15 year retirement

[3geese4me]

So I see now that the DOD is offering/proposing a new 15 year retirement plan. Instead of your 50% pension you would get 37.5% of your top 3. I have to be honest, I'm kind of leaning towards taking it. I have 10 years in right now and if I retire as an E-6 that would be an approximate $1140 check every month. The money wouldn't really matter to me because I know I'll get a decent paying job with my finance degree. The extra $400 that I would get if I retired at 20 isn't really worth the ass pain that I put up with now. My finances are in order, no credit card debt and I have a years worth of expenses saved up in my savings account.

Would you do it if you were in my shoes? or am I being dumb and I should just suck it up and stick it out for 5 more years?

[Olly]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

[AKPirate]

That's a pretty good deal.

[Redbeard]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

do you fall under homeland security somehow?

[DeadEye_Dan]

So I see now that the DOD is offering/proposing a new 15 year retirement plan. Instead of your 50% pension you would get 37.5% of your top 3. I have to be honest, I'm kind of leaning towards taking it. I have 10 years in right now and if I retire as an E-6 that would be an approximate $1140 check every month. The money wouldn't really matter to me because I know I'll get a decent paying job with my finance degree. The extra $400 that I would get if I retired at 20 isn't really worth the ass pain that I put up with now. My finances are in order, no credit card debt and I have a years worth of expenses saved up in my savings account.

Would you do it if you were in my shoes? or am I being dumb and I should just suck it up and stick it out for 5 more years?

No brainer.

If $1140 is 37.5% of your wage now, then it shouldn't be that hard to find a job in finance starting out with a $45-50k base and you'd still be able to put in 20+ there and you'd be shitting in the tall cotton by the time you're 60

[Olly]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

do you fall under homeland security somehow?

Yes, the Coast Guard is the only branch of the military not under the DoD.

[Redbeard]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

do you fall under homeland security somehow?

Yes, the Coast Guard is the only branch of the military not under the DoD.

hmm didn't know that

[RonE]

So I see now that the DOD is offering/proposing a new 15 year retirement plan. Instead of your 50% pension you would get 37.5% of your top 3. I have to be honest, I'm kind of leaning towards taking it. I have 10 years in right now and if I retire as an E-6 that would be an approximate $1140 check every month. The money wouldn't really matter to me because I know I'll get a decent paying job with my finance degree. The extra $400 that I would get if I retired at 20 isn't really worth the ass pain that I put up with now. My finances are in order, no credit card debt and I have a years worth of expenses saved up in my savings account.

Would you do it if you were in my shoes? or am I being dumb and I should just suck it up and stick it out for 5 more years?

Sounds like you are in the Air Farce. What would be wrong with staying for twenty and retiring as an E-7 or E-8? The extra 400 is 35% more that what you would get at 15 years plus what ever promotional raises, longevity raises and cost of living raises. You also have to consider what the job market is at the time you plan on retiring and that cannot be determined that far in the future. Being in good financial shape now is a great advantage. You might consider starting a heavy duty savings/investment strategy now and hit it hard for the next 5 years and see where you are then. It seems that you are committed to at least the next five years. If you put only $300 per month in a coffee can, that is $18,000 in five years, who knows how much it would be invested safely with the interest re-invested or how much it would be if someone gave you some really good advice on where and how to invest your money.

Good luck with what ever you decide to do. It is refreshing to see someone planning ahead.

[Bad17]

3geese stick the 20. You are over the hump. Stick the 20 retire with full benefits. I am still in contact with some guys who did the 15 yr retirement years ago and they got fucked on insurance and retirement benefits. Suck it up stay the 20 and promote and retire and be merry. Thanks for your service

[3geese4me]

So I see now that the DOD is offering/proposing a new 15 year retirement plan. Instead of your 50% pension you would get 37.5% of your top 3. I have to be honest, I'm kind of leaning towards taking it. I have 10 years in right now and if I retire as an E-6 that would be an approximate $1140 check every month. The money wouldn't really matter to me because I know I'll get a decent paying job with my finance degree. The extra $400 that I would get if I retired at 20 isn't really worth the ass pain that I put up with now. My finances are in order, no credit card debt and I have a years worth of expenses saved up in my savings account.

Would you do it if you were in my shoes? or am I being dumb and I should just suck it up and stick it out for 5 more years?

Sounds like you are in the Air Farce. What would be wrong with staying for twenty and retiring as an E-7 or E-8? The extra 400 is 35% more that what you would get at 15 years plus what ever promotional raises, longevity raises and cost of living raises. You also have to consider what the job market is at the time you plan on retiring and that cannot be determined that far in the future. Being in good financial shape now is a great advantage. You might consider starting a heavy duty savings/investment strategy now and hit it hard for the next 5 years and see where you are then. It seems that you are committed to at least the next five years. If you put only $300 per month in a coffee can, that is $18,000 in five years, who knows how much it would be invested safely with the interest re-invested or how much it would be if someone gave you some really good advice on where and how to invest your money.

Good luck with what ever you decide to do. It is refreshing to see someone planning ahead.

I guess my big issue is that the Air Force is becoming quite the Charlie Foxtrot anymore. Ridiculous policies and the constant need for those wishing to advance to suck the dicks of those who write their performance report. I am not that type of guy, I am a "if you do a good job at work and stay out of trouble, you will get promoted" guy. I guess my issue also is that I see what I could be making in the civilian sector and I look at what I am making now. No question that I would be making more if I was a civilian. I would get out now, but I have devoted 10 years of my life to the military. That is too much to give without getting anything in return from the Air Force. So when I seen the 15 year retirement, it became quite sexy to me because I'm tired of the bs that I have to put up with on a daily basis. If I stuck it out for the remaining 9 years left, yeah I would make substantially more. But the stress and strain on my family life is not worth it in my opinion. I do have a decent retirement fund set up and it's doing surprisingly well. I do 10% of my take home pay goes to a retirement fund and another 10% goes into savings. They are also doing away with our COLA, and the longevity raises are getting to be quite weak to be honest. I just got my 10 year raise. After taxes, I seen a 50 dollar per paycheck increase. So it's not like I'm making substantially more money by staying in longer.

[3geese4me]

3geese stick the 20. You are over the hump. Stick the 20 retire with full benefits. I am still in contact with some guys who did the 15 yr retirement years ago and they got fucked on insurance and retirement benefits. Suck it up stay the 20 and promote and retire and be merry. Thanks for your service

Thank you, this is also a fear of mine. Getting fucked on the money side of things, but I guess that is the gamble you take when something like this comes out. How did they get screwed on the money side if you don't mind me asking? If push came to shove, I could just jump on my wife's insurance and be covered that way. That doesn't bother me, but not getting my money does make me upset.

[Bad17]

Lowered percentage. Took tricare benefits away. You are supposed to be covered the rest of your life with the insurance. You earned that and they will take it away after a little while. I wish I woulda stuck the 20 out but I got out after 8 when it got political. When you could not properly discipline someone. I know it sucks but it's just a few more years I would stick it out. With tricare you are covered 100% with other insurance you have to pay for it. This would save you money as well. It's up to you ultimately. You need to decide what will make you and your wife happy. Good luck with this. It has to be a difficult decision especially since you have a family. Research all options and make a good decision not one made on emotion. Have a job lined up to start within 30 days of your retirement date. There are a lot of companies who love hiring veterans because of work ethic and reliability. If you can do that transition will be much easier. Good luck brother.

[jehler]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

do you fall under homeland security somehow?

Yes, the Coast Guard is the only branch of the military not under the DoD.

so your not in the military

[jehler]

I would get out now, but I have devoted 10 years of my life to the military. That is too much to give without getting anything in return from the Air Force.

Fuck that, do what you want, life is to short to think this way

[NuffDaddy]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

do you fall under homeland security somehow?

Yes, the Coast Guard is the only branch of the military not under the DoD.

so your not in the military

They are the mall cop of the military branches.

[Bad17]

They are DOT

[Olly]

They are DOT

Used to be before 9/11 now we're under Homeland Security.

[Eric Haynes]

3geese stick the 20. You are over the hump. Stick the 20 retire with full benefits. I am still in contact with some guys who did the 15 yr retirement years ago and they got fucked on insurance and retirement benefits. Suck it up stay the 20 and promote and retire and be merry. Thanks for your service

Thank you, this is also a fear of mine. Getting fucked on the money side of things, but I guess that is the gamble you take when something like this comes out. How did they get screwed on the money side if you don't mind me asking? If push came to shove, I could just jump on my wife's insurance and be covered that way. That doesn't bother me, but not getting my money does make me upset.

If I was retiring from the military, Id be staying until Chief or officer. Should happen within the 25 year mark. To me retiring as a 6 is just not worth it.

[assateague]

So I see now that the DOD is offering/proposing a new 15 year retirement plan. Instead of your 50% pension you would get 37.5% of your top 3. I have to be honest, I'm kind of leaning towards taking it. I have 10 years in right now and if I retire as an E-6 that would be an approximate $1140 check every month. The money wouldn't really matter to me because I know I'll get a decent paying job with my finance degree. The extra $400 that I would get if I retired at 20 isn't really worth the ass pain that I put up with now. My finances are in order, no credit card debt and I have a years worth of expenses saved up in my savings account.

Would you do it if you were in my shoes? or am I being dumb and I should just suck it up and stick it out for 5 more years?

No brainer.

If $1140 is 37.5% of your wage now, then it shouldn't be that hard to find a job in finance starting out with a $45-50k base and you'd still be able to put in 20+ there and you'd be shitting in the tall cotton by the time you're 60

Assuming, of course, you make it to 60.

50/50™.

[NuffDaddy]

My plan....
Fuck off and accumulate as much debt as possible until I'm 50. Then work till I die.

[Tomkat]

My plan....
Fuck off and accumulate as much debt as possible until I'm 50. Then work till I die.

At age 52 I am glad I don't have your plan. In a few years I will be debt free and the I can play until I die.

You are gonna hit 50 faster than you think.

Save your money.

[Goldfish]

3g it kinda sounds like you have your mind made up and just want to hear someone else say it.

[Bad17]

Sorry Olly didn't know they changed that.

[RonE]

I hope the DoD does this. If they do then Homeland Security won't be far behind. I'd do it.

do you fall under homeland security somehow?

Yes, the Coast Guard is the only branch of the military not under the DoD.

so your not in the military

He works for the same outfit that has all those assholes at the airport, TSA.

[RonE]

Sorry Olly didn't know they changed that.

"They" didn't change it, our inspired leader did.

[Olly]

Sorry Olly didn't know they changed that.

"They" didn't change it, our inspired leader did.

If you mean George Bush then yes...

[NuffDaddy]

My plan....
Fuck off and accumulate as much debt as possible until I'm 50. Then work till I die.

At age 52 I am glad I don't have your plan. In a few years I will be debt free and the I can play until I die.

You are gonna hit 50 faster than you think.

Save your money.

Just joking. Should be done with school in 3 years. Then as long as I can find a job, I'm hoping to be retired pretty early in life.

[3legged_lab]

So I see now that the DOD is offering/proposing a new 15 year retirement plan. Instead of your 50% pension you would get 37.5% of your top 3. I have to be honest, I'm kind of leaning towards taking it. I have 10 years in right now and if I retire as an E-6 that would be an approximate $1140 check every month. The money wouldn't really matter to me because I know I'll get a decent paying job with my finance degree. The extra $400 that I would get if I retired at 20 isn't really worth the ass pain that I put up with now. My finances are in order, no credit card debt and I have a years worth of expenses saved up in my savings account.

Would you do it if you were in my shoes? or am I being dumb and I should just suck it up and stick it out for 5 more years?

Sounds like you are in the Air Farce. What would be wrong with staying for twenty and retiring as an E-7 or E-8? The extra 400 is 35% more that what you would get at 15 years plus what ever promotional raises, longevity raises and cost of living raises. You also have to consider what the job market is at the time you plan on retiring and that cannot be determined that far in the future. Being in good financial shape now is a great advantage. You might consider starting a heavy duty savings/investment strategy now and hit it hard for the next 5 years and see where you are then. It seems that you are committed to at least the next five years. If you put only $300 per month in a coffee can, that is $18,000 in five years, who knows how much it would be invested safely with the interest re-invested or how much it would be if someone gave you some really good advice on where and how to invest your money.

Good luck with what ever you decide to do. It is refreshing to see someone planning ahead.

I guess my big issue is that the Air Force is becoming quite the Charlie Foxtrot anymore. Ridiculous policies and the constant need for those wishing to advance to suck the dicks of those who write their performance report. I am not that type of guy, I am a "if you do a good job at work and stay out of trouble, you will get promoted" guy. I guess my issue also is that I see what I could be making in the civilian sector and I look at what I am making now. No question that I would be making more if I was a civilian. I would get out now, but I have devoted 10 years of my life to the military. That is too much to give without getting anything in return from the Air Force. So when I seen the 15 year retirement, it became quite sexy to me because I'm tired of the bs that I have to put up with on a daily basis. If I stuck it out for the remaining 9 years left, yeah I would make substantially more. But the stress and strain on my family life is not worth it in my opinion. I do have a decent retirement fund set up and it's doing surprisingly well. I do 10% of my take home pay goes to a retirement fund and another 10% goes into savings. They are also doing away with our COLA, and the longevity raises are getting to be quite weak to be honest. I just got my 10 year raise. After taxes, I seen a 50 dollar per paycheck increase. So it's not like I'm making substantially more money by staying in longer.

On the flipside, you'll most likely deal with some form of bs at any other job as well.

[Eric Haynes]

My plan....
Fuck off and accumulate as much debt as possible until I'm 50. Then work till I die.

At age 52 I am glad I don't have your plan. In a few years I will be debt free and the I can play until I die.

You are gonna hit 50 faster than you think.

Save your money.

Not being a dick but...

Get a good job and that saving for your whole life is pointless.

Should be able to save from 40-55 to boost your retirement more than enough to play the rest of your life.

[assateague]

On the flipside, you'll most likely deal with some form of bs at any other job as well.

This is amazingly true, and shouldn't be discounted. I used to think the bullshit was deep in the Army, but really, corporate America makes the military look like a well-oiled machine. While the bullshit may be a different flavor, I assure you it is every bit as deep in the civilian world.