My Dream Retirement-Is this Possible?

[sailorboy1]

Some of you really have a messed view of life in the military! Granted it has now been 20 years since my wife and I were in, but we were nowhere near being as poor as the numbers currently mentioned. The amount of ones base pay and other other benefits is a lot different than ones pension amount!

[a64pilot]

Damn, I had all this typed up and it disappeared, anyway I was a lowly CW3, just looked and base pay today is $5,900 or so, BAQ about $1,000 and BAS about the same I think. My flight pay was $640 a month and I got a $12,000 a yr bonus as an AH-64 driver.
So that is like 120K a yr? You guys check as I'm not so good at math, but military life is nothing like Gomer Pyle, maybe long ago it was, but at least ten yrs ago it wasn't.

My retired pay is I think about $2,200 a month. One thing is for sure it has always been that amount, in theory there is some adjustment for inflation, but apparently there is no inflation, just ask any politician.

[sailorchic34]

Originally Posted by sailorboy1

Some of you really have a messed view of life in the military! Granted it has now been 20 years since my wife and I were in, but we were nowhere near being as poor as the numbers currently mentioned. The amount of ones base pay and other other benefits is a lot different than ones pension amount!

Hmm Both my parents served in the Air Force and I was born on an Air Force Base and grew up on them. My brother also served in the Air Force. While I didn't, I remember my parents always having to scrape by each month, and that's living on base housing and shopping at the commissary. With a lot of the military families living on food stamps now of days , I don't see much to change that perception.

[a64pilot]

Pay scales for the military are public, just look it up. I went in as a Pvt, E2 to be exact, while we were never well off, I was never anywhere near food stamps. I'm sure you can find some kind of example where that is the case, but even an E2 if they manage their money can get by, can't drive new cars etc., but they can get by. Plus that is the bottom of the totem pole, an entry level job.

Honestly a lot like your doing, many people with twice or three times your income, can't make ends meet and are on public assistance, and yet from one month to another, you get by.

Best thing about the military is you can advance rapidly compared to civilian life. Took me 18 months to make E5, now that was unusual and took luck, but it can be done. Big difference between a Pvt and a Sargent, both financially and socially.

[JPA Cate]

It is true that I was surprised by the extent of inflation. However, there is another side to that: I needn't have been if I'd paid attention. I have long had the attitude that whatever happened I'd find a way to survive, and have interest in life. Until I don't, of course, but then it doesn't matter.

At any rate, in our years of cruising, we, too, have seen couples on small boats (a 22 footer comes to mind) having a grand time. We also experienced French Polynesia after Mexico, realized our cruising kitty was too small for us, and came back to the States to work for (in my case, 1 yr., in Jim's, 1-1/2 yrs.) and sell my house.

We have had only a few regrets, but choices always un-choose something else, and may have unintended consequences. Making choices and living by them could be a definition of living, so over-thinking things may still be a waste of time.

Wind Dreamer has made a choice: he wants a different lifestyle, and he wants to optimize the timing of it. I thought organizing a "pass by" in the way that A64pilot did was brilliant. As long as his good lady is on board with the plan, why should he not buy a well found older boat and do as he wants?

People who put things off too long have regrets. Maybe Wind Dreamer wants memories instead of regrets!

The values most landlubbers bring to this kind of discussion will be informed by people whose thoughts are more about security in the future. But none of us ever know what the future holds for us, so, to me, while their premises may hold value to them, they are less relevant to particular individuals who have the courage to move away from popular behavior.

Go for it, WD, one morning you'll wake up in a lovely anchorage somewhere, and go spear fishing to catch your lunch, and it will be warm and good.

Ann

[Wind_Dreamer]

A64pilot, you are correct. There is a huge public misunderstanding about how much money people in the military can potentially make. If there are soldiers,airmen, sailors or marines on food stamps, I associate that with mismanagement of money. I am enlisted and only a mid-ranking NCO and Before my last PCS, I bought a house in Texas, I had 4 cars that I paid cash for and one of them was a brand new BMW 335i that I picked up in Munich, drove it through Scotland then shipped it to Texas. I sold the house (for a $20k loss) and 2 of the cars. I have no bills except insurance and a cell phone bill. Part of the reason for having more money than the public can understand is that I spent a lot of time in combat zones where I make more money, pay no taxes and have nothing to spend my money on, I'm not buying gas, not buying food, which equates to a considerable boost to the savings account when I return home after a 9 month to 1 year deployment.

[a64pilot]

If you live on a cash existence and not on credit, you'll do fine. I used to try to counsel junior officers and enlisted on how much credit actually cut into their pay, some listened, most didn't, but if you live on credit your losing about 25% of your pay.
Partially because if your in a position to pay cash, you can usually get a better deal, it's more than the interest charges.

[tuffr2]

What might be a bit easier on the wallet is to buy an RV and stay on land. You can 'boondock' on BLM land for $180 / six months.

Just a thought

Sent from my SCH-I535 using Cruisers Sailing Forum mobile app

[Greenhand]

Have you been out on the open water yet? It can be quite cold out there!

[darylat8750]

Thank you for your service.

Some times people confuse "cruising" with "sailing around the world". So some folks are not happy with the idea of a boat that is not reasonably capable of leaving on a whim (well if not on a whim at least reasonably short notice) and sailing across oceans. We have spent a wonderful 3 years in the Western Caribbean, a couple of years on the E Coast of the US and worked our way through the Erie Canal and the Trent Severn waterways to Lake Mich. I wouldn't try to take my boat across the Atlantic on a bet but we are sure enjoying our retirement.

My point being it is possible to "ease into cruising". If you hang around the East or Gulf Coasts for the first year of living on or at least with your new to you boat the logistics of and cost of getting parts/supplies will be easier. The difference in pricing between a shop that caters to "Yachts" and one that regular customers are "Watermen" digging clams out of an old wooden deadrise will astound you.

The biggest single thing that we do for the budget is anchor. Marinas really clip the budget. So when looking at boats be sure to consider a dinghy and how you will transport it.

Good luck. Live your dreams.

[NotJustDreaming]

Hello WD!

While I was reading this thread I kept wondering if you know about this great blog ... The military guide to financial independence and early retirement by a guy who calls himself Nords. Here is the link to the main page.... Military Guide — The Military Guide To Financial Independence & Early Retirement: For Service Members, Veterans & Their Families

My husband is in the Canadian military so a large amount of the content doesn't apply to us. But I love the parts about pursuing dreams, financial independence in general, making choices, and the pursuit of simplicity. It may end up being very inspirational for you. And may jump start a different financial perspective for you. I found Nords through Mr Money Mustache, which I also enjoy for different reasons. Both inspired me to ramp up our savings. My goal for this year is $100K. Super ambitious but with a shift in my perception of money, certainly doable. That amount does include our pension contributions though (not the employers). That will leave us around 36k for everything else. No debts and only one vehicle with a paid off house. Three kids. More than enough to maintain a super luxurious lifestyle

When my husband was deployed it was super easy to save chunks of cash. Especially with the bonuses and tax situation.

Maybe you could ramp up your savings over your last two years and have the best of both worlds.... More cash and on schedule.

I'm excited for you! Whatever you decide.

NJD

[goat]

Originally Posted by NotJustDreaming

Hello WD!

While I was reading this thread I kept wondering if you know about this great blog ... The military guide to financial independence and early retirement by a guy who calls himself Nords. Here is the link to the main page.... Military Guide — The Military Guide To Financial Independence & Early Retirement: For Service Members, Veterans & Their Families

My husband is in the Canadian military so a large amount of the content doesn't apply to us. But I love the parts about pursuing dreams, financial independence in general, making choices, and the pursuit of simplicity. It may end up being very inspirational for you. And may jump start a different financial perspective for you. I found Nords through Mr Money Mustache, which I also enjoy for different reasons. Both inspired me to ramp up our savings. My goal for this year is $100K. Super ambitious but with a shift in my perception of money, certainly doable. That amount does include our pension contributions though (not the employers). That will leave us around 36k for everything else. No debts and only one vehicle with a paid off house. Three kids. More than enough to maintain a super luxurious lifestyle

When my husband was deployed it was super easy to save chunks of cash. Especially with the bonuses and tax situation.

Maybe you could ramp up your savings over your last two years and have the best of both worlds.... More cash and on schedule.

I'm excited for you! Whatever you decide.

NJD

I'm assuming if you found Mr Money Moustache you've found Jacob @ 'early retirement extreme'.

Do it,

Goat

[SURV69]

Make sure you check into VA, even if you have tricare, to see what disabilities you have ... diabetes, bad water from Camp Lejune, foot problems ... whathaveyou.

My brother got VA disabilities(army Iraq) that surprised him and it makes a difference.

In any case, ask around when you get out and find a VA service that will not only help you, but will be an advocate for you in the VA system.

[Starboardyacht]

May sound cliché but thank you for your service & sacrifice ....

My Dad retired after 25 yrs., Navy... He dreamed of cruising & freedom but he could not adjust to land or being just a civilian, eventually divorced my Mom & his life seemed to dry up.... He died last August, dreams unfulfilled...

I've been a sailor since birth ( on NAS JAX) my plans are in motion & I hope to do some of the stuff we talked of long ago...
My advise for you would be to buy a small day sailor and sail it in every condition, especially conditions that scare the hell outta you.. When that fear stops buy a bigger boat, 25' max, then repeat... Then buy a solid boat that fits your plan, it's important that you see her as beautiful...

Then head to NAS Boca Chica, (fla keys)... You can get a great mooring for $100 a month or slip for $200,
rum drinks at the base bar $2.50, beers $1.50 (retired Vets get bar stool priority)... Use this as home base, great spot to test yourself & your boat.... You'll know when your ready....

Hope to see you out there, bar tab is on me...

[montenido]

Wind-Dreamer,

I also thank you for your service and sacrifice. You have received great advice here from people more knowledgeable than I. As a recent retiree from the fire service, I do have some advice for you. If you are ready to go, then go. Money comes and goes, but time only goes.

It sounds like you have done some homework and still have a bit of time. So continue to refine your plan and learn about boats and what might work for you. As a starting place, I might suggest the Sea of Cortez, in Mexico. The cruising conditions are beautiful and mild, and if you anchor out, living costs are very low. You can usually catch lots of your meals.

I wish you and your wife success with whatever direction that you decide to take. But go soon, because time is the one thing we can't be sure of.

Cheers, Bill