US retired military folks

[LosSantanas954]

for all the retired military folks, do you feel like your pension provides enough to live comfortably? i know "comfortable" is subjective, but just trying to get an idea of how far an E8 pension would go out there. we also have a nice lump sum in our savings and would be selling our southern california home we've had since '19.
Retiring in the next 3-5 years. Its just me(dominican born) and my wife(us born dominican) and our three dogs. We would be moving to santiago with my wifes family(two elderly folks in a 3k+ sqft home)

 

[JD Jones]

Having a nice lump sum in savings indicates you and your partner are savers, not spenders. I'm guessing SS isn't that far off either.

You'll do just fine, IMHO.

 

[LosSantanas954]

yea we're doing just fine, but we both have our vices. Hers are projects around the house and mine are cars, lol. These back to back deployments definitely help out.
By the time i retire i'll be in my early 50s.

 

[JD Jones]

I have a good friend who did 20 yrs. as a policeman, then 20 as a fireman. Slipped right in to SS. He's pulling down some serious moolah!

 

[keepcoming]

for all the retired military folks, do you feel like your pension provides enough to live comfortably? i know "comfortable" is subjective, but just trying to get an idea of how far an E8 pension would go out there. we also have a nice lump sum in our savings and would be selling our southern california home we've had since '19.
Retiring in the next 3-5 years. Its just me(dominican born) and my wife(us born dominican) and our three dogs. We would be moving to santiago with my wifes family(two elderly folks in a 3k+ sqft home)

What is your idea of comfortable? What are your "must haves"?

 

[CristoRey]

for all the retired military folks, do you feel like your pension provides enough to live comfortably? i know "comfortable" is subjective, but just trying to get an idea of how far an E8 pension would go out there. we also have a nice lump sum in our savings and would be selling our southern california home we've had since '19.
Retiring in the next 3-5 years. Its just me(dominican born) and my wife(us born dominican) and our three dogs. We would be moving to santiago with my wifes family(two elderly folks in a 3k+ sqft home)

Define comfortably.

I have been living here in Santiago for the last 10 years.
There's no better place to live in the DR.

 

[Father Guido]

for all the retired military folks, do you feel like your pension provides enough to live comfortably? i know "comfortable" is subjective, but just trying to get an idea of how far an E8 pension would go out there. we also have a nice lump sum in our savings and would be selling our southern california home we've had since '19.
Retiring in the next 3-5 years. Its just me(dominican born) and my wife(us born dominican) and our three dogs. We would be moving to santiago with my wifes family(two elderly folks in a 3k+ sqft home)

let me give you some advice, get rid of the family and the dogs

 

[Father Guido]

Define comfortably.

I have been living here in Santiago for the last 10 years.
There's no better place to live in the DR.

you have to be within minutes of a decent beach to make that claim

 

[lasalsa]

It depends on what you call "Comfortable". An E-8 retired pension is anywhere from $3-4K a month NOWADAYS, if I'm not wrong. Then you have a nice lump sum. It's great you won't have to go rent or buy a home.

I'm retired E-7, but not close to SS income yet. I've been retired for about 12 years, but still have a full-time job, which is amazing to have for when I finally move to DR. I have my vices too (cars). Yes, a pension goes a long way.

Enjoy DR.

 

[marcosalm]

yea we're doing just fine, but we both have our vices. Hers are projects around the house and mine are cars, lol. These back to back deployments definitely help out.
By the time i retire i'll be in my early 50s.

Brother, I am a retired US Army E-8. I retired in 2015, did a short sale on my home in NJ and have been in Santiago ever since. My wife and I bought a house in Santiago years ago; so we were set. We have no wants and enjoy every day here in peace. Hope to hook up with you once you're here......(if I'm still around!)

 

[Big]

factor in Uncle Sam, he still gets his cut.

 

[NanSanPedro]

for all the retired military folks, do you feel like your pension provides enough to live comfortably? i know "comfortable" is subjective, but just trying to get an idea of how far an E8 pension would go out there. we also have a nice lump sum in our savings and would be selling our southern california home we've had since '19.
Retiring in the next 3-5 years. Its just me(dominican born) and my wife(us born dominican) and our three dogs. We would be moving to santiago with my wifes family(two elderly folks in a 3k+ sqft home)

I didn't retire, did my 4 years in the Marines during the Vietnam era, never going in country. However, I have SS, 1 private pension, and a 401k and I'm more than comfortable. You'll do fine.

 

[CristoRey]

you have to be within minutes of a decent beach to make that claim

I am. About 90 of them by car 😎

 

[JD Jones]

factor in Uncle Sam, he still gets his cut.

Not if he lives here full time.

 

[Big]

Not if he lives here full time.

Ok, you can live here full time and not pay taxes on U.S investments. I'm going to fire my accountant.

 

[JD Jones]

There. See how easy that was?

 

[Big]

There. See how easy that was?

lol, I am trying to stay out of jail.

 

[windeguy]

Not if he lives here full time.

Incorrect JD:

A US citizen will be taxed by the USA no matter where they live in the world. The only way to avoid that is to renounce citizenship, but then you would lose Social Security and probably the Military Pension and of course your passport. One of the few countries that does tax expats to help fight endless wars and such

Social Security is taxed (Trump said he would end that, but so far it is taxed) . I can personally attest to this.

Withdrawals from personal retirement funds, annuities and the like are normally taxed, I can personally attest to this.

Military retirement pay is generally taxed as a pension at the federal level. This means it's considered taxable income and must be included on your Form 1040 or 1040-SR

 

[aarhus]

lol, I am trying to stay out of jail.

I have heard that about the US. You can't get out of their tax system unless you renounce your citizenship. In Denmark and I think most countries including Canada you can if you have residency somewhere else and spend most of your time there. However you don't receive any public services including the excellent free health care and for instance not from the foreign service either in principle.

I can see now it is off topic lol but I post anyway. It is actually also why it makes more sense to get the DR residency where I think Americans don't need it as much as it for tax purposes makes no difference.

 

[JD Jones]

lol, I am trying to stay out of jail.

Out of curiosity, you are not a U.S. Citizen, if I remember correctly, right.