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Retirement Discussions / FIRE Wannabees
|Subject: Re: Situation||Date: 9/14/2003 1:20 AM|
|Author: TMFDj111||Number: 751 of 5138|
I think it's a WONDERFUL opportunity but I LOVE what I do, but I can RETIRE in 8 to 10 years, with a very good salary as well as our investments.
Military retirement is not the lucrative retirement many people imagine. Retirement pay is taxable income. Additionally you must pay for SBP, TriCare for Life, and VGLI from your retirement proceeds. The bottom line is net retirement pay is generally 1/3 to 1/4 net pre-retirement pay. There are excellent non-financial incentives to military careers, but the financial rewards are slim.
The Air Force has an excellent retirement calculator for military members who retire form active duty on their personnel web site, but you must access the web site from a .mil computer. I'm not personally aware of a similar calculator for military members who retire from the Reserves or National Guards, but I would expect there're appropriate calculators on the Reserve and Guard web sites.
- Surf to: http://www.afpc.randolph.af.mil/
- Under the "Officer" or "Enlisted" headings, select "Retirement". The calculator is the same for both corps.
- Look for Retirement Calculator.
- To use the calculator, you'll need to know several dates from your personnel file. Those dates include 1405 Date, Date of Initial Entry into Military Service (DIEMS), pay date, promotion date. The calculator has links to explanations of each of these dates. You sh