Posted on Aug 2, 2017
At what age do you want to retire, and at what age do you believe you'll actually be able to retire?
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My parents never planned for their retirements and they'll probably never be able to stop working. This lead me to start squirreling a little away from an early age. I'm hoping it pays off in another 3 decades when it's time to hang it all up. I'm hoping by 65-67 I'll be in a position to retire. At what age are you planning on retiring or when did you retire if you're already there?
Posted >1 y ago
Responses: 28
COL Mikel J. Burroughs
Can't afford to retire MCPO Roger Collins - three girls still in college and not even married yet.
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well, that all depends upon what age did you start planning financially to retire. I started when I first enlisted, was not a whole lot at first, but it accrued, I took advantage of the opportunities presented by the Army. Thrift savings plan, Roth IRA all my re up bonuses (over time), as time passed and I gained rank, bought a house with my VA loan, payed more than minimum on the loan, had children when I could support the lifestyle I had, never paid more than 0% financing for a vehicle. My spouse worked as well, and her money went into her retirement, and savings to keep 10k minimum in our savings for emergencies - a lot of lean years where our vacations were camping in various parts of the country I was stationed at, but that was great as we both are outdoors people.
I ended up retiring from the Army 36 months shy of 20 due to medical reasons, but the 100% Va rating coupled with 60% combat related, along with the other retirement benefits has allowed me to be fully retired without touching any of what we put into our retirement plans and my wife plans on retiring in 5 years. I will be 56 and she will be 55.
As for boredom - well - have to say I am not bored of doing nothing significant yet, after 17+ years of always being up early - home late or not home for a at all for extended periods, I am enjoying the stress free and relaxing feeling of not having a damn thing to do, and not having to answer to a 1SG or CSM, nor getting those phone calls at 0 dark thirty because one of my chuckle heads did not heed the safety brief.
I ended up retiring from the Army 36 months shy of 20 due to medical reasons, but the 100% Va rating coupled with 60% combat related, along with the other retirement benefits has allowed me to be fully retired without touching any of what we put into our retirement plans and my wife plans on retiring in 5 years. I will be 56 and she will be 55.
As for boredom - well - have to say I am not bored of doing nothing significant yet, after 17+ years of always being up early - home late or not home for a at all for extended periods, I am enjoying the stress free and relaxing feeling of not having a damn thing to do, and not having to answer to a 1SG or CSM, nor getting those phone calls at 0 dark thirty because one of my chuckle heads did not heed the safety brief.
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Still haven't figured out what I want to be when I grow up so it's a non-issue.
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MCPO Roger Collins
It's an evolutionary process, about two years into full retirement, my first grandson came along, three years later, another. Now, full time Grandfather.
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I am 56. Give me another 2-3 years to achieve what I consider "retirement" to be. No IRAs, no 401Ks, Social Security offers no security, no pensions or retirement funds. Instead, I am investing my time building an asset that will give me considerable monthly cash flow. Just the opposite of what "we are taught" to do.
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Depends entirely where I end up after I'm done working. Despite my love of New England weather I have no financial reason to live there unless I retired after making some serious dough both during and after the Marine Corps.
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In hind sight I would have liked to be done with mandatory job stuff at 65-70....I would have worked at "stuff" long after that as I felt the desire.
Reality is, I failed miserably to plan for retirement, I never figured I'd be alive this long, never mind in to my 80's.
I assumed all along an early and untimely death would have taken me from the game before now.
Leaving me required to work literately until I can no more, at which time we will have a drastic lifestyle change, selling the houses, guns, cars, 60 years of tools and machines, motorcycles and what have you so we can live in some assisted living, rent controlled, financially state assisted apartment until I gratefully stop breathing.
I cant change the inevitable so we are enjoying what we have now. Our sons, our health, our dogs, our grandchild, our home and the tangible things we have to go with that all.
Reality is, I failed miserably to plan for retirement, I never figured I'd be alive this long, never mind in to my 80's.
I assumed all along an early and untimely death would have taken me from the game before now.
Leaving me required to work literately until I can no more, at which time we will have a drastic lifestyle change, selling the houses, guns, cars, 60 years of tools and machines, motorcycles and what have you so we can live in some assisted living, rent controlled, financially state assisted apartment until I gratefully stop breathing.
I cant change the inevitable so we are enjoying what we have now. Our sons, our health, our dogs, our grandchild, our home and the tangible things we have to go with that all.
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