Everyone in uniform knows the military's retirement pay isn't enough to live on. Even first term airmen, soldiers, sailors and marines soon learn that even a 20-year military career (or beyond) is a gateway to a new life and a new job. Depending on how well you plan, the quality of that life post-military could be great-but in today's economy it's challenging to invest and save wisely for your military retirement years.
With a bit of planning, you can set yourself up for a very comfortable military retirement; one that goes far beyond the numbers on your retirement check. Start planning early and save for your entire career. The numbers you calculate over the span of a 20 year military career may surprise you.
Don't forgot the number one rule about investing; never put all your eggs in one basket. To properly save for retirement, you need to have a diverse portfolio; a savings account is only one part of your plan. CDs, savings bonds, stocks, bonds, and mutual funds are other places to spread your retirement money.
Are you looking at your military retirement pay chart wondering how much you need to invest to make your Air Force retirement, Army, Navy or Marine retirement pay work for you? There are some simple concepts to remember that can protect your investments even in the craziest of financial times.
It appears that veterans are entrepreneurs at heart, making it a logical step for so many veterans to start their own businesses. Today, there are a number of services to help veterans with business education and loans, many of which are the result of the Veterans Entrepreneurship and Small Business Development Act of 1999.
The Thrift Savings Plan (TSP), a Federal Government-sponsored retirement savings and investment plan, was first established in the Federal Employees' Retirement System Act of 1986, as a way to provide retirement income. Now, the benefits of TSP are available to both military and civilian employees.
Thanks to the 2006 Heroes Earned Retirement Opportunities (HERO) Act, military members serving in combat zones now may contribute to a Traditional IRA or Roth IRA for military retirement savings, while also taking advantage of the tax-free status of their combat pay.
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