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Old 27-07-2006, 07:44   #1
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Crusing on military retirement?

Anyone out there cruising on a military pension alone? Just curious.

Mack
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Old 27-07-2006, 12:18   #2
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Aloha Mack,
Welcome aboard! Hope you like this forum as much as I do. All your questions will be answered and all your answers will be questioned. Just kidding, of course.
I have been living pretty much from my military pension since retirement in '91. My wifes part time jobs help a little bit. I am not cruising but have built a house, two boats and am rebuilding my Cascade Cutter. Will be cruising part time after it goes in the water.
Kind Regards, --JohnL--
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Old 27-07-2006, 13:55   #3
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I am not sure what kind of dollars you are talking about for a military pension, but I can assure you however much (or little) it is, there is someone out there cruising on less!
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Old 27-07-2006, 20:29   #4
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Thanks John! I have been cruising this forum for a long time, but I finally signed up a few weeks ago to start asking some questions of my own! This is a great forum.

I will be retiring in a few years....and am counting on my retirement to possibly fund a cruise of my own. I can retire in just two years, but I will probably stay longer, just to build some money for the bank. <G>

I am sure that I will have three thousand questions before it is all over. In the middle of Beth Leornards book again, for the third time.

Mack
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Old 27-07-2006, 22:47   #5
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Aloha Mack,
I stayed for 29 years and the reason I didn't stay for 30 or more was that they threatened me with a tour in Washington, DC. Aaargghhh.
Hope Fort Meade is ok but I certainly didn't want to go to Arlington Annex.
Let fly with the questions. Someone here will have a good answer.
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Old 28-07-2006, 07:03   #6
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I could stay for 30 too, and probably would if I wasn't considering crusing. It sure would make for a nicer retirement check. I like the DC area, but am happy that I am at Fort Meade. I live on post and I really like it. I have all the advantages of living nearer DC, but none of the traffic aggravations. I live 2 miles from work and have a pond in my backyard. You'd think I'd retired already. But I have 3 kids, and if I want to cruise with them, I'll need to retire before that. Otherwise, they will be too old. My oldest is 8 now, and if I can do this in 5 or 6 years, she will only be 15. That's my hope anyway.

Mack
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Old 28-07-2006, 07:29   #7
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Ahoy Mack! I retired from NSGA Ft Meade in January 08, tied a Navy stockless anchor to the rear bumper of my truck then started driving inland AWAY from the water. The anchor fell off in Arizona, so that's where I settled in for the next 10 years.

The draw of the sea was just too much though, so I took the plunge and bought the cruising dream last year.

Can you cruise on your military pension? Certainly!! You will have the distinct advantage of a steady income and medical care - two of the biggest concerns of the 'budget cruisers' I've known. How much does it cost? The answer to that is as varied as the types of boats people cruise on. Several threads on this site and others about what people actually spend while cruising.

Best approach - IMHO - is to either have your boat completely paid off OR have 'X' years of boat payments in an account setup for auto-magic loan payments while you go play around on the pond for those 'X' years. Be sure to budget for insurance etc, then decide if what you will give up in shoreside "stuff" is important to you.

Welcome to the site - it's the best one around! And SkiprJohn said it best.. " all your questions will be answered and all your answers will be questioned."

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Old 28-07-2006, 15:16   #8
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I am in the same boat (pun intended). I retire from the Army in 2 1/2 years. Only 20 for me, I dont think my knees, shoulders and ankles can take much more. My plan is to sail away on my E6 pay before I become a cripple. If that doesnt cover it, then I plan to pimp myself out as a medical professional or general worker. Like Bob Bitchin says.....Dont dream the life, Live the dream. I figure the best way to find out if I can make it out there is to just cast off and go. Granted I am single with no children. This might not work for you Mack, but I will assist you any way I can. We military types have to stick together.
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Old 28-07-2006, 18:45   #9
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I was only going to do 20, but I landed a job here in the DC area that just can't be beat. Its a permanent posting, so I never have to move or deploy again. If I wasn't considering going cruising before the kids leave for college, I would stay doing this job until I was kicked out of it. I could actually stay for 35 years if I make E8, and that is almost guaranteed. It sure would be a good retirement.

Right now I am probably looking at retiring as an E7 at 24 years in, and if everything else holds, sailing off. I am hoping to have a boat that is paid for, a little in the kitty, and subsidize the rest of the cruise with my retirement pay. If it were just me, or just me and the wife, it would be one thing. But I am really going to have to analyze everything hauling three kids around too. They will be teenagers by then. Even finding a bluewater boat that is safe and comfortable for 5 might be a challenge.

Mack
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Old 28-07-2006, 22:55   #10
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Aloha Again Mack,
What gave me the nest egg I really needed to retire at age 46 was equity in a home I had bought 3 years earlier and sold at retirement. The price of the home doubled in 3 years. That doesn't happen often but I got lucky.
My suggestion is to invest in real property as soon as you are able. I know it is more comfortable living on base but your nest egg and the key to early retirement could be had by buying your own home.
Kind Regards, --JohnL--
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Old 29-07-2006, 08:40   #11
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I know that investing in property is supposed to be the way to go, and it seems to work for everyone but me. I have twice owned a house, and only broke even once. I had my last house on the market for a year before I finally found someone willing to take it at a big loss. I had to move my family....couldn't even find someone to rent it for what I would have needed to clear the mortgage payment. As it was, my family was there for almost 8 months without me. This was a nice house in a great area in Atlanta. There were too many other new houses that were being offered in the area, so too many choices for the homebuyer. Market saturation.

I can't even touch any property here in DC on my salary. The same house I bought for 150,000 in ATL can't be touched for less than 500K here in maryland, 800K if you consider the property my last house stood on. I actually thing that the market has to implode at some point....houses are way overpriced here. I don't know how people do it. I can't on one salary.
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Old 29-07-2006, 11:56   #12
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Aloha Mack,
Tristan Jones talks about living on his Royal Navy military pension in his books. He, of course, earned some money writing and doing odd jobs as well but what adventures!!
Thought I'd mention the real property thing. With the prices so high now I can see why you don't want to try again, especially with your past experiences and some areas are better than others for investment.
Good luck in your pursuits.
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JohnL
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Old 13-02-2008, 05:54   #13
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Mack- I should have read your thread before I went and posted one of my own! I'm in the same boat (no pun intended) being active duty with about 10 years left. I will also probably stay till' 24 or 26 though.

I had to laugh...I'm also fumbling through Beth Leonard's Voyager's handbook daily!

Good Luck and welcome.
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Old 13-02-2008, 06:11   #14
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I just retired in Oct. after 26 yrs. Working (for now) getting my house and 2 rentals ready to sell. Have convinced the Admiral to go south, but she isn't quite willing to be completely house-less. The compromise we are working is to buy a cheaper house in florida to put the stuff in, and cruise on my retirement pay. Trying to get out of here in the fall. I think it is all doable, just have to get there. So in answer to the question, I believe you can criuise on your retirement pay, but it will all depend on what standard of living you would like. If I could get away with be completely house-less, I would have a big chunk of cash in the bank (house equity) plus the retirement check to live off. Don't think that will happen (at this point) still plan on going, just with a little less. There are quite a few threads here that talk about different budgets, standards of living, and how much cash it takes to cruise, check some of those out, very enlightening.
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Old 13-02-2008, 06:29   #15
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Mack,

the answer is yes and no. just like everything in the military. I believe it all depends on the standard of living you want to have while living aboard the boat where you want to travel to while doing so.

20 years, Marine here.

I feel your pain about housing prices I live in NoVA, just down the raod from you.
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