Posted on 09/16/2020 9:31:20 PM PDT by nickcarraway
Dear MarketWatch,
I have five years until I retire. I have a nest egg of $1 million and will also have a monthly military pension of approximately $6,000, and Social Security on top of that.
I like cycling 60 miles a day and want to retire in a place that is known for good, safe cycling. I hate hot humid weather and don’t want a lot of snow. I love craft beer. And I would prefer a place with limited or no income tax on a military pension.
Where should I retire? Fort Collins, Colorado, and Asheville, N.C., seem like good places, but the cost of living in Fort Collins seems above average, and I am told Asheville has a lack of housing.
What other places should I consider and how do they compare with the two locations already mentioned? My wife likes the sound of “the Hill County in Texas,” but she knows the heat is bad.
Dear Charles,
The Fort Collins and Asheville areas sound lovely. And popular places tend to be more expensive — that’s just the reality of supply and demand. If that’s where you want to be, the trade-off might be as simple as a smaller house/condo/rental.
You also could seek cheaper housing a bit further from these two cities — Greeley, Colo. (don’t believe everything about the smell), or Hendersonville, N.C. (recommended here), for example. Or what about Raleigh-Durham, with the American Tobacco Trail as the trail network’s spine? You’d have to accept more humidity with that one, however.
I started my search by looking at the League of American Bicyclists’ bicycle-friendly communities. Five, including Fort Collins, are platinum. Housing in only one is cheaper than Fort Collins, but I don’t think you’ll appreciate the snow in Madison, Wis. I ruled out Davis, Calif.,
(Excerpt) Read more at marketwatch.com ...
Holy jump up and sit down..! What are you, a five star general.??
I remember going in at 65 dollars a month and and when I got out I was getting a bit over $200 a month..
I'm NOT saying you don't deserve every bit of it and more, and thanks for your service to our Nation..!! :)
Bentonville Arkansas seems like there ideal answer to that question.
Sales tax is high though.
:)
The American Tobacco Trail in Raleigh Durham is famous for being feral infested
My son retired from the USMC & gets nowhere near this, so I’m guessing this person was a ranking officer. I was discharged after a minimum term in the service, got starvation wages while I was active, & now get very limited VA care & S.S. That’s it, but I manage. There is a HUGE variation in military pay & retirement.
$6,000 a month in retirement, and it’s likely not taxable.
False.
Military retirement pay is indeed taxable. Trust me on this one.
Many others tax portions, or only exempt low income taxpayers.
Probably too much snow but with that swing I’d try Steamboat Springs, CO for a bit or Gunnison. .
another poor vet....those military are paid so poorly....
This is a fairly high ranking officer, probably with well over 25 years of service.
How Much Will I Receive When I Retire From the Military?
From the article: …an enlisted member who retired after 20 years at the pay level of E-7 could expect to receive about $2,400 a month for retirement, or $28,800 a year. An officer retiring after 20 years at the pay grade of O-5 would receive about $4,700 a month, or $56,400 per year.
And, yes, military pay has gone up a lot in the past 20 years. Plus, earning a retirement is a breeze. Why don’t you sign up?
Your assumption is incorrect.
Thanks, sounds exactly what is going on. I am disheartened to say the least.
I’d say O-8 or higher based on this chart:
O-5 with 28 years here...mine is close to the amount mentioned.
Your assessment is much better than the “professional” advisor.
Places in Colorado:
Estes Park
Loveland
Grandby
Morrison
What is this “boutique” you speak of? I drink in a neighborhood beer bar that sells pints and growlers of craft beers. They have 40 taps; I just checked using Digital Pour, an excellent app.
Germany is locked into a rigid system of making a few beers that have been made for hundreds of years. That’s fine, the rigidity and structure suits the German temperament. And most are quite good. I love sitting next to the Rhine enjoying an Altbier in the Dusseldorf Altstadt. But you’re basically limited to one beer selection. No need for Digital Pour, I guess.
Meanwhile, real creativity and choice abounds in the American craft beer scene. Very un-Germanic.
My guess is he's an O5 that didn't make O-6 (normally about 21-22 year point), so hanging around only gets him small incremental bumps in his pension. He can retire and work for a defense contractor and easily double his current active duty pay as well as start up a 401K.
Those guessing general officers are way off...with their base pay + extra years service they knock down around $10k or more in retirement.
That said, the exaggeration is not that large, and winter also has its charm. There is something compelling about walking in the bitter cold with the snow squeaking underfoot, the moisture in your breath freezing in your beard.
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