his name so he'll see this thread. :)
He literally wrote the book on it:
https://smile.amazon.com/Military-Guide-Financial-Independence-Retirement/dp/1570233195
Thanks, Joe!
I could continue working part time with the national guard to still get a partial military retirement at age 60 worth about 1M but the full time retirement would be worth 2M. So I would be giving up 1M over 40yrs of living. You could also see it as though I would work my last five years for an extra 200k / yr to get the full time retirement. I have a family of 5 and want to spend more time with my kids and travel etc. is it worth it to stay the last 5 years for the retirement money as well as the healthcare or should I give it all up to really live my life? I didn't mention that I fully hate my job
No, it's not worth staying on active duty for the pension no matter how much money you have (or would receive). If you hate the job then you're risking your physical, emotional, and mental health. (Your family will find you pretty charming to live with, too.) When you have enough savings (or income)
before you vest in a military pension, then it makes no sense to stay on active duty just to add an extra stream of income. You'd only want to stick around if you're feeling challenged & fulfilled.
If you're stressed and unhappy then you should leave active duty for the Reserves or National Guard. You have to wait until age 60 (with a very few exceptions) for the pension, but the real value in the pension is its COLA and its Tricare/Tricare For Life. You want to get away from the stress and live long enough to exploit every last penny of those benefits.
Maybe the question I should really ask is would YOU give up 1M over 40 years if you are already FI on a lower amount in exchange for retiring five years earlier. I'm also currently 36 and would retire at 43 from the military
Yes, that's exactly what my spouse did when she left active duty for the Reserves at nearly 18 years of service. (We were already FI.) The improvement in our quality of life was a very welcome (and unexpectedly huge) surprise. She enjoyed almost every bit of the next seven years and then retired when the fun stopped (again). The Reserve pension is just the icing on the cake, and our savings/investments only have to last long enough to bridge the gap until she reaches age 60.
I guess you've already encountered Paula Pant's real estate posts (AffordAnything.com) and Bigger Pockets. I also know a military retiree who's already earning more after-tax income from his five rentals than he is from his active-duty pension, and he has to hold himself back from checking into the foreclosures & short sales for more properties.
If I were you then I'd put in your resignation letter and call the Reserve/Guard recruiter. You'll also want to attend your service's transition seminar (TAP, ACAP, the other acronyms) as soon as you can.
Look for "The Military Guide To Financial Independence And Retirement" at your local base/public library, but you've already answered the big questions.