Quote:
Originally Posted by Xist
If I put in twelve more years, I should receive at least a thousand a month, but not until I turn sixty, although I thought it was sixty-five, so it is at least better than I had understood.
Our retention sergeant says you start receiving benefits once you complete twenty years.
Let's say I reenlist for six years, take the $12,000 bonus, and with six months to prepare, barring ridiculous mandatory on-line training, I prepare myself adequately to get promoted, make $6,000 a year, and then get promoted to Staff Sergeant four years later, one bonus for six years. That would total around a hundred thousand. I would be forty-nine. If I live to be eighty-four and receive $1,200 a month for twenty-four years, I would receive $345,600 in retirement. Arguably, the average of $8,333.33 I would make a year would technically be $37,133.33.
I can replace Guard pay with Saturday clients, right? What if I worked enough to put money in retirement?
With the goal of doubling the investment every twelve years, I calculated that I would need a 5.95% investment rate (pretty close to the rule of 72).
Three hours a week would cover drill pay, but I would need to work eight hours every weekend, and invest five-eights of it, in order to invest enough to yield as much as the Army retirement for twenty-four years.
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He who retires with the most wins.
You stike me as a 'hard worker'
your going to do fine.
but why give up on an 'extra income'
Back to my buddy.
He's a computer geek. now he's 'retired' from the service at 55 but works fulltime w a civilian contractor making $150k
but he still have his military retirement and benefits, his ss AND what he's socking away At BoozAllen.
THe one component of this that you are NOT factoring in financially is the increasing cost of private health care.