Living on 50K military style
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  1. #1
    McD
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    Default Living on 50K military style

    Life Inc. - We are the median: Living on $50,000, military-style


    I'm sure this isn't anything new to must of us military families, but I thought it was a good article nonetheless.

    I liked the 5 year plan being someplace visible. We need to do this!

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    Registered User Lindsey's Avatar
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    It's always good to have goals, for anyone. We have "age" goals...by the time we are _ we want to do this, etc.

    The tax free thing at the commy gets me. It has a 5% surcharge. When we were in FL. it was cheaper to shop at Publix with their deals and get things tax free and now here in TN and I coupon, it behooves me to drive to KY and use my coupons for the tax free grocerys. Usually comes out cheaper. I do buy milk and meat at the commy though unless on sale somewhere else.

    Is 50K their combined income? Unless maybe he gets special pays?

    I understand the insurance thing. That's why my husband joined, way back when, even though he took a pay "cut". The insurance was worth it.

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    Registered User Nishu's Avatar
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    Smart folks. Not only are they obviously good with money, but there's one of the few people I've seen who really get how valuable our benefits are, you know? I suppose that's hard to miss once you have a kid with medical issues though. The printed goal thing is too cool.

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    Registered User MomToTwoBoys's Avatar
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    Wait, who in the world is getting $50k a year in the military?

    I had to scrounge by with $500 a week.

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    McD
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    Quote Originally Posted by MomToTwoBoys View Post
    Wait, who in the world is getting $50k a year in the military?

    I had to scrounge by with $500 a week.
    I am assuming the 50K is based off of their joint income. However, he is an officer. An 02 with 8 years in would gross 52K, not including housing according to the basic pay chart. He may also have special incentives that add to his pay.

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    My dd is military and has an AGR job. She makes about 60K.

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    A petty Officer 2nd class is an E5...I thought? With 6 years in makes it about 31K a year, not including BAS. Which for enlisted is $324./mo. If he is living on base, no BAH.

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    McD
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    Quote Originally Posted by Lindsey View Post
    A petty Officer 2nd class is an E5...I thought? With 6 years in makes it about 31K a year, not including BAS. Which for enlisted is $324./mo. If he is living on base, no BAH.
    Could be. I only know the rank structure for the army.

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    Registered User Lindsey's Avatar
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    You know...I don't think he factored in retirement. His wife can still go to work if she wants, but if he only plans on making 75K a year, then really in retirement, he isn't doing that great. There isn't much out there that can match the retirement benifits I also hear that they are going to start a TSP Roth IRA.

    If he were to stay in (since he is pretty young) and retire (he is a 3rd of the way there) and then go on to the job he wants, he would be set.

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    petty officer second class is an e-5. BAH for the area is about 2k a month, so they're probably counting that. Not counting BAH would be kind of disingenuous, since you don't just not count the amount that civilians pay in rent.

    ETA, it kind of sounds like he's on a shore duty so he's probably not getting any special pay. Guessing.

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    Quote Originally Posted by Lindsey View Post
    You know...I don't think he factored in retirement. His wife can still go to work if she wants, but if he only plans on making 75K a year, then really in retirement, he isn't doing that great. There isn't much out there that can match the retirement benifits I also hear that they are going to start a TSP Roth IRA.

    If he were to stay in (since he is pretty young) and retire (he is a 3rd of the way there) and then go on to the job he wants, he would be set.
    My dad was retired Air Force. As his dependents we would shop on base and use their doctors and hospitals. When we didn't live near a military facility, he could use their medical insurance-CHAMPUS, I think it was called. He collected retirement pay while he worked his civilian job. He earned his college degree while still enlisted. He worked in the same field he did when he left the Air Force, except at higher civilian pay.

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    First off, what in the world are they counting as extra income? I did not think the military paid so high a salary for a
    petty officer second class with the Navy
    so I looked it up.
    There is no WAY that he could be earning $50K!
    Salary.com Salary Wizard- Do you know what you're worth?

    Second, they plan on getting out of the military and spending lots of money with education, or is he going to stay in the military, have them pay for his education, and then get out with an associates degree?

    Quite honestly, I think he is better off staying in the military and keeping the health insurance, and subsidized housing, living, and education. There is no way that you could living in San Diego without that extra help. And if he keeps going he could have a good retirement.

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    Registered User Rhiamon's Avatar
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    I don't know much about military sallery and I know it depends on where you live but holy crap I would love 50k a year. Last year according to my taxes I lived on 10,000. When I was with my ex before he got laid off he made 40k and we lived very nicely and never beyond our means.

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    Registered User Nishu's Avatar
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    Quote Originally Posted by laura-n-sasha View Post
    First off, what in the world are they counting as extra income? I did not think the military paid so high a salary for a so I looked it up.
    There is no WAY that he could be earning $50K!
    Salary.com Salary Wizard- Do you know what you're worth?

    Second, they plan on getting out of the military and spending lots of money with education, or is he going to stay in the military, have them pay for his education, and then get out with an associates degree?

    Quite honestly, I think he is better off staying in the military and keeping the health insurance, and subsidized housing, living, and education. There is no way that you could living in San Diego without that extra help. And if he keeps going he could have a good retirement.
    Im not going to bother looking at the calculator you just posted, bu I guarantee you he can and probably is making 50k a year. As I said, housing allowance is 2k a month for his pay grade. And it's not really subsidized housing. We pay for housing with our bah, and of you don't live I housing you pay rent just like anyone else.

    He's also probably not getting any extra pay considering the job he's attached to. He should be getting e5 base pay, bas, and housing allowance, but Id be surprised if he got anything else. Bah and base pay for him add up to about 50k in themselves.

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    So according to the link, even if he is at the highest in the scale at:
    $28,491
    Then another:
    12,000
    for housing
    Equals 40,491 but not 50K!
    Bah and base pay for him add up to about 50k in themselves
    However, if they are also saying that the military also pays for their health benefits, then that could be the 10K extra, but who counts that as "pay"?

    I certainly do not count the subsidized housing I get for being a park ranger. While I only pay $150 a month, it comes directly out of my pay. Of course there is no real comparison of what I would be charged each month, because there is nothing comparable to living inside of a National Park.

    I just think that the article somehow bumped up his salary as the series was for "Making it under $50K a year." or something like that.

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