2013 is right around the corner, and on 1 Sep 2013 It'll have 20 years since I was transfered to the fleet reserve. Only need another year, 1 month and 11 days after that to have as much time retired from the Navy as I served on active duty.
Looking forward to it.
Greg -
I recall marking that milestone in retired years, as I did active(23 years in my case). That occurred 8 years ago in 2004. Will be retired 32 years in July of 2013. I certainly have got my money's worth in retired pay from Uncle Sam - and then some (actually, a great deal more than I ever thought I would).
One of my former shipmates (Bob Bristow)retired in 1993 and I recently got an e-mail from him, saying that he will probably go for his Social Security in 2013. I started drawing mine (at age 62)in 2001 - and drew more out than I paid in - - - in LESS THAN 3 YEARS!! Is Uncle Sam good - or what???
Maybe that's why he is going broke !
Cheers and good health to all in 2013...........Irv (Dee)
I remember shortly before I retired, the Navy was putting out an annual statement giving a number that they said would represent the value of your retirement package. I thikn as an E6 they were saying it was worth about 300K or so. I'd have been very happy if they'd offered it to me (tax free of course) in a lump sum. Still think it should be an option for retiring military.
I'd have happily waived my rights to commisary and exchange usage, and to access to the military medical system as well.
Perhaps some day in the future they'll adopt that kind of system.
Greg -
I'm pretty sure - taking the $300K lump sum would be the WRONG thing to do (unless you lived a very short time after retirement). I have collected well over half a million since retirement, about 1/3 tax free (VA disability) - plus all the savings in commissary/exchange - many other bennies - not to mention virtually FREE medical care for myself and my wife.
I pay about $200 for both of us (deducted from our Social Security). and not a penny more. Prescriptions, alone, probably would cost us around $200-$300 a month (and more if we got sick) for which we now pay around $25-30 per month through Express Scripts - with most of our meds FREE at the Navy dispensary !
Do the math, and I believe all of this equates to right around a couple of million, including my retirement/VA, benefits & our health care. My sister and her husband (both over 65 years old) pay about $800 per month - plus deductibles and co-pays for their medical, alone.
At 8% interest on the $300K, you'd have to get about 8% interest on it for 75 years (and not touch a penny of it for all that time) to come close!
$300K would buy a fairly nice home in most places, not much left over though!
Just saying.................Irv
Dee,
Certainly a great retirement if you have other retirement income less Social Security. It still causes a lot of heart burn when you did everything right, as you saw it, and 3/4 ths of your Social Security becomes taxable. There are changes needed no doubt in the Tax system because Linda and I paid a higher % than many have including Ro---y!!!!!!! Ya Got to Love it. We certainly have received our retirement and don't have TOO much to ***** about, but every few days I check what is going on with TRICARE FOR LIFE.
Have a great Year.
Chuck & Linda
I have to agree with you Dee. My wife and I are in the same position as you and yours. There are a lot of variables that go into a comfortable retirement but I retired at 58. Would never have been able to without our retirement benefits and I, like you, have used them all to the fullest. I draw no disability but still live comfortably on Navy benefits and SS. Regardless of when you retire, it takes planning starting in the early years of your career to call your retirement comfortable. My only concern is the damage that can be done to my comfort with the stroke of a pen. I probably shouldn't be concerned since our inept Congress can't agree on anything.
Rick - and others who posted:
Looks as though I "goofed" on my reply to Greg about the number of years it would take to grow the $300K (lump sum-tax free retirement he referred to). I mistakenly said it would be 75 years, without touching a penny of it, for it to reach the $2 million mark - which is about what I figure my retirement pay and benefits have amounted to after 32 years of retirement.
The actual number of years would be 25 (not 75) if you assume an 8% interest rate, compounded quarterly. My question is: what would you live on during that 25 years? Unless, of course, you launched a second career (which I was lucky enough to have had two second careers - neither of which provided any retirement benefits - but, hey -- I kept real busy with work, family and hobbies.
My Dad (WWII Navy vet), God rest him, always used to say: "I've got good health, a beautiful family, and a desire to work .... what more could anyone ask for?" He was a barber from age 13 - 90. And he enjoyed every day of the 77 years of his working life !
To all who served the 20+ years, enjoy your retirement !!
Irv
Yikes! I calculated my time and looks like 2041 when I will have been retired for as long as I was on Active duty in the Navy (34 years). That would make me 88 years old. Maybe I too should start collecting SS at 62. I never thought I would receive, nor did I plan for Social Security in my senior years. Now it's like winning the lottery - totally unexpected.
23 years since I retired, SS this year. I also get VA disability compensation and state disability (minus offset for VA compensation). So I guess that makes me one of the 47%, lol.
It would appear many of us are hitting those milestones of retirement and SS. I served 22 years and in March it will be 22 years since I retired.....still not sure where that time has gone! I'll be 62 next month and already approved for early SS. I just went from working full time to being a part time consultant.
62 Randy, a mere baby. EKD
Its all relative, Ed....I have a left rotator that tells me I'm 82 sometimes :)
Hey Randy....
I was standing outside of the Kef admin office in November '77. You came through the Marine post and introduced yourself to me.
I was 24....you therefore, were 27.
Lots of water over the dam since then.
Good times....bad times....times...
Best to you.
Nick
In November of '77 (NAVFAC Kef) I was a mere 23 years old. Younger than all of you "old timers". So Nick, did you follow me to Kef from Bermuda or were you the leader? I arrived in September '76.
You beat me to Kef, James. I did a stint at the Jewel of the Delaware from 74-77. Managed (with some serious effort) to get Jack Fessler on the straight and narrow so he could make something of himself.
Some will remember just how goofy the grading requirements were in those days. We managed to win 2 (or 3) straight Operations "O" awards during my tour despite the fact that we mostly played Spades on eves and mids.
I remember having an average T/L of something stupid like 15 min for a couple of years running.
Got my comeupins when I got to Kef and the worst reader on the floor could run circles around me. A lesson I never forgot.
Ah, that's right Nick. But for some crazy reason Petty Officer Donovan always wanted to be as good an Acoustic Analyst and respected Petty Officer as PO Nick McConnell and PO Randy Scott were...... Randy knows the story. (<:
Nick
As a young ensign at no news Lewes I thought I got you and Jack squared away!
Mike
I remember the radio callsignsfor Lewes. It was "touchy career" and the CO's was Touchy Career zero zero, but when he came through the guard shack in the middle of the night the radio on display would blare out "Touchy Career oh oh is on his way to the TE building" Gave us about 3 minuters to put away the risk board and the chess pieces!.
Hey Mike....you have to remember the mid when we were doing field day and the Admiral showed up about midnight. That's a funny story. I still tell it.
Nick, I also tell that story often, along with me returning from the head to the display room floor late one mid watch hearing the stereo on max and you standing on the plotter table playing air guitar to lynyrd Sknyrd Free Bird.
Back to the Admiral, who the hell would believe a Flag officer would show up in Lewes DE. at 9:00 pm on a Sunday Night? Maybe because our watch team and Lewes DE. was the tip of the sword keeping America safe from the Soviets!