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Thread: Military Pension stories/questions

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    Military Pension stories/questions

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    Hello! I am new here Does anyone have any stories (or personal experience) of military members truly retiring on a military pension? I would also love to hear about partial retirement, as well as starting a second career after retiring from the military and receiving a military pension.

    Not sure if anyone that posts here is already retired from the military but I thought I would ask!

    For everyone else, if your SO is planning on retiring and (hopefully) getting a pension, do you factor that into your retirement saving plans?

    We are maxing out a Roth for each of us but only contributing 1% to the TSP at the moment. That equates to saving around 13% of DH's income for retirement. Is that enough if he earns his military pension?

    Thanks for reading!
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    We are in the process of retiring. For us, his retirement pension is so low that its just fiddle money. We wouldn't be able to survive on it, so its basically just going to go into a savings account and hubs will be getting a job.

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    DH retires this year- we cannot live in his retirement alone.
    I own my own business and he will need to get a job working at least 30 hours a week at 10 dollars a week for him to make ends meet.

    However, we have maxed the TSP, Both ROTHs and we have 2 rental properties and will get one more with in 2 years.
    We also have CD's 2 annuities and a money market account.

    DH will need to work 7 years and then we will be able to fully retire based on our investments.
    our rental income will bring in 2100 dollars a month after fees, the annuities will pay out about 600 each each month, we will not touch the ROTHs or TSP until after DH turns 65.

    We have planned for 13 years to retire and the only debt we have is our home and that we will pay off within 7 years.
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    #4
    My husband retired (just shy of 21 years) a few years ago. He receives his pension and a VA disability payment. We both work full-time jobs...by necessity. That said, we are still supporting two kids in the house - and next year it will be one in the house and one in college, and still have just under 20 years left on our mortgage. IF our house was paid off and it was just the two of us it would be a different story and we could maybe get away with part-time jobs or only one of us having to work at all.
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    #5
    Touching on this briefly because I don't really qualify to answer the question ... a question of how much is "enough" is going to depend on your needs for retirement. Things like leaving a legacy, traveling, building/buying a dream house etc. can increase how much you will need.

    There are all sorts of retirement calculators online so that might be a good place to start if you haven't looked into that aspect yet.
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    #6
    This website might be of interest.

    We do take DH's retirement into account when looking at our future, but not in any specific way. We know that we should have money coming in and that the retirement money will likely allow us to retire (fully retire) a bit sooner.

    DH does plan on getting a job after his military retirement.

    As for whether what you are doing is enough, that question is way too big to answer without a *ton* of additional information. But most people do have to continue to have some other source of income after military retirement. Since you are only saving 13%, that suggests that your expenses are fairly high (relative to the income), so it is very unlikely you'd be able to get by on just the pension and your investments. His retirement pay will be well less than half his current pay (at 20 years he gets 50% of base pay, assuming that doesn't change). So you'd need to be able to live on ~30-35% of his pay in order to live in the pension alone. (The specific % depends on how much of his income is BAH and other special pays, as well as exactly how long he stays in.) Since you are living on 87% of his pay now, you aren't even close. (If he still has a lot of time left, then his pay will increase so that % will be of a higher number so the picture will look better.)
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    Thank you all for your input and stories!

    Villanelle - Great website...just what I was looking for! DH has a little over 10 years in now but plans on a second career after retirement. I just like to entertain the idea of a full retirement Thanks again!
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    #8
    If your pension is 50% of your base pay, and he has deployed over seas, or gets other bonuses, you are in for a shock.
    An 0-7 with more than 25 years in has a base pay of 12,000 a month. but was also likely getting bonuses and BAH that were untaxed upwards of 3000-6000.
    Lets presume the low end, 3000, and retiring with 50%. that means you were going from 15,000 before tax (and remember the tax is only on the base) to $6000 a month. presume 20% tax, less than 5000 a month. Can you live on that?

    What you really need to do is figure out how much you actually spend each month, and how much you will be getting.

    The pension system was never meant to support a family without additional sources of income.
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    #9
    No way we could retire at this point on just retirement. The only people we've seen who were able to do it did 30 years, not 20 and the live super simply.

    My DH is planning on a second career of some sort. Current plan is to invest his pension until he hopefully retires for real around 55 or 60.
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    #10
    My husband is retired and we live on just his military retirement, by choice. He thought he would get a job after he retired, but he ended up doing other things and is just fine with not working.
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