- Sep 8, 2014
If made $500K without living in a high cost and high tax area, I’m pretty sure I could retire in about 4-5 years with the money I saved. Admittedly, that’s based on my current situation, which includes a military pension when I retire from active duty. If I was younger, I’d work a bit longer and invest a ton so it would have a better chance at sustainability.
MC, we both know good and well 4 to 5 years of making $500K would set us up for life! After taxes, you'd clear around $300K, meaning we (military guys) could put away close to $200K/year.....and if we could do that for 5 years on top of pension and TSP? Wow!
My goal is to work for 4 to 7 years after retirement (which is about 13 months away) and put away 100% of the pension and VA supplement (I'm assuming at least 50%, possibly up to 70%).....and live off the new job salary. I figure I'll put away $300k-400k, on top of maxing out TSP (over 50 years old).
It just blows my mind how much money some people can blow through. ($500K/year = about $25K+ per month net).