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Thread: Preparing for retirement

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    #1

    Preparing for retirement

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    What are you or will you do for retirement planning when your SO is out (after 20 years+)?

    I would love to hear what others are doing. Dh is still four years away from retirement but I figure its a good idea to start planning now. He may do 22 years but that is only under a special circumstance (ie, getting stationed back here)
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    What do you mean exactly?
    Like financial? career? location?

    There are 10 types of people in the world, those that understand binary and those that don't
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    Mostly just in general, being four years away DH and I aren't sure where to start or know what we should be considering. So far we just know that we should make sure we can financially live on just my income and he has four years to consider what he wants to do as far as a career.

    But the prescription thread got me to thinking, what else? Tricare coverage won't exactly be the same as it is now, so should I get him signed up for my insurance when he gets out (I'm not sure how good the retirement Tricare is)... Stuff like that. And I'm sure there are probably others that I haven't thought of.
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    we started planning for retirement 10 years ago- Dh retires officially 10/1/14

    we maxed contributions to the TSP and both of our Roths.

    we bought a home 7 years ago in the place we will retire.

    we started paying more on our mortgage, making 2 extra payments a year for the last 5 years to be able to pay it off faster.

    we paid off both cars, and the paid cash for the truck and the motorcycle.

    we save about 50% of DH's base pay in other investments and have 12 months of savings in case of an emergency.

    Dh started networking about 15 months ago, and has reconnected with som old buddies who are now in positions that can help him.
    Dh will not need to work full time after he retires, his retirement will pay for the mortgage and his monthly expenses, and give him a little play money, but he has his eye on a gov contract job and a fed teaching job.
    he will be submitting his resumes for that in jan. and will go on terminal leave in June 1st.

    if the jobs fall thru he may go to orlando for a tech school, and use his GI bill - the school is 9 months long and the GI bill will pay books, Housing and tuition.
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    Hmmm..
    To my knowledge Tricare is the same, we are just going to be paying for it.

    All we've really done is make sure we have 401K and other retirement funds going on. We are paying off as many bills as we can, and prior to him leaving we were beefing up savings but that's become difficult due to the huge financial impact.

    He is getting jobs lined up so he is hired as soon as he goes on terminal leave. He is also 'saving' leave to make sure he has at least 60 days for terminal.

    The only other thing we haven't touched or even talked about is Life insurance. Right now we have the SGLI, but that ends as soon as he retires, so that's something we still need to discuss.

    As far as knowing what we can live on, we got 'fortunate' in that we lost nearly $1500 a month when he left, so knowing that we can still live the way we are with that much of a reduction is helpful. It tells me we can survive on my income and his retirement alone, should that happen.

    One thing I also suggest is that he get a degree (if he hasn't already). I have a few friends who's spouses have recently retired and they are having a hard time finding a job without a degree, and even those without master's degrees are having a time. It does depend on the job, but that is something to prepare for.

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    We also bought a home where we are retiring (where I currently am). We bought it 6 years ago. So, basically we settled here, knowing we were going to retire here.

    There are 10 types of people in the world, those that understand binary and those that don't
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    for tricare it is basically the same- you have prime that you pay for and standard that is premium free-

    for now we are staying with standard because we are fairly healthy and the cost shares are low.

    we also just got alternate life insurance thru navy mutual.
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    #8
    Quote Originally Posted by gunsgirl View Post
    for tricare it is basically the same- you have prime that you pay for and standard that is premium free-

    for now we are staying with standard because we are fairly healthy and the cost shares are low.

    we also just got alternate life insurance thru navy mutual.
    are you saying as a retiree, standard is free entirely?
    which is more cost benefit for one that rarely (if ever) goes to the doctor (for both kids and spouse)?

    There are 10 types of people in the world, those that understand binary and those that don't
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    #9
    Yes, currently Standard is still fee free. There's talk of making all retirees go on Standard and possibly requiring a premium for Standard like they do Prime... So for us it's a wait and see since DH is only at 16 1/2. We're planning to use Standard regardless though and hopefully we'll live near a base where we can fill prescriptions.

    Our list of things to do before retirement:
    Pay off debt
    DH finish masters
    Me finish accounting degree and hopefully get in the field
    Focus on networking
    Narrow down areas we'd like to live (overseas, DC, AZ and FL have all been thrown around)

    We're mostly just trying to make it so we can both get the best jobs possible when he gets out because that's our biggest worry truthfully is he'll get out and not make what he does now.
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    Quote Originally Posted by TrishAFSpouse View Post
    are you saying as a retiree, standard is free entirely?
    which is more cost benefit for one that rarely (if ever) goes to the doctor (for both kids and spouse)?


    standard is not "free" as there are out of pockets Point of service fees. however it is premium free.

    for instance for a healthy person who rarely needs to see a doctor the cost share for an office visit is 25 dollars. but the premiums with just a spouse is 444 every 6 months.
    for an er Visit it is still only 15% of the allowable charges, and for a hospital visit it is 25 dollars a day.
    And you can go to prime any time you want to.

    if you have kids you will want to consider Prime and pay the premiums, but because it is just DH and I it will be cheaper in the long run for us to stay standard.
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