The Golden Albatross | Grumpus Maximus | Ep 227

Grumpus Maximus

What You'll Get Out Of Today's Show

  • How can you calculate a pension's value? Is it worth it? And how do you incorporate this future income into your retirement plan?
  • The 10th year of employment in a pensionable career is frequently an inflection point. It's this halfway point when people begin to consider sticking it out in a job for remaining time required to qualify for benefits.
  • Suffering from Post-Traumatic Stress, Grumpus came to his inflection point after 16 years in the military. With just four years left, staying for the pension began to feel like a golden albatross.
  • Grumpus Maximus's book, The Golden Albatross, is designed to help those midway toward earning a pension make value calculations before going through a major life event or leaving it all behind.
  • Not all pensions are created equal. They are a promise to pay, so how well funded the pension is against future obligations is an important provision to consider.
  • For Grumpus, FI was the answer to all his problems. Between his pension and the investments he and his wife already had, along with not being big spenders, he realized he would never need to work a real job again if he didn't want to.
  • The five variables that make a pension more valuable are:
    • The pension starts immediately.
    • The pension has a Cost Of Living Adjustment (COLA).
    • The pension includes healthcare.
    • The pension uses a high-value calculation based on the number of years in the system.
    • The total dollar value of the pension.
  • The best place to understand a pension's value is from the plan website. Well-run pension plans have online calculators to help determine how much a pension will be worth annually in retirement.
  • After deciding to retire from the military after 20 years of service, Grumpus and his family moved to New Zealand, where he is using his GI Bill benefits to go to school and earn a master's degree.

Resources Mentioned In Today's Conversation

If You Want To Support ChooseFI:

  • Share FI by sending a friend “ChooseFI: Your Blueprint to Financial Independence“.
  • Your Financial Resilience Toolkit

    Affiliate Disclaimer

    ChooseFI seeks to uncover helpful services that help you be financially resilient. However, we may receive compensation, at no cost to you, from the issuers of some products mentioned in this article, including from CardRatings for our coverage of credit card products. Opinions are the author’s alone, and this content has not been provided by, reviewed, approved or endorsed by any of these entities. See our disclosures for more info.

    Save on Existing Loans

    Save On Living Expenses

    Save & Invest

    Financial Emergency Prep

    1 thought on “The Golden Albatross | Grumpus Maximus | Ep 227”

    1. Hello! I am new to your incredible site and resources. Is there any way for me to replay this event with Grumpus? Thank you so much.

    Leave a Comment