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Reply to "Am I home free or kidding myself?"
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[quote=Anonymous]Is DH drawing his pension now or will he be able to draw that 3k (or 4k -- not sure which you say 2 numbers) at age 40? Is there ANY possibility that a military pension can be altered or cut in any way? I know nothing about military pensions; all I know about is corporate pensions and then tend not to hold up well when companies undergo bankruptcy, mergers etc. Insurance. Have you looked into what you'd have to pay for family insurance post-retirement? If you're paying $100/paycheck now and thinking that rate will continue -- look into it and be 100% sure about that. Almost all employers (and esp the gov't) heavily subsidize health insurance. The top notch (or at least middle notch) family plan that you have now that may only cost you $200/month for a family of 3, can EASILY cost you $1000-1200/month when you have to buy privately. Also health insurance goes up EVERY yr without fail. Wouldn't those costs keep getting passed to you every yr since your DH won't have a current employer to eat some of those costs? You don't mention car insurance -- for 2 cars, I know NC is cheaper but I'd be shocked if you'd pay less than $50 per car per month. So there's another $100. Sounds like you're looking to build a larger home -- utilities will cost you esp in the NC summer; I'd say at least $150/month for electric, add in gas, water/sewer etc. and you're at $200/month. Cable/cell/internet -- I think that can all be taken care of for $100/month. By my count that comes up to $1600/month barebones. You still have to eat -- let's say $150/week which means $600/month. If you account for those things and NOTHING else (no going out; movies; vacations; new cars; travel; clothing; seeing something you like at Target and splurging) -- you're at $2200/month. If you have $4000 coming in, that's $1800 left over to save each month for yourself and your kid's college. But all you need is a few huge jumps in property tax or health insurance (and both of those things do happen unexpectedly) and your cushion is down to zero. If I were you, I'd consider doing this for a short time -- maybe you move to NC and spend a yr taking time off and building your house and THEN focus on the job search. You're ONLY 40. If you start down this road now not working and something changes in 10 or 15 yrs -- it will be next to impossible to get back in. I'm not saying you have to work until age 65, but even living off his pension while bringing in some part time expenses will give you some breathing room/protection against the future.[/quote]
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