People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@VioletJessica- That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@VioletJessica- VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
I initially started my investment journey with the guidance of a financial advisor named *Jenny Pamogas Canaya.* Her transparent approach granted me full control of my investments, and her fees are reasonable, considering my return on investment. Nonetheless, it's crucial to conduct thorough research before engaging with any financial advisor.
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner..|
You have made some great investments and benefited from that good fortune. I wish I had never bought a home while on active duty. I never profited from owning a home during my 25 years on active duty. I hope you realize the aspect of some degree of luck you experienced in your home ownership. Skill for sure in seeing an opportunity, but with a measure of luck included in the market conditions you experienced. Congratulations on your success thus far!
Military retirement pay isn’t bad. If you get VA compensation and social security benefits at age 62 you’ll live pretty good. Plus, your retirement gets the same annual COLA that S.S. and VA disability gets. This year it’s an 8.7% increase. Some people make upwards of six figures by the time they get S.S. Especially, if they get a second retirement in a civilian job. That’s pretty good for a retired E-6 and up under age 65.
I am 45. Everyone my age who retired with 20 active usually takes a year off and does nothing. Then they get a full time job. The military retirement pretty much pays for a nice house. If you are married and have 2 incomes it works out pretty well.
Yep. At 40 or 50, you can still find a decent job to supplement the pension or spend a few years to get a degree (or another degree) and get a good paying job for next 10-20 years before full time retirement. But you got to make it to 20 years first, active duty. Life is sweet with a military pension.
The point is that you have a civilian career and at 60 you get another check and TRICARE (prime) at about $50 a month for you and your spouse. It’s a good thing to stay in the reserves and get your. It really pays off for the long haul.
@@DevilDaRebel I disagree. They literally give you a housing allowance, health insurance, retirement benefits and if you are smart you can keep a ton of your money that you are paid with. Just don't be stupid and learn how to make a budget.
@@jabbers2126 precisely! I separated with $50k back in Oct as I knew I wasn't gonna be a lifer. It's definitely possible, but you have a lot of morons(in all branches)who choose to remain ignorant and "have fun". Even if they make it to 20, they will still have to work sadly. Research, budget, Invest!
I’m shipping exactly a week from now to Fort Jackson, going as a 25B and you’re the perfect guy to binge watch while at the meps hotel. Thanks in advance
My LTC reserve pay is $3,500. With $555.00 additional from fed army time civilian buy back time. I also have 4 rentals which gives me another 3k plus. I am 67.5 and am waiting g until social security at.70 at $3,700.
The army cuts my disability pension because they said that the plate in my head wasn't big enough. They had to replace my metal plate with a plastic one. Every time Catherine would rev up the microwave, I'd piss my pants and forget who I was for about half an hour.
I am retiring this year (well almost this year lol), with 32 years of service and I still feel I need to work until I croak. I went from NCO to Senior Warrant.
@@Okello_kev congratulations and go as far as you can. Complete 20 years if you can. Having a pension at 46 will alleviate a lot of financial concerns.
Hair loss is hereditary and nobody in my family has any hair loss. So I don't think so. my grandparents all have/had full heads of hair their whole life
And if you're enlisted you'll be living under a different bridge every night so your ex wife can't find you. And picking up your from the pawn shop, enjoy.
Great video. Gentlemen (and ladies), be patient and make your plan. (It should not include winning the lottery). Put in your 20 years military time (active or reserve) for retirement and benefits (including college and 5 points veteran's preference for government jobs). An example might be: 4 years active duty, 4 years college or trade school, then 35+ years of federal civilian employment with 16+ years reserve military time and 35+ years of TSP fund growth (military and civilian). You retire with a federal pension, a military pension, social security and TSP withdrawals. That's 4 checks incoming every month folks.
$55,000 a year retirement income is actually more take home pay then someone in the private sector making the same salary for a couple of reasons: 1. You don't have to save for retirement. Most people will have to save and invest at least 10% of salary in order to retire in their 60s. 2. You don't pay payroll taxes on your retirement income. Payroll taxes are around 7.4% of a paycheck. So yes just looking at salary your $55,000 yearly retirement looks the same as a private sector job paying $55,000 a year. But looking at take home pay the military retiree actually takes home about 17% more than the typical private industry worker with the same salary. Another think. In order to obtain a retirement income of $55,000 a year for 30 years a private sector worker would have to save about $1.375 million.
That’s true. Military life is hard but at the end of the road once you reach retirement you will realize that it was completely worth it. A lot of people under estimate just how hard it is to save for retirement in the civilian sector. Yes on paper you may make more, but after taxes, paying the bills and putting food on the table there goes like 80-90% of your check. An E1, after taxes and paying their car and phone bill still has anywhere between $10k-$16k left at the end of the year to put into their TSP fund and a civilian investment account. The average working class Joe is lucky if he even has $200 left in his pocket after paying his bills.
@Joe wilson Kathleen Grace is holding a very high prestige and reputation in personal financial management. I’m happy you mentioned her. My wife recommended her to me after investing 3 grand and she really helped us in times of this bad pandemic crisis. I’m close to my retirement and this has been and well remain a good survival for me
I did 7 years in the Army NG and got out as an E4. I did 1 deployment in Iraq. I didn’t retire from the military. I get over 4k a month in VA disability compensation and it goes up with COLA every year. I also work for the government. I am set for life. Beats doing a 20 year career.
So 19 years Active Duty and 1 year Reserves and your pension gets pushed back until 60? Boy does that suck that is not right! Question: What if you go beyond 20 years? Say 26 years with 22 Active Duty and 4 Reserves. Would it pull your pension forward in age?
Joined the Navy at 18 with 7k in the bank. I did janitorial and smoked a lot of pot in high school. Left the Navy after months with 32k in the bank. Invested 29k in the S&P in late 90. Started working at UPS, Exide Battery and did concrete on Saturdays. Invested 1k a month every month into it, Cashed out 250k from the S&P and invested with my Financial advisor Lyra Holt Dean(Look her up). Cashed out and Semi retired at 31. Took a year off. Traveled. Came home and started working part time for the insurance, entertainment and pocket change. Work isn't work when you don't have to work. Becoming wealthy can be done in few years. It feels like 60hr work weeks. Feel the pain of discipline early or feel the pain of regret later. I wish everyone well!
I’ve recently made up my mind that I’m going to join the army. After high school, I took a year off to see what I wanna do. I told my self if you’re not doing anything in a year join the army so i am. Getting physichally prepared for basic, running pushups, sit ups. When i feel that I’m physichally ready im going to go to a recruiter and start the process of joining(hopefully in a month). I still smoke weed and plan on doing so until I’m told I can’t. Any advice?
@@liveandlearn901 Good plan, but lay off the weed if you are serious about enlisting. It's for kids and many jobs drug test and you'll get canned. We tested and discharged pot smokers in the 90s, some with 15 years military time and so goodbye to their retirement. Get fit like you are doing and save 5% of your pay in the TSP when you get in (you'll be glad you did). Hang with the smart guys when you're in and avoid the losers and their bad influence. Take some college when you are in if it is offered. After 4 years you'll know if you want to stay in or get out and try college. If you go the college route, stay in the reserves to keep your options open for retirement. Don't wait too long exercising though, they'll get you physically fit in basic, so don't worry too much about that. That's about it for advice, but don't hesitate to advance your career when you see an opportunity.
@@liveandlearn901 Yeah. Just pay attention to your NCOs and you'll be fine. Plus you'll come out of basic a hard body and psyched up for your MOS training. I've seen a lot of good soldiers, and you'll be one too.
if ur gonna do 20 years u should try and pay off a house during that time while ur having housing paid for by military and everything so when u retire and u only actually getting like 50k or so as said in the video u don’t have a mortgage or rent
That's what I'm planning on doing leaving for basic training in about September October I'm going to do the 20 years I'm 24 now get out at 44 if I decide to do extra 4 get out at 48 and hopefully I can transition to become an officer also I will save as much but I will do some traveling lol while im in there and hopefully find my wife and have some kids but for the most part I will definitely pay off the house and find a permanent place to live and raise a family im excited be apart of the us army to serve and to set up my future 💪
@@njasanie23 Retire after 20. Buy an investment property or two while in service. Move overseas in a cheaper cost of living country, buy a home to live in and settle down there.
it doesn't work that way. you get BAH if you live out in town, that would cover your house... but people move and transfer from coast to coast or overseas, your pay and BAH will not be the same when you transfer. Then if you live in base housing where housing is "free" you dont receive BAH (basic allowance for housing). If you're doing that, you definitely won't have the means to pay for a house.
@@jayjohnson1581 Umm you can just rent the home out if you have to move or leave for an extended time. You can buy a duplex or multiunit building, hire a property manager and rent it out. Also most people dont move around that much in the military unless they are promoted or have a change of occupation or duty title.
The goal should not be survival in retirement. It should be a comfortable or even luxurious retirement. And that means you should strongly consider leaving the USA. Inflation is eating all retired people alive. CPI says 4%, but real inflation is always going to be 10% more than the CPI. Anyway, you can figure out your income. You know what it costs to live in the USA. You know that you are going to take a 10% standard of living cut every year if you stay in the USA. So get out. But where. Well that depends on what you want. A comfortable life on the beach or in a mountain forest? Or a wife and 2 kids and a family life? Or even 2 or 3 unofficial wives and more kids? Where you can live in luxury on $2000 a month, in a house that would cost 300,000 dollars in the Carolina's. As for 3 or more wives, why not if you choose a nation where 90% of the men are either dead or so badly damaged that they cannot support themselves much less a family? A nation with zero welfare for a single mom with a child. What do you expect that single mom to do when her kid survives on thin potato soup and there is no heat in their apartment in the winter because she can't pay the bill? And yes, there is a beach on the sea or lakes and mountains where you can hunt deer or boar and a license does not cost very much. Is what I describe real? Yes, it is and I am proof. I support 3 single moms and 4 kids under 14. I own a luxury condo and I just bought a townhouse that I am finishing. You could not touch the condo for half a million in Boston or most of NY and NJ. The townhouse - 250-400k in most of the USA, when I am done. All on 4k a month. So I have a channel. Find me. Oh yes, I do not work full time. In fact, not even half time
Stay single and you will do just fine on retirement pay. You can hire maids and prostitutes for less than half the cost of being married. Trust me, I've done the math... lol. Seriously though, my retirement pay is only about $1,800 a month and I have no problem. I currently live in Kansas which is low cost and my house and car are paid off and I have no other debts... thanks to investments while in the military. So, my only costs are utilities, food and taxes. Even my hobbies don't cost that much money. I can't imagine having $40k coming in and still feeling I don't have enough money. That seems like a ton of money to me to be spending. Like I said though, I'm single so maybe I just have a different perspective.
Call my husband lucky then as he never spends more than $50 towards me per month. I put the down payment on the house and I pay for my bills(phone, car insurance, Netflix, ect.). Maybe I'm a rarity or maybe I'm just stupid for being with someone who would rather not support me or buy me gifts. BTW I don't have a steady income myself but I do still have help from my family. I'm disabled without disability atm and I haven't been able to work for a few years now. So basically Ive been married to an asshole and my dumb ass hasn't left.
I was assigned to an Army Reserve unit after I graduated for the Sergeant Major's Academy in Jan 87 as an E8. I learned a great deal about the reserves personnel in reference to promotion points. They get 2 points for each day of reserve duty for a total of 4 points for a weekend of work. A total of 48 points in 12 months and an additional 15 points for the 2 week annual training which totals 63 points annually. 63 points multiply by 10 yrs add up to 630 points X 2 equals 1260 points in 20 yrs. A reservist needs 3600 (7200 for 50%) points to earn 25% of the base pay of a active duty pay at the same rank for retirement. As you all can see, 1260 points is well short of 3600 points. 1260 is only 35% of 3600... (More points can be added if an individual had active duty time, higher education civilian and military.) If this person would earn $500 with 3600 points but he only have 1260 points which would only earn him/her $175 annual retirement for the rest of his /her life after age 60. (this do not include annual pay raises) FYI..Retired E9.
@@NotMyRealNameBro You are joining at the best time with no wars going on. I join in the middle of the Vietnam war July 67. I was not sent to Vietnam instead they sent me to Germany. I think every young man or woman should join the military for at least 3 yrs. If you do not have any college education, try to go online and get at least a 2 year degree. A degree with good efficency reports will help you get promoted faster. After your service ends you will have free healthcare for the rest of your life. If you decide to retire, you can draw military retirement, Social Security, and military disability if you are disable when you retire. Thats 3 checks you will draw for the rest of your life. Please stay as long as you can for you and your family's future.
Again this is an extremely important video; major kudos and props for making it it is very informative. Enlisted members of the US Military are very much in need of financial advice of understanding whats ahead of them and not being pressured into making financial decisions and monetary choices that are they often know are not good.
@chad That's sad. Take care of your troops. In the Guard, we had a financial guy come in with a powerpoint and explain how the TSP works. Maybe guard guys were more informed on retirement because this was already their choice as second career.
I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
Shoulder has been a problem for me, it's set me back for almost this whole year. I've gotten it almost better and am about ready to start to do push ups and things to help lose the weight. So hopefully I can lose it quick. Question though, how is having a car situation in the army? Like I understand at basic/ait I can save up the money, but what if I have one before hand? Can I drive to basic and leave it in a parking lot? How would that work?
Man, some of these numbers are off. You need to speak with people who actually retired. I just retired w/ 20 years enlisted as an E7 and would love 40k a year just in my retirement pay. With my VA pay yes. And then the TSP you said 140K in the first year. Bro, I retired AD and only met a handful of people that did the TSP right. A lot of speculation and forecasting with those calculators. Don’t get me wrong. I’m making more now than when I was in. But that’s because I’m getting AD retirement, Disabilty, and a job that pays the same I was making when I was in. Bottom line do your research and figure out if the pay is worth what you put in
hey man i was in the marines and im also charlotte based. id be interested in seeing if you would maybe want to do a collaboration of some sort. send me a message
I went with the Legacy plan, I want my 50%, and I'm putting in 9% into my TSP. Once I obtain Staff, I'm going to put in probably 11-13%, and then SFC, 14-16%. You can live off of your retirement: Just don't be greedy, and materialistic.
I just retired as a SFC with exactly 20 years. With my pension and VA compensation combined I make enough to not need a job. It helps that my wife is also retired with VA compensation.
Only 17% that enter the services make it to retirement. So basing your decision on retirement only, from ground zero, is a long road you may not make. Some die, some get wounded, some marry someone not willing to keep moving every 2-3 years. The reserves offer the part time service with delayed full time benefits. I never thought I'd be this close to retirement (coming up in April 2020). I thought I was going to be long gone before now, just worked in my favor...but it's been a long and at times lonely road.
Yes, the benefit goes up after 20, but your retirement is worth the most the soonest you can go do something else and start the clock on a SECOND retirement.
Totally off topic to this video but i was wondering why my recruiter said he still hasnt gotten my drug test results back from meps? I went july 24th and he said it could be a bad sign but also said he should have still heard by now even if its a pass or fail.
Not true. If you didn't do your full 20 years active you will not get your retirement pay right away. For example 18 years active, 2 years reserve, you will wait until 60 to get benefits. If you do 20 straight active, you get the benefits right away.
Nobody retires at 20 years with the expectation of not going back to work in the civilian workforce. However, retiring from the military at 30 years as enlisted, you could be looking at around 85,000 per year, then each year that amount increases w/ inflation
With the military there are hidden benefits that will far outweighs civilian counterparts. I've observed individual that retires with 20+ years and their take home add up to 6 digits.
It can be enough if they did away with that VA waiver BS, taking almost $1,000 out your check. Veterans should be able to keep their full retirement check.
I did 27 years, 6 Army, and 21 USAF. Retired in '09 as a MSgt (E-7). I live in Huntsville, AL. I could never work again and live comfortably. Not rich, but good. And no worries, financially. Of course, if I lived in Long Island (where I came active duty), well....that would be a different story. So...it depends.
lol It's not a "Point" because I'm going over several different scenarios for potential incomes you make get because military retirement varies widely depending on how your career went.
Let’s also consider hopefully the people doing these 20 years will be smart with their money and invest it, the military has so many benefits for housing and food, u could save a lot and make some good financial decisions that would make it so u would never have to work again.
Short answer, yes. Will you live the high life? No*. (*Officers maybe). Many folks will tell you that after 20 you are working for half pay. I suppose it'd be working for 60% pay now with the BRS. But that extra % for every year beyond 20 makes a huge difference.
I know the Video is about retirement pay but you left out one big thing and in my eye the most important thing when it comes to retirement pay ............ VA Disability. Ya i know you cant figure out what you will get from the VA with out actually having a VA assessment done, but if your over 50% or better 100% at least for active duty the VA isnt taxable and actually makes up a large chunk of your income post service. if your 100% VA like me it doesn't take out of your retirement pay. Majority of my retirement pay is from the VA on top of 100% of my normal retirement. and if you are retiring or retired unless you didnt keep up with your medical records are just never bothered to go to sick call ect when hurt/injured you for sure will get some VA rating. if you were diagnosed with sleep apea for example while in the military thats 50% rating right off the bat , before they even look at the rest of your medical records.
Definitely. Check out your state OCS program. Talk to your company commander and let him know you are interested and he can help you get started. You may need to get a college degree along the way if you don't have one, but that is a plus for your civilian career. The Guard is a good program with a lot of opportunity.
I don't know where you came up with these figures. I retired (@)20 years) from the Navy as an E7. My retirement pay is 900.00 a month. Far below poverty level. Plus medical copays and premium payments.
You were active duty or reservist? A lot of people don't realize that states will tax your military retirement pay... pending on which state you retire in.
Matt, can you walk us through the things on your shelf that is behind you? What is the story on the shopping cart? I spy a SEAL trident too! What are all these things and where did you get them?
I leave for basic later this month and my recruiter was having troubles with another person about their pay... how do we make sure we are getting paid the correct amount and not being overpaid or underpaid?
I'm going enlisted with an option 40, if I make it through that, I'mma go to college then commission to be a fighter pilot and live out that career. It'll be difficult but there is no reason I shouldn't fail.
So what in America you wouldn’t be living well with 1000$ a month. Can someone from the States answer please , my dads sister is married to an ex naval officer they live in Virginia. I think a grand a week would be plenty to live there! What’s it like in the rest of the US A could you not live on a grand a week???
"fifty-five thousand dollars a year, potentially, you could live off of that" Of course you could, you did not require 6 minutes of preamble to get to that. How about us enlisted plebs? lol
E6 with no disability is like 2000 grand a month great incomes supplement but unless your in sunnyville or somehow own a house free of mortgage with no carnote its not really gonna work unless your suppppppper disciplined. I mean at 24k a year in retirement id go get a bs part time job and chill tf out lol health insurance for life is an added bonus
Remember there are a lot of prior service members so retiring at O-3 is not unheard of. In the Air Force, enlisted promote SUUUPPPEEERRR sloooooooowwww, so retiring at E-6 is pretty common too.
National guard personnel have people that where full time national guard they will get the same as an active duty soldier. Also many national guard soldiers where in the regular army however many years to the Individual the retirement system accounts for there active duty time (full time service) its a code that represents time federal time. Also many national guard soldiers have deployed to war multiple times. When they deploy they are federalized under title 10. They went to war usually 12 months just like everyone else that that time is reflected during retirement. Also any other federal jobs have a code that reflects pay when you retire; say you got a job or had been working for the post office or another federal job. These aslo get applied to retirement pay. It's not just your military service time helping your pay.
If you're planning on retiring as enlisted you better be a 1sgt/msgt or csm they get the most $$, obviously. Officers clearly get more money than anyone else so if you have the chance to become an officer I suggest you take it and do your 20
However if they choose to retire abroad, like in Malaysia, an English speaking country in South East Asia (Ranked top retirement destination in the world), with USD 50-80K per annum pension, they would live like kings. I would say equalvelant to approximately what a USD15K - 24K per mth lifestyle in the US could offer.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
That's an intriguing outcome. How can I contact your Asset manager?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@VioletJessica- That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@YinusaSaheed Mind if I ask you to recommend this particular coach you using their service?
@@VioletJessica- VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
I'm exploring different investment opportunities and would appreciate others' insights on this matter.
I initially started my investment journey with the guidance of a financial advisor named *Jenny Pamogas Canaya.* Her transparent approach granted me full control of my investments, and her fees are reasonable, considering my return on investment. Nonetheless, it's crucial to conduct thorough research before engaging with any financial advisor.
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner..|
You have made some great investments and benefited from that good fortune. I wish I had never bought a home while on active duty. I never profited from owning a home during my 25 years on active duty. I hope you realize the aspect of some degree of luck you experienced in your home ownership. Skill for sure in seeing an opportunity, but with a measure of luck included in the market conditions you experienced. Congratulations on your success thus far!
First, I'm a Navy guy but I like this channel lol
Thanks!!!
How is in the navy still trying to make up my mind witch one to join any tips?
@@latoya1648 Depends on what you want to do within the military and how you score on the ASVAB.
Military retirement pay isn’t bad. If you get VA compensation and social security benefits at age 62 you’ll live pretty good. Plus, your retirement gets the same annual COLA that S.S. and VA disability gets. This year it’s an 8.7% increase.
Some people make upwards of six figures by the time they get S.S. Especially, if they get a second retirement in a civilian job.
That’s pretty good for a retired E-6 and up under age 65.
I am 45. Everyone my age who retired with 20 active usually takes a year off and does nothing. Then they get a full time job. The military retirement pretty much pays for a nice house. If you are married and have 2 incomes it works out pretty well.
True 30 years service just retired, army at 17 to 47 service, good pay!
@@poorlivesmatter6882 damn, 30 years. Enjoy your retirement, you earned it,
Yep. At 40 or 50, you can still find a decent job to supplement the pension or spend a few years to get a degree (or another degree) and get a good paying job for next 10-20 years before full time retirement. But you got to make it to 20 years first, active duty. Life is sweet with a military pension.
@@poorlivesmatter6882 dang 30 years enjoy that check man have a good rest of your life
Plenty of places where you can live very nicely off 2-3 grand/month including in Bali or Thailand.
60! What's the fkn point
Yup! That was one of the top 5 reasons I decided not to do Guard/Reserve after active duty.
Yeah, that's for reserves/guard.
The point is that you have a civilian career and at 60 you get another check and TRICARE (prime) at about $50 a month for you and your spouse. It’s a good thing to stay in the reserves and get your. It really
pays off for the long haul.
Of course you can...with a crap ton of discipline and sacrifice...something most military members lack when it comes to finances.
B Miles it depends man, for most cases it wont be enough. Its not just “discipline”
Challengers, camaros, motorcycles and hennessey😂
Veloxy If you save instead of spend you can. Stop giving spenders excuses.
@@DevilDaRebel I disagree. They literally give you a housing allowance, health insurance, retirement benefits and if you are smart you can keep a ton of your money that you are paid with. Just don't be stupid and learn how to make a budget.
@@jabbers2126 precisely! I separated with $50k back in Oct as I knew I wasn't gonna be a lifer. It's definitely possible, but you have a lot of morons(in all branches)who choose to remain ignorant and "have fun". Even if they make it to 20, they will still have to work sadly. Research, budget, Invest!
I’m shipping exactly a week from now to Fort Jackson, going as a 25B and you’re the perfect guy to binge watch while at the meps hotel. Thanks in advance
Be glad you've missed the heat! I live near lake murray half an hour from fort jackson.
DaWinfred I am shipping off to fort Jackson too in September 17th
Bro I wish u the best
Signal corps! 😂
Been at Fort Gordon for 10 weeks. Charlie 551 15th signal brigade 🙌
As a LTC I’ll earn $4500, better than alternative which is $1500 social security
Does that include TSP
My LTC reserve pay is $3,500. With $555.00 additional from fed army time civilian buy back time. I also have 4 rentals which gives me another 3k plus. I am 67.5 and am waiting g until social security at.70 at $3,700.
The army cuts my disability pension because they said that the plate in my head wasn't big enough. They had to replace my metal plate with a plastic one. Every time Catherine would rev up the microwave, I'd piss my pants and forget who I was for about half an hour.
Shitters full!!!
I am retiring this year (well almost this year lol), with 32 years of service and I still feel I need to work until I croak. I went from NCO to Senior Warrant.
Am planning to join at 26: Airforce.
@@Okello_kev congratulations and go as far as you can. Complete 20 years if you can. Having a pension at 46 will alleviate a lot of financial concerns.
Going Warrant was a great choice .
Matt Wards hairline will give out by 35-40
Hair loss is hereditary and nobody in my family has any hair loss. So I don't think so. my grandparents all have/had full heads of hair their whole life
@@MattWard89 Fingers crossed
Not a chance. But helmets and berets dont help.
I have the same hair line & style and 53 still going strong.
And if you're enlisted you'll be living under a different bridge every night so your ex wife can't find you. And picking up your from the pawn shop, enjoy.
Great video. Gentlemen (and ladies), be patient and make your plan. (It should not include winning the lottery). Put in your 20 years military time (active or reserve) for retirement and benefits (including college and 5 points veteran's preference for government jobs). An example might be: 4 years active duty, 4 years college or trade school, then 35+ years of federal civilian employment with 16+ years reserve military time and 35+ years of TSP fund growth (military and civilian). You retire with a federal pension, a military pension, social security and TSP withdrawals. That's 4 checks incoming every month folks.
Thanks for this comments. It's very helpful. I'm currently 12 years active duty. I'm enlisted transitioning to the guard with a 4 year degree. Thanks
@@thmo9449 It sounds like an excellent plan. You are primed for success in whatever you choose to do next.
$55,000 a year retirement income is actually more take home pay then someone in the private sector making the same salary for a couple of reasons:
1. You don't have to save for retirement. Most people will have to save and invest at least 10% of salary in order to retire in their 60s.
2. You don't pay payroll taxes on your retirement income. Payroll taxes are around 7.4% of a paycheck.
So yes just looking at salary your $55,000 yearly retirement looks the same as a private sector job paying $55,000 a year. But looking at take home pay the military retiree actually takes home about 17% more than the typical private industry worker with the same salary.
Another think. In order to obtain a retirement income of $55,000 a year for 30 years a private sector worker would have to save about $1.375 million.
That’s true. Military life is hard but at the end of the road once you reach retirement you will realize that it was completely worth it.
A lot of people under estimate just how hard it is to save for retirement in the civilian sector. Yes on paper you may make more, but after taxes, paying the bills and putting food on the table there goes like 80-90% of your check.
An E1, after taxes and paying their car and phone bill still has anywhere between $10k-$16k left at the end of the year to put into their TSP fund and a civilian investment account. The average working class Joe is lucky if he even has $200 left in his pocket after paying his bills.
I’m 60 and I’m planning on retiring but I haven’t saved up much for this yet
I’m scared of retiring now I feel I might regret it later
So true. I’m retired and just started three months ago. I have earned $24,000 with just $9,000
But people are scared of investing because of high rate of unprofessionals in the business
@Joe wilson Kathleen Grace is holding a very high prestige and reputation in personal financial management. I’m happy you mentioned her. My wife recommended her to me after investing 3 grand and she really helped us in times of this bad pandemic crisis. I’m close to my retirement and this has been and well remain a good survival for me
I checked on google now. I need this. How can I connect with her. I hope she’ll get me back
No you can’t. Especially after they will start taking $25.00 a month in January 2021 for your “free” health insurance for life, that we were promised.
Leaving for Ft. Jackson on the 13th. I'm ready to start relaxin'.
25U uh oh
Good luck to all of you
yeeah about the relaxing part. that wont happen for a long time my guy.
@@Realaaronwoebbeking I'm well aware. I just say it call it relaxin' jackson as a joke...
I won't be laughing once I'm there.
Lol I remember basic like it was yesterday you will be so hungry all the time
I did 7 years in the Army NG and got out as an E4. I did 1 deployment in Iraq. I didn’t retire from the military. I get over 4k a month in VA disability compensation and it goes up with COLA every year. I also work for the government. I am set for life. Beats doing a 20 year career.
That’s one way to do it. How was VA I’ve heard they’re a pain to deal with
@@Me-eb3wv it took about three years to get my 100 percent. The VA has been good to me overall.
So 19 years Active Duty and 1 year Reserves and your pension gets pushed back until 60? Boy does that suck that is not right!
Question: What if you go beyond 20 years? Say 26 years with 22 Active Duty and 4 Reserves. Would it pull your pension forward in age?
I think if you do 20 years active, you cannot transition to the reserves anymore.
I’m going to Fort Benning as 11X, ship out August 11th
As an E7 One person yes.... not a family.... retired in 2017. 22yrs
How about I stay 2 years in!?????
I go to fort Lenarod Wood in September as an 88m, i enjoy watching matt ward
Wolfyez September 9th
@@christianthummel3214 yes
Joined the Navy at 18 with 7k in the bank. I did janitorial and smoked a lot of pot in high school. Left the Navy after months with 32k in the bank. Invested 29k in the S&P in late 90. Started working at UPS, Exide Battery and did concrete on Saturdays. Invested 1k a month every month into it, Cashed out 250k from the S&P and invested with my Financial advisor Lyra Holt Dean(Look her up). Cashed out and Semi retired at 31. Took a year off. Traveled. Came home and started working part time for the insurance, entertainment and pocket change. Work isn't work when you don't have to work. Becoming wealthy can be done in few years. It feels like 60hr work weeks. Feel the pain of discipline early or feel the pain of regret later. I wish everyone well!
I’ve recently made up my mind that I’m going to join the army. After high school, I took a year off to see what I wanna do. I told my self if you’re not doing anything in a year join the army so i am. Getting physichally prepared for basic, running pushups, sit ups. When i feel that I’m physichally ready im going to go to a recruiter and start the process of joining(hopefully in a month). I still smoke weed and plan on doing so until I’m told I can’t. Any advice?
@@liveandlearn901 Good plan, but lay off the weed if you are serious about enlisting. It's for kids and many jobs drug test and you'll get canned. We tested and discharged pot smokers in the 90s, some with 15 years military time and so goodbye to their retirement. Get fit like you are doing and save 5% of your pay in the TSP when you get in (you'll be glad you did). Hang with the smart guys when you're in and avoid the losers and their bad influence. Take some college when you are in if it is offered. After 4 years you'll know if you want to stay in or get out and try college. If you go the college route, stay in the reserves to keep your options open for retirement. Don't wait too long exercising though, they'll get you physically fit in basic, so don't worry too much about that. That's about it for advice, but don't hesitate to advance your career when you see an opportunity.
@@Schrankerle thanks for the advice man. I appreciate it. It’s unfortunate weed is so frowned upon, but it’s understandable.
@@liveandlearn901 Yeah. Just pay attention to your NCOs and you'll be fine. Plus you'll come out of basic a hard body and psyched up for your MOS training. I've seen a lot of good soldiers, and you'll be one too.
@@Schrankerle thanks, hopefully.
if ur gonna do 20 years u should try and pay off a house during that time while ur having housing paid for by military and everything so when u retire and u only actually getting like 50k or so as said in the video u don’t have a mortgage or rent
That's what I'm planning on doing leaving for basic training in about September October I'm going to do the 20 years I'm 24 now get out at 44 if I decide to do extra 4 get out at 48 and hopefully I can transition to become an officer also I will save as much but I will do some traveling lol while im in there and hopefully find my wife and have some kids but for the most part I will definitely pay off the house and find a permanent place to live and raise a family im excited be apart of the us army to serve and to set up my future 💪
@@njasanie23 Retire after 20. Buy an investment property or two while in service. Move overseas in a cheaper cost of living country, buy a home to live in and settle down there.
Ogami Itto, The Executioner yes I’m planning on living overseas n buying property thank you for the advice 🙌
it doesn't work that way. you get BAH if you live out in town, that would cover your house... but people move and transfer from coast to coast or overseas, your pay and BAH will not be the same when you transfer. Then if you live in base housing where housing is "free" you dont receive BAH (basic allowance for housing). If you're doing that, you definitely won't have the means to pay for a house.
@@jayjohnson1581 Umm you can just rent the home out if you have to move or leave for an extended time. You can buy a duplex or multiunit building, hire a property manager and rent it out. Also most people dont move around that much in the military unless they are promoted or have a change of occupation or duty title.
600 bucks a month after you pay taxes and insurance for 20 years
Shipping to Benning as 11x August 13th. I'm Hella hyped.
I might see you there brother
@@billshelton9147 stfu I been in over a year now...
The goal should not be survival in retirement. It should be a comfortable or even luxurious retirement. And that means you should strongly consider leaving the USA. Inflation is eating all retired people alive. CPI says 4%, but real inflation is always going to be 10% more than the CPI. Anyway, you can figure out your income. You know what it costs to live in the USA. You know that you are going to take a 10% standard of living cut every year if you stay in the USA. So get out. But where. Well that depends on what you want. A comfortable life on the beach or in a mountain forest? Or a wife and 2 kids and a family life? Or even 2 or 3 unofficial wives and more kids? Where you can live in luxury on $2000 a month, in a house that would cost 300,000 dollars in the Carolina's. As for 3 or more wives, why not if you choose a nation where 90% of the men are either dead or so badly damaged that they cannot support themselves much less a family? A nation with zero welfare for a single mom with a child. What do you expect that single mom to do when her kid survives on thin potato soup and there is no heat in their apartment in the winter because she can't pay the bill? And yes, there is a beach on the sea or lakes and mountains where you can hunt deer or boar and a license does not cost very much. Is what I describe real? Yes, it is and I am proof. I support 3 single moms and 4 kids under 14. I own a luxury condo and I just bought a townhouse that I am finishing. You could not touch the condo for half a million in Boston or most of NY and NJ. The townhouse - 250-400k in most of the USA, when I am done. All on 4k a month. So I have a channel. Find me. Oh yes, I do not work full time. In fact, not even half time
Stay single and you will do just fine on retirement pay. You can hire maids and prostitutes for less than half the cost of being married. Trust me, I've done the math... lol.
Seriously though, my retirement pay is only about $1,800 a month and I have no problem. I currently live in Kansas which is low cost and my house and car are paid off and I have no other debts... thanks to investments while in the military. So, my only costs are utilities, food and taxes. Even my hobbies don't cost that much money.
I can't imagine having $40k coming in and still feeling I don't have enough money. That seems like a ton of money to me to be spending. Like I said though, I'm single so maybe I just have a different perspective.
Call my husband lucky then as he never spends more than $50 towards me per month. I put the down payment on the house and I pay for my bills(phone, car insurance, Netflix, ect.). Maybe I'm a rarity or maybe I'm just stupid for being with someone who would rather not support me or buy me gifts.
BTW I don't have a steady income myself but I do still have help from my family. I'm disabled without disability atm and I haven't been able to work for a few years now. So basically Ive been married to an asshole and my dumb ass hasn't left.
Living in Kansas isn't exactly what I would call a good retirement to be honest :/
I was assigned to an Army Reserve unit after I graduated for the Sergeant Major's Academy in Jan 87 as an E8. I learned a great deal about the reserves personnel in reference to promotion points. They get 2 points for each day of reserve duty for a total of 4 points for a weekend of work. A total of 48 points in 12 months and an additional 15 points for the 2 week annual training which totals 63 points annually. 63 points multiply by 10 yrs add up to 630 points X 2 equals 1260 points in 20 yrs. A reservist needs 3600 (7200 for 50%) points to earn 25% of the base pay of a active duty pay at the same rank for retirement. As you all can see, 1260 points is well short of 3600 points. 1260 is only 35% of 3600... (More points can be added if an individual had active duty time, higher education civilian and military.) If this person would earn $500 with 3600 points but he only have 1260 points which would only earn him/her $175 annual retirement for the rest of his /her life after age 60. (this do not include annual pay raises) FYI..Retired E9.
175$ a month?
Retired with 28 yrs of active service. 1967-1995
@@soldierboy8276 thank you for your service in the enlistment process now at 31 hoping to make it until I’m 55!
@@NotMyRealNameBro You are joining at the best time with no wars going on. I join in the middle of the Vietnam war July 67. I was not sent to Vietnam instead they sent me to Germany. I think every young man or woman should join the military for at least 3 yrs. If you do not have any college education, try to go online and get at least a 2 year degree. A degree with good efficency reports will help you get promoted faster. After your service ends you will have free healthcare for the rest of your life. If you decide to retire, you can draw military retirement, Social Security, and military disability if you are disable when you retire. Thats 3 checks you will draw for the rest of your life. Please stay as long as you can for you and your family's future.
@@soldierboy8276interesting
I literally just picked my mos! I ship September 3rd and swear in this Thursday! It does not feel real at all I’m so excited😂
Where are you shipping to and from?
What is your MOS? I ship September 3rd too. 19D Cav Scout
John Quintero idk yet I gotta go back to MEPS and get my airborne physical
Mickey Mouse thank you so much!
Travon Williams That’s lit bro! Those Green Berets are tough as hell. You’ll probably be going to Ft. Benning. Good luck with your training dawg!
I'm joining the ARMY for $FREE$.
Stay away from women, and don't be fool with your money ...... yup, it's enough to live on...... well the old retirement plan you can
😂😂😂
Again this is an extremely important video; major kudos and props for making it it is very informative. Enlisted members of the US Military are very much in need of financial advice of understanding whats ahead of them and not being pressured into making financial decisions and monetary choices that are they often know are not good.
Thank you! I appreciate that!
@chad griffith that's true idk how both (traditional/roth) tsp work.. I just have mine setup 🤷♂️
@chad That's sad. Take care of your troops. In the Guard, we had a financial guy come in with a powerpoint and explain how the TSP works. Maybe guard guys were more informed on retirement because this was already their choice as second career.
I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
Shoulder has been a problem for me, it's set me back for almost this whole year. I've gotten it almost better and am about ready to start to do push ups and things to help lose the weight. So hopefully I can lose it quick.
Question though, how is having a car situation in the army? Like I understand at basic/ait I can save up the money, but what if I have one before hand? Can I drive to basic and leave it in a parking lot? How would that work?
You'll have to leave it where you live, basically you fly to basic and get on busses to the base.
You leave it at home then after AiT, depending on where you get stationed, then you can go get your car or pay to have it shipped to you.
Mrs Kablow The military pays to ship one car.
In many cases, after a full military retirement you will also get VA disability compensation.
Kay P yes, you can have your retirement pension and va compensation together
Unless you live in an electric RV with an advanced battery pack to run the unit. Lol
Tax Free all of the way…..
Shipping today thanks for all your vids
Cloudy HD same I’m going to fort sill, 68w
Sam Hudson I’m going to South Carolina as a 92A
Best of luck bros 💪🏼💪🏼
Man, some of these numbers are off. You need to speak with people who actually retired. I just retired w/ 20 years enlisted as an E7 and would love 40k a year just in my retirement pay. With my VA pay yes. And then the TSP you said 140K in the first year. Bro, I retired AD and only met a handful of people that did the TSP right. A lot of speculation and forecasting with those calculators. Don’t get me wrong. I’m making more now than when I was in. But that’s because I’m getting AD retirement, Disabilty, and a job that pays the same I was making when I was in. Bottom line do your research and figure out if the pay is worth what you put in
I do but there's Enemies with Identified Enemies American M-67 hand grenades on US Military bases HERE in Africa
hey man i was in the marines and im also charlotte based. id be interested in seeing if you would maybe want to do a collaboration of some sort. send me a message
Retired SFC, 20 years, 100% P&T. Is way enough.
I went with the Legacy plan, I want my 50%, and I'm putting in 9% into my TSP. Once I obtain Staff, I'm going to put in probably 11-13%, and then SFC, 14-16%. You can live off of your retirement: Just don't be greedy, and materialistic.
I just retired as a SFC with exactly 20 years. With my pension and VA compensation combined I make enough to not need a job. It helps that my wife is also retired with VA compensation.
Badass video. So yea looks like I’m not going reservists lol
Only 17% that enter the services make it to retirement. So basing your decision on retirement only, from ground zero, is a long road you may not make. Some die, some get wounded, some marry someone not willing to keep moving every 2-3 years. The reserves offer the part time service with delayed full time benefits. I never thought I'd be this close to retirement (coming up in April 2020). I thought I was going to be long gone before now, just worked in my favor...but it's been a long and at times lonely road.
Dennis Davis Damn congratulations man
Why does not anyone comment exactly how much they get each month? LOL
If you retire in Somalia, then yes.
I did 20 years and 11 months as a Marine and I say is well worth it.
what was your mos
20 years in the USMC? You’re something else man you a beast
Which retired rank get to be called by their rank till death and carry service weapon
Yes, the benefit goes up after 20, but your retirement is worth the most the soonest you can go do something else and start the clock on a SECOND retirement.
Totally off topic to this video but i was wondering why my recruiter said he still hasnt gotten my drug test results back from meps? I went july 24th and he said it could be a bad sign but also said he should have still heard by now even if its a pass or fail.
So if I do activate duty for 20 years I can’t get my pension until I’m 60 and btw I’ll be 40 -42 when I get out
Not true. If you didn't do your full 20 years active you will not get your retirement pay right away. For example 18 years active, 2 years reserve, you will wait until 60 to get benefits. If you do 20 straight active, you get the benefits right away.
So If I retire in the military I’ll be basically broke till I’m almost dead?
Not if you do 20 Regular.
Nobody retires at 20 years with the expectation of not going back to work in the civilian workforce. However, retiring from the military at 30 years as enlisted, you could be looking at around 85,000 per year, then each year that amount increases w/ inflation
@@jayjohnson1581 doing 20 years for new military members won’t give the pension, it’s blended retirement plan
@@bettersounds1926 doesn’t the blended system have a 40% base pay pension at 20yrs?
With the military there are hidden benefits that will far outweighs civilian counterparts. I've observed individual that retires with 20+ years and their take home add up to 6 digits.
It can be enough if they did away with that VA waiver BS, taking almost $1,000 out your check. Veterans should be able to keep their full retirement check.
I leave for Fort Benning in two weeks for 11x, thank you Matt Ward for all of the help.
Good luck! and you're welcome, thanks for the support!
Good luck! I may see you there I leave in 2 weeks and a half for the same mos
Im going 18x
Man I'd love to go 11X but I will NOT get stuck as an 11C
I did 27 years, 6 Army, and 21 USAF. Retired in '09 as a MSgt (E-7). I live in Huntsville, AL. I could never work again and live comfortably. Not rich, but good. And no worries, financially. Of course, if I lived in Long Island (where I came active duty), well....that would be a different story. So...it depends.
If you live next to a base you can also save a lot of money.
@@yannick245 Very late answer to your comment, but yes. Redstone Arsenal is down here, so I both the base and the V.A.
Great vid but you take REALYYYYYY long to get to the point
lol It's not a "Point" because I'm going over several different scenarios for potential incomes you make get because military retirement varies widely depending on how your career went.
Let’s also consider hopefully the people doing these 20 years will be smart with their money and invest it, the military has so many benefits for housing and food, u could save a lot and make some good financial decisions that would make it so u would never have to work again.
Short answer, yes. Will you live the high life? No*. (*Officers maybe).
Many folks will tell you that after 20 you are working for half pay. I suppose it'd be working for 60% pay now with the BRS. But that extra % for every year beyond 20 makes a huge difference.
If I go enlist 4 years then officer 16 years can I retire after 20. Or have to do 24 years total
No you do 20 total I know people who did 8 enlisted and 12 officer don’t matter
John Robs would you get officer benefits even though you only did 16 or would you have to do a full 20 as an officer.
Hey Matt I have a question, after you finished with your contract on your mos, is it possible to enlist on a different mos
NBA Terrence Yes you can.
@@christianthummel3214 thank you sir, shipping out on October 8th
@@christianthummel3214 if you change your mos after the contract do you have go do another asvab, basic , and AIT or just another AIT?
@@christianthummel3214 sir can u answer pls
@@christianthummel3214 answer him
I have a question for my army folks. I'm going army national guard I'm 29. 11b or 88m.
Brandon Turner 11b
11b
Depends on what you want from the army. Both are fine but they're completely different fields.
When you get life insurance can you pull out money from it? And what kind of life insurance does military give
To sum up what he said if u do 20 years the pension will NOT cover u for life. U will work another job.
Be a civilization after I graduate is suck I prefer to go to the US army and have a real experience than my family had
It's a supplement
good video
Certainly not, but it provides a beautiful cushion, especially when you add medical and so many other wonderful benefits.
I know the Video is about retirement pay but you left out one big thing and in my eye the most important thing when it comes to retirement pay ............ VA Disability. Ya i know you cant figure out what you will get from the VA with out actually having a VA assessment done, but if your over 50% or better 100% at least for active duty the VA isnt taxable and actually makes up a large chunk of your income post service. if your 100% VA like me it doesn't take out of your retirement pay. Majority of my retirement pay is from the VA on top of 100% of my normal retirement. and if you are retiring or retired unless you didnt keep up with your medical records are just never bothered to go to sick call ect when hurt/injured you for sure will get some VA rating. if you were diagnosed with sleep apea for example while in the military thats 50% rating right off the bat , before they even look at the rest of your medical records.
Can someone go the officer route while enlisted in the guard?
yes
Definitely. Check out your state OCS program. Talk to your company commander and let him know you are interested and he can help you get started. You may need to get a college degree along the way if you don't have one, but that is a plus for your civilian career. The Guard is a good program with a lot of opportunity.
Thank you Matt
You're welcome!
I don't know where you came up with these figures. I retired (@)20 years) from the Navy as an E7. My retirement pay is 900.00 a month. Far below poverty level. Plus medical copays and premium payments.
You need to go talk to someone. If you were active Navy for 20 years, you should be getting more.
You were active duty or reservist? A lot of people don't realize that states will tax your military retirement pay... pending on which state you retire in.
@@jayjohnson1581 I'm guessing Naval Reserve with maybe with 1 tour active. Where you retire definitely makes a difference in taxes.
I retired as an E7 with exactly 20 years and my pension is nearly 3 times that amount.
Depends on your pay grade. If you’re an E4 no unless super cheap!!! I knew a guy who could barely pay rent it appeared
Matt, can you walk us through the things on your shelf that is behind you? What is the story on the shopping cart? I spy a SEAL trident too! What are all these things and where did you get them?
Your Retirement Calculator link is not working
4yrs Active and going reserve after. In order for the full benefits do you need the twenty.?
Yeah
Get a federal job on your way out
retiring as e6 or below mostly not. E7 above or general officer probably yes. alot of factors involved if you are relying on military retirement.
I leave for basic later this month and my recruiter was having troubles with another person about their pay... how do we make sure we are getting paid the correct amount and not being overpaid or underpaid?
I'm going enlisted with an option 40, if I make it through that, I'mma go to college then commission to be a fighter pilot and live out that career. It'll be difficult but there is no reason I shouldn't fail.
So…you didn’t make it. What happened?
Soooooo.....
I’m hearing (reading between the lines)
If I’m enlisted,...I need to learn to like the taste of cat food after active duty.
So what in America you wouldn’t be living well with 1000$ a month. Can someone from the States answer please , my dads sister is married to an ex naval officer they live in Virginia. I think a grand a week would be plenty to live there! What’s it like in the rest of the US A could you not live on a grand a week???
"fifty-five thousand dollars a year, potentially, you could live off of that" Of course you could, you did not require 6 minutes of preamble to get to that. How about us enlisted plebs? lol
E6 with no disability is like 2000 grand a month great incomes supplement but unless your in sunnyville or somehow own a house free of mortgage with no carnote its not really gonna work unless your suppppppper disciplined. I mean at 24k a year in retirement id go get a bs part time job and chill tf out lol health insurance for life is an added bonus
E5 and gs15 last held rank govt, just hit 30 years service retired officer, good money, old civil service pay
Remember there are a lot of prior service members so retiring at O-3 is not unheard of.
In the Air Force, enlisted promote SUUUPPPEEERRR sloooooooowwww, so retiring at E-6 is pretty common too.
National guard personnel have people that where full time national guard they will get the same as an active duty soldier. Also many national guard soldiers where in the regular army however many years to the Individual the retirement system accounts for there active duty time (full time service) its a code that represents time federal time. Also many national guard soldiers have deployed to war multiple times. When they deploy they are federalized under title 10. They went to war usually 12 months just like everyone else that that time is reflected during retirement. Also any other federal jobs have a code that reflects pay when you retire; say you got a job or had been working for the post office or another federal job. These aslo get applied to retirement pay. It's not just your military service time helping your pay.
41,000 per year not enough to live on?
41,000 In the future is worth a lot less than 41,000 today.
Matt Ward the pension increases though as time goes on, it doesn’t stay static.
Matt Ward very true
I got a husband to be my husband he did 20 years and he did he retirement and I'm praying for his ticket do he got so extra plans
im shipping on the 25th
26*
So if you reserve retirement you get money from military can you also get social security pay thingy? Sorry I dont remember what it called
Great informative video bro. Good job
If you're planning on retiring as enlisted you better be a 1sgt/msgt or csm they get the most $$, obviously. Officers clearly get more money than anyone else so if you have the chance to become an officer I suggest you take it and do your 20
Those who stay in 30+ years are the ones who are able to retire and not have to worry about a second job. Enlisted or Officer
So if you work AGR until retirement do you get the same retirement as active ?
Yes you do
Everyone needs to be made aware of S-344 and the truth about medical retirement
My question is how do the reserve officer retire with more than active duty considering the time and service we spend vs them? We as in active duty
However if they choose to retire abroad, like in Malaysia, an English speaking country in South East Asia (Ranked top retirement destination in the world), with USD 50-80K per annum pension, they would live like kings. I would say equalvelant to approximately what a USD15K - 24K per mth lifestyle in the US could offer.