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Old 09-20-2017, 11:01 AM
 
46 posts, read 20,911 times
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Just to clarify I am only saving the TSP match (5%) and maxing my Roth IRA. I am putting all the rest into a taxable Vanguard.
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Old 09-20-2017, 11:16 AM
 
46 posts, read 20,911 times
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My wife's job prospects and situation is complicated. She is a foreign physician her medical school is considered a U.S. equivalent.

However she can't work as a MD in the U.S. unless she were to take the United State Medical Licensing Exam and redo her residency.

This means she is either overqualified, not offered a worthwhile wage, or unwilling to do certain menial jobs.

She has worked in the past as a clinic manager and a college professor.
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Old 09-20-2017, 11:21 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
5,449 posts, read 4,088,868 times
Reputation: 7262
Quote:
Originally Posted by Supermex View Post
They recently changed the military retirement system no more 20 year retirements. It is now more akin to a 401K with matching funds on 5%. Basically it took out the most attractive reason to join the military.

I did everything in my power to raise my son with the mentality to NEVER join the military other than in a time of invasion to defend our Country.

I did four combat tours a total of 45 months combat time. I was a flight medic for much of my career; I saved many who I am sure wished I hadn't. I regularly dream of the ones I couldn't save.

On my last tour I lost 3 out of 4 of my team medics two to permanent injury and one to a mental break down.

Trust me there are far easier and more noble ways to earn a dollar.
Easier sure, but I can't say that what you did wasn't noble.
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Old 09-20-2017, 11:27 AM
 
6,878 posts, read 7,276,074 times
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Quote:
or unwilling to do certain menial jobs.
That's a personal choice of course....

Quote:
She has worked in the past as a clinic manager and a college professor.
Can she do that again? Or does she not want to do that either. Which is fine, of course. Don't get me wrong.

If she doesn't have to work, and doesn't want to work, or won't work for whatever reason that's between the two of you.

I'd work until I got the second pension. The day after that I'd be outta there. (and in the meantime look for the cushiest, easiest, least responsible job I could get.) Just like jail, if you gotta do the time -- it might as well be the easiest time you can serve.
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Old 09-20-2017, 11:42 AM
 
12,825 posts, read 20,135,648 times
Reputation: 10910
Quote:
Originally Posted by eliza61nyc View Post
Ok I'm not going to tell you what to do but i'll give you the opposite side.

So my late husband and I were pretty normal like everyone here. Have more, have more, have more. same reasons everyone afraid of running out of money.

For my 50th birthday he took me to Vegas, 8 months later he was gone from Acute myloid Leukemia. I think of all the things we didn't do because "we should save the money for retirement".

So at 50 I was a widow with 3 teen kids.

So now I have the opposite view. I no longer stress that I don't have long term care insurance, I'm working one maybe two more years at most. and I'm spending my money. I'm taking my family to London May.

sorry for me time now is more important.
Right, but because both you and he (use to be) paranoid, now that you are a widow, you are in better shape than you would have been following the normal American spendthrift game plan.
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Old 09-20-2017, 11:46 AM
 
12,825 posts, read 20,135,648 times
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Quote:
Originally Posted by Giesela View Post
Retired at 60 and now 61. Struggle daily with spending vs. saving for old age since I have no one to take care of me and will need to hire out everything.

I am increasingly aware of the fact that all those wonderful things you want to do in retirement seriously start to diminish when you hit 70. Sure you may be EXCEPTIONAL, don't we all like to think so? There are always people who chime in with the I know someone who is 80 and bikes around the world every year. But will that be you? You can probably count on still playing golf and do some non strenuous travel, fishing. But the reality is - when you hit 70 you start seeing the Dr. more whether you are going to live to 90+ or not. By 70 you start to think twice about hiking miles where there is no cell phone reception, or traveling for long periods of time. By the time you hit 60 you'll notice that there are a fair few people who have already passed in high school photos. Celeb and music icons from your youth are dropping like flies. And it just increases from there.

So I have 9 years left. 9 years. Not much time before I feel like things start to power down.

Its too bad there aren't more part time options. I worked government with a guy who had come back for a 6 months on 6 months off gig which I thought was exceptional. He worked on annual budget plans, mostly end of year stuff so he worked the last 6 months of the fiscal year. Or may it was the first 3 and the last 3 I can't remember. But it allowed him to really sort of get away from work, do some long distance traveling and down time, but then replenish the pot. He died after a few years of doing this.

Be nice to have a crystal ball wouldn't it?
Here are the wonderful things I have as must have retirement goals.
Avoid sitting in my own poop for hours.
Avoid falling repeatedly down stairs in a house too big for my actual needs.
Avoid bankrupting DW.
Be able to pay for really great drugs to ease my cruise down the final road, all while having a home care aid at my beckon call.
Simple stuff.
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Old 09-20-2017, 11:56 AM
 
Location: NNV
1,518 posts, read 972,148 times
Reputation: 3086
Quote:
Originally Posted by slowdude222 View Post
Tell your kid to join the military and retire in 20 years. Cost of college is too much. The diploma is not as valuable anymore.
This is pretty much the WORST advice a parent could give their children. No reason to discourage obtaining a diploma. A Bachelor's degree will give a leg up on people who do not have degrees. This becomes more important as one gets into their 40s and 50s. My wife had a successful career without a college degree, but many would not interview her in her 50s even though she was qualified and OVER qualified based on experience for many positions, simply because she did not have that degree.

As far as the OP, retiring very comfortably at age 54 is something many here (including me) would love to do or have done. If the job is good, work the extra 7 years.

Last edited by Vic Romano; 09-20-2017 at 12:09 PM..
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Old 09-20-2017, 11:59 AM
 
6,306 posts, read 5,051,434 times
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Are you at 100% VA connected disabled?

I ask because if you haven't made up your mind where you want to build, consider one of the states that exempts property taxes for those in that category.

I know Florida and Texas are two states. We live in Texas and my other half is 100%, so our property taxes are zero on our homestead.
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Old 09-20-2017, 12:10 PM
 
46 posts, read 20,911 times
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I am 100% VA and I will most certainly live in one of the states that waive property tax for 100% VA and also don't tax military retirement.

Coincidentally I am from Florida and have my 10 acres there.
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Old 09-20-2017, 12:41 PM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
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Quote:
Originally Posted by Supermex View Post
Just to clarify I am only saving the TSP match (5%) and maxing my Roth IRA. I am putting all the rest into a taxable Vanguard.


Let me give you one thing that you are doing incorrectly. TSP is a great place to save for retirement and the only way to fully utilize it, is to max out contribution in your TSP/401k. If you are saving in IRA the max allowed is $5,500 unless you are 50 or older then it is $6,500 annually. If you are looking at tax savings TSP maximum is $18,500 and if you are over 50 it is $24,500 annually. In terms of tax savings you cannot beat that with a stick let alone trying to increase your portfolio with a Vanguard account.

I am not telling you this in any demeaning way. I am just ensuring you understand the repercussions of your path. Tax savings alone makes up for any taxable account you could create short of instantly winning the lottery.
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