Please do proceed. I appreciate your videos and I’m using much of my spare energy estimating the distance to the far cliff and the height of the water. (Working to measure both.). OBTW, if you re-approach this topic, one’s own investment portfolios or other private means is kind of a pole vault. It might be long enough to get you to the other cliff. But calculating the height of the water (one’s current and future expenses) is critical. Keep up the good work. I hope you find peace.
I appreciate the encouragement. And you are right...one of the things that is tricky here is how to help people capture the different elements of their own retirement planning and integrate it into military sources of funding.
This a great video. I'm sort of a weird anomaly. I was RegAF for 14 years 10 months. I got caught up in the massive 2014 Obama military downsize. I went immediately into the Reserve. I completed several years of ADOS. My Title 10 time is now 18years, 11 months, 21 days. I have a military tour I'm leaving for in one week. That tour qualifies me for an active duty retirement. The good Lord blessed me with a solid VA rating and a Dept of Defense civilian job. These videos have raised awareness in certain topics. Thank you, Chuck.
@kvnndvn, believe it or not, you are not such an anomaly. A remarkable number of folks like you have slightly less than simple careers. If you need any help, don't hesitate to email me at chuck.weko@gmail.com
Great video. Bridging the retirement gap is a huge tasker as you eluded to. There are multiple variables to include individual financial situation, location of residence and economy. In other words, there is a micro and macro component. In addition, there has been many videos on how to calculate the "FIRE #" with including pensions. Personally, I think about this often. I am a retired O5 with 22 years, wife will be a retired O5 with 29 years. I am 100 % VA disabled P&T. No debt and living expenses at around 5k per month. Ages are 52 and 56. The gap to TSP withdraws is 7.5 years for me at even less for the wife at 3.5 years. With dual pensions well in the six figures we should be fine to leisure into retirement with little need to work. Although, we have two overarching future expenses to include graduate school for the son and a house purchase. So, daily expenses will not be an issue, but future expenses may. We will need to account for this in our future financial plan. For others to bridge the gap is to have the end in mind when determining a retirement number. Calculate your desired living expenses into retirement, account for inflation and determine if the military retirement plus VA compensation meet this. I will say most will not. In this case, most will need to work to narrow that gap until social security, TSP withdraws and/or other retirement accounts come to fruition. So can a future video take in the average living expense with an inflation expense for certain military retired cohorts based on years to retire for the average American, sure.....but I agree with you, it may not be worth the squeeze. Thanks for what you do.
@smh4crna, this issue of expenses is probably the biggest one. I've looked at a couple different ways to consider those "average living expenses", but at the end of the day it always ends up being a very individualized factor. I did want to share video (ruclips.net/video/avM-uVdT3KU/видео.html). There is something called "The Rule of 55" for TSP which might impact your plans with early withdrawal.
We will withdraw at 59 1/2. With double pensions and with a greater chance of earning more in the future with social security, we think it behoove us to spend the TSP earlier. As far as the rule of 55, I believe my wife is elgible since she is over 55 while still AD, but she will wait.
Great metaphor. I’d add one thing: predators behind you driving you off that cliff. They’re your lack of motivation/self confidence to continue your career, the lack of capability to continue your career, and the military’s lack of confidence you can continue your career. Ideally all three predators are slow, stupid, weak and not particularly hungry. But like all other bits of the metaphor, you don’t know for certain. They may be fast, clever, strong and ravenous. While planning my retirement I used the DFAS and other retirement pay calculators repeatedly. Sometimes daily. Usually for myself but sometimes for other officers or even for curiosity about senior NCOs. (How much does a retired E-5 make?) The familiarity helped ensure I didn’t “fat finger” the wrong data. If my numbers came up weird I investigated why. One thing that helps is to be frugal with finances. Don’t fall for the consumerist lifestyle where you’re always spending money on nonsense. Be spartan.
@EricDaMAJ, I really like the notion of "predators". A lot of metaphores treat retirement (and employment in general) like you are just some independent being moving along your timeline. But you are right that there are "predators"....things chasing you, driving you forward, but also trying to haul you down. I have to think about how to work that into my talks. Also, you touch on a nice point with those calculators...repetition improves performance.
Along with active duty retirement, there is the separate issue of reserve retirement. Retired reservists do not reach pension eligibility until age 60 (pending any reductions from mobilizations).
@EugeneTChu is spot on. Reserve retirement gets even more complicated by the fact that under certain conditions retirees can get early retirement (ruclips.net/video/t6y7t_yTfDE/видео.html) and they can "buy back" some of their military time for a FERS pension or some state pensions (ruclips.net/video/PF_ZLXuIIjU/видео.html). And although I haven't fully vetted this, some Grey Area Retirees collect VA Compensation.
@@the_bureaucrat You can always get over 18 years of Active Federal Service in the Reserves on ADOS or Mobilization orders, drop a Sanctuary packet to stay Active and retire Active that way. (I know because I'm on a Sanctuary assignment and will be on the retired list 1 April 2025) Best thing about retiring that way is I already got a civilian job to go back to.
Please do proceed. I appreciate your videos and I’m using much of my spare energy estimating the distance to the far cliff and the height of the water. (Working to measure both.). OBTW, if you re-approach this topic, one’s own investment portfolios or other private means is kind of a pole vault. It might be long enough to get you to the other cliff. But calculating the height of the water (one’s current and future expenses) is critical. Keep up the good work. I hope you find peace.
I appreciate the encouragement. And you are right...one of the things that is tricky here is how to help people capture the different elements of their own retirement planning and integrate it into military sources of funding.
Go for it brother. You have great insight and a gift to transform ideas into a visual aid.
Thanks...I appreciate the encouragement.
This a great video. I'm sort of a weird anomaly. I was RegAF for 14 years 10 months. I got caught up in the massive 2014 Obama military downsize. I went immediately into the Reserve. I completed several years of ADOS. My Title 10 time is now 18years, 11 months, 21 days. I have a military tour I'm leaving for in one week. That tour qualifies me for an active duty retirement. The good Lord blessed me with a solid VA rating and a Dept of Defense civilian job. These videos have raised awareness in certain topics. Thank you, Chuck.
@kvnndvn, believe it or not, you are not such an anomaly. A remarkable number of folks like you have slightly less than simple careers. If you need any help, don't hesitate to email me at chuck.weko@gmail.com
@the_bureaucrat, thanks Colonel, I truly appreciate that.
Great video. Bridging the retirement gap is a huge tasker as you eluded to. There are multiple variables to include individual financial situation, location of residence and economy. In other words, there is a micro and macro component. In addition, there has been many videos on how to calculate the "FIRE #" with including pensions.
Personally, I think about this often. I am a retired O5 with 22 years, wife will be a retired O5 with 29 years. I am 100 % VA disabled P&T. No debt and living expenses at around 5k per month. Ages are 52 and 56. The gap to TSP withdraws is 7.5 years for me at even less for the wife at 3.5 years. With dual pensions well in the six figures we should be fine to leisure into retirement with little need to work. Although, we have two overarching future expenses to include graduate school for the son and a house purchase. So, daily expenses will not be an issue, but future expenses may. We will need to account for this in our future financial plan.
For others to bridge the gap is to have the end in mind when determining a retirement number. Calculate your desired living expenses into retirement, account for inflation and determine if the military retirement plus VA compensation meet this. I will say most will not. In this case, most will need to work to narrow that gap until social security, TSP withdraws and/or other retirement accounts come to fruition.
So can a future video take in the average living expense with an inflation expense for certain military retired cohorts based on years to retire for the average American, sure.....but I agree with you, it may not be worth the squeeze. Thanks for what you do.
@smh4crna, this issue of expenses is probably the biggest one. I've looked at a couple different ways to consider those "average living expenses", but at the end of the day it always ends up being a very individualized factor.
I did want to share video (ruclips.net/video/avM-uVdT3KU/видео.html). There is something called "The Rule of 55" for TSP which might impact your plans with early withdrawal.
We will withdraw at 59 1/2. With double pensions and with a greater chance of earning more in the future with social security, we think it behoove us to spend the TSP earlier. As far as the rule of 55, I believe my wife is elgible since she is over 55 while still AD, but she will wait.
Great metaphor. I’d add one thing: predators behind you driving you off that cliff. They’re your lack of motivation/self confidence to continue your career, the lack of capability to continue your career, and the military’s lack of confidence you can continue your career. Ideally all three predators are slow, stupid, weak and not particularly hungry. But like all other bits of the metaphor, you don’t know for certain. They may be fast, clever, strong and ravenous.
While planning my retirement I used the DFAS and other retirement pay calculators repeatedly. Sometimes daily. Usually for myself but sometimes for other officers or even for curiosity about senior NCOs. (How much does a retired E-5 make?) The familiarity helped ensure I didn’t “fat finger” the wrong data. If my numbers came up weird I investigated why.
One thing that helps is to be frugal with finances. Don’t fall for the consumerist lifestyle where you’re always spending money on nonsense. Be spartan.
@EricDaMAJ, I really like the notion of "predators". A lot of metaphores treat retirement (and employment in general) like you are just some independent being moving along your timeline. But you are right that there are "predators"....things chasing you, driving you forward, but also trying to haul you down. I have to think about how to work that into my talks.
Also, you touch on a nice point with those calculators...repetition improves performance.
🇺🇸
Thanks.
Along with active duty retirement, there is the separate issue of reserve retirement. Retired reservists do not reach pension eligibility until age 60 (pending any reductions from mobilizations).
@EugeneTChu is spot on. Reserve retirement gets even more complicated by the fact that under certain conditions retirees can get early retirement (ruclips.net/video/t6y7t_yTfDE/видео.html) and they can "buy back" some of their military time for a FERS pension or some state pensions (ruclips.net/video/PF_ZLXuIIjU/видео.html). And although I haven't fully vetted this, some Grey Area Retirees collect VA Compensation.
@@the_bureaucrat You can always get over 18 years of Active Federal Service in the Reserves on ADOS or Mobilization orders, drop a Sanctuary packet to stay Active and retire Active that way. (I know because I'm on a Sanctuary assignment and will be on the retired list 1 April 2025) Best thing about retiring that way is I already got a civilian job to go back to.
I am glad the wep was approved and is gone.😊
Indeed.
Walmart is always hiring
Fair, but I see fewer and fewer prior service working there. ruclips.net/video/_5d-DEGpwEM/видео.html
Great minds think alike, yours sir, and General Montgomery
ruclips.net/user/shortsToqau7ymqGw?si=a0PYHATnXYjkWqhT
This is a nice piece to use in an upcoming video. Thanks @gregorybrennan8539.