Finimpact

Tips On Planning Your Military Retirement

If you are planning a military retirement, there are some things you can do to ensure a smoother ride. Here are some tips to consider.

  • Save along the way: Retirement can be expensive. Make an effort to save a portion of your income throughout your working years.
  • Consider starting a business: Income from a business would dramatically change your retirement plans. Here’s how to start a veteran-owned business.
  • Make a plan to move to a low-cost area: Instead of sticking in a high cost of living area, move to a more affordable location.
  • Take care of your health: Healthcare costs can get expensive in retirement. Get ahead of the game by taking care of yourself along the way.
  • Consider a second career: After 20 years in the military, you deserve a break. But you might decide to try a new career path with your military pension covering some of your basic expenses.

Making the Most of Your Military Retirement

Retirement from any organization should come with perks. You have a defined benefit plan with plenty of perks when you leave the military. Take some time to explore all of the benefits on the table.

Make sure you factor these in when planning out your retirement. But also consider adding extra padding to your retirement plans with additional savings or a brand new business.

About the Authors

Sarah Sharkey

Written by: Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions.

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Kal Salem

Reviewed by: Kal Salem

CPA, PMP and Finance Consultant

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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Somer G. Anderson Ph.D.

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Dominique Broadway is an award-winning personal finance expert. She provides advice on all areas of personal finance including student loans. Her advice has been featured in numerous publications. Dominique is committed to helping tackle the student loan crisis and helping individuals make informed financial decisions.

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