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  #41  
Old 6 July 2014, 06:42
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RGR.Montcalm RGR.Montcalm is offline
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Originally Posted by jdogonroad View Post
Where would one find out (other than google) about these countries and pension visas? I, for one, am intrigued by these Belize commercials, as they speak english and I don't feel like relearning Spanish. Also, does Tricare work there? Do feds and states still deduct (tax/ss/bs) from pay?
Panama has a very good expat visa/retirement package. 80% of the population speaks English, the dollar is the dollar there and the cost of living is low...
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  #42  
Old 6 July 2014, 07:04
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Originally Posted by LWW3124 View Post
(7) Selling Leave on the Books: If you have any, recmnd you take it as terminal leave if you can. Selling 30 or 60 days may sound like a good deal to have those bucks in your pocket, but be advised that Uncle Sugar takes off ~ 25% right off the top in taxes before you see a dime, and it doesn’t matter if your Home of Record is a tax free state or not.

(8) Your Resume: Take the time and write one up. Get help, too. Keep it brief (like one page) and succinct (to the point).

v/r,
LWW3124
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Originally Posted by MacDuff View Post
Good advice here. As an addendum, if you sell back leave you only get paid your base pay for those days. If you have BAH or any other pay you lose out on that. If you have the option you're almost always better taking the leave as terminal.
Both of you look at this wrong- here's my counsel on selling back leave-

I suggest that if you can, save up as close to 90 days as possible and sell back 60 days, if you can- here's why.

I'll use and imaginary pay scale to illustrate my point-

Base pay= $5000/month
BAH= 1700/month
SepRats/BAS= 340/month

Total/month= $7040/month/before taxes

x 2 (months =60 days=/-)

Total for 2 months (term leave taken $14080 before taxes

now sell back those 60 days because if you save 90 days (or as close as you can get

30(+/-) days leave
20 permissive TDY (for retirees)
14 days clearing Army/post

64(+/-) days


Add 10000 (selling back 60 days

$24080 for your last 60 days that you won't be working anyway


Would rather have $24080 or $14080 for your last 60 days??

If you are lucky enough to have a job the day after you retire- great

If you want to take a few weeks off, now you can afford because the bills don't stop coming in just because you retired...
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  #43  
Old 6 July 2014, 08:21
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Quote:
(7) Selling Leave on the Books: If you have any, recmnd you take it as terminal leave if you can. Selling 30 or 60 days may sound like a good deal to have those bucks in your pocket, but be advised that Uncle Sugar takes off ~ 25% right off the top in taxes before you see a dime, and it doesn’t matter if your Home of Record is a tax free state or not.
Not sure what math you're using, but a dollar for dollar comparison always results in more money if you don't take terminal leave.

The simple fact is that getting paid until your final day and then selling back lv results in higher net. I'm not sure how that would even be in dispute. Also, unless something changed speciality pay, jump, dive, hazardous duty, etc..stops when terminal lv is started.

Everyone has a different situation, but I've always told people to sell back lv if they have the opportunity to. Taxed or not, it is still cash on top of what you made. Many service people will be able to mitigate the tax when they file year end as well.

My advice is that anyone thinking about one option or the other; get out a calculator and run the numbers. Math doesn't lie.
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  #44  
Old 6 July 2014, 09:12
LWW3124 LWW3124 is offline
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Originally Posted by Silverbullet View Post
My advice is that anyone thinking about one option or the other; get out a calculator and run the numbers. Math doesn't lie.
In violent agreement with this, sir, and with RGR. Montcalm's, too. Just recmnd you make sure your numbers agree with the dispersing clerks interpretation of the rules, 'cause *that's* the person who'll be cutting the check.

My experience was different, and that could well have been the result of my not doing the right calculations and expecting more (I didn't have but a few days to figure all this out, and probably made mistakes in my numbers), or allowing myself to become the victim of someone else's math that was crooked or dumb. You're 100% right: (The right) Math doesn't lie.

One has to do their homework ahead of time when it comes to retirement.
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  #45  
Old 14 July 2014, 00:50
LWW3124 LWW3124 is offline
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My apologies

Some of my comments on this thread communicated a didactic approach to your retirement plans. I spoke from my own experience being forced to retire from a service I loved with less than 2 weeks to take care of business. But I damned sure don't know-it-all, and if I came off that way then I was wrong. It was wholly inappropriate for me to express myself that way, and I apologize to SOCNET.

Bottom line and I'll shut up about it: SATCOMs comment re: the need for "documentation" is critical advice. It is especially important for a military person to do their own research, but do it thoroughly and make sure your spouse is involved. Every aspect of your decision making deserves your complete attention because you will be making decisions based on info which will affect you for the rest of your life.

Thanks.

v/r,
LWW3124
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  #46  
Old 14 July 2014, 05:13
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btq96r btq96r is offline
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Quote:
Originally Posted by Silverbullet View Post
Not sure what math you're using, but a dollar for dollar comparison always results in more money if you don't take terminal leave.

The simple fact is that getting paid until your final day and then selling back lv results in higher net. I'm not sure how that would even be in dispute.
In my case, the math told me to take the leave and not sell it- but my case was admittedly an abnormality.

My ETS date was in flux since I was under stop-loss and our re-deployment date kept shifting. So instead of getting the benefit of planning out my ETS date, I had one given to me (R+90) less than 4 months before the actual date and found myself with about 70 days of leave projected leave to make a decision on.

I ended up extending two months to take most of it (which was a fucking headache since our brigade CSM didn't want Soldiers extending to take leave, despite the regulations making a clear case for it) so I wouldn't loose out on BAH, BAS and the stop-loss pay I was getting.

By my calculations, I would have only gotten a final check of $9,500 (the last months pay + money from selling leave) by selling my leave instead of the $12,500 I got over the course of my transitional leave by extending and keeping BAH, BAS and stop-loss pay going while I was on leave. I was officially in the Army for 60 days longer, but I was only physically present at my unit for three more days (one of those being the morning I came in to sign my last NCOER and sign out on leave) than I would have been if I worked up until ETS and selling leave. In my case, taking the leave gave me more money.

Like I said, it's the exception, but there are always a bunch of guys who get fucked on their way out the door when there ETS/retirement plans are adjusted via stop-loss orders.
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  #47  
Old 14 July 2014, 08:10
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Exceptions are exceptions for a reason. My advice is based on the average person retiring.

My point is that everyone should pull out the calculater and run the math.

Generally the service member will end up with more real cash by selling leave back.
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  #48  
Old 14 July 2014, 17:32
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Retirement-if you make it?
Had several Airman come into DEERS-the AF is kicking a bunch out!!!
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