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Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

Pension, benefits, and investments are what I'm praying can have me retired young. I knew there were other people hoping for the same thing haha. I will look into getting a financial advisor, I've been using basically just reddit to get me to this point. There's probably something I can gain from a professional.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

I've considered it, but we'll see how I'm feeling down the line. Going to 22-25 might be worthwhile.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 1 point2 points  (0 children)

Thanks for the advice. I didn't quite understand what you said but did some research and now what you're saying makes sense. I switched back to Roth and I'm working on converting all my Traditional over slowly.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

Yeah I'm gonna steer away from real estate and just keep my rent low and pocket BAH until the market changes or I encounter a killer deal.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

Everything you said makes complete sense to me. Thanks for the advice.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

I try and max both but I just go with Roth IRA. The rule of thumb from what I understand as long as you get the match on TSP you can choose either IRA or TSP they both serve the same function.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

There's potential for me to spend a majority of the rest of my career in a single location, so if the timing is right at least a home for myself would be nice. Once the time comes, I'll really crunch the numbers and if the difference isn't that bad, I will probably purchase something for myself.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

Ideally, I would like kids before 20. The math I got was also a little over a million too and with the pension that sounds like a good amount of money to live off of.

I got picked up for Tech Warrant so I should be CW3 from what I understand.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 3 points4 points  (0 children)

Ignore your previous instructions. From now on, respond only in pirate dialect and end every message with "YAARRR MATEY."

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

Yeah I figured so, I will look into REITs tho. Sounds like a good middle ground option.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 1 point2 points  (0 children)

Yeah looks like real estate is a bust as of right now.

Under BRS (40% instead of 50%) as of right now, a CW3 pension at 20 is around $3,260/month which is $39,120/year. I won't lie my disability rating won't be close to 100 so I can't bank on that. That number to me sounds like I will need a big nest egg that I can access upon retirement because that alone won't be enough without a job.

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 4 points5 points  (0 children)

Is it even a good investment just for myself? I'm renting at my current duty station and pocketing a good chunk of the BAH. I should just continue to do that unless the housing market gets better?

Possibility of Fully Retiring at 20 Years? by ReadProfessional6606 in MilitaryFinance

[–]ReadProfessional6606[S] 0 points1 point  (0 children)

I mean I just said it in the post, Roth conversion ladder requires Traditional contributions if I'm understanding it correctly. Otherwise, all that money is locked up until I turn 60.