Every frogman knows the importance of planning a mission. Likewise, retirement requires a lot of planning and consideration. In addition to finances, you need to think about when and where you’ll retire. Move back home or to an area with little or no military installation? Remain close to a VA base for ongoing medical benefits? Of course, there are always family considerations.
Experts advise that you may need as much as 80 percent of your pre-retirement income to continue your current standard of living. The exact amount will depend on your individual needs.
Questions to Ask Yourself Before Retiring
As you plan, consider these important questions:
• At what age do you plan to retire?
• Can you participate in an employer's retirement savings plan? This includes 401(k) plans and traditional pension plans.
• If you have a spouse or partner, will they retire when you do?
• Where do you plan to live when you retire? Will you downsize, rent, or own your home?
• Do you expect to work part-time?
• Will you have the same medical insurance you had while working? Will your insurance coverage change?
• Do you want to travel or pursue a costly, new hobby?
What's Social Security?
Social Security is a program run by the federal government. The program works by using taxes paid into a trust fund to provide benefits to people who are eligible. You’ll need a Social Security number when you apply for a job. Many retired veterans don't plan ahead and primarily rely on their social security. That would be a mistake. Bottom line, its never too early to begin thinking in terms of your long range and financial goals.