Once you are nearing retirement, you need to make the adequate preparations or you won’t end up…well, financially sound, to say the least. Today, we share 3 approaches that you can utilize and make your future secure once you make the transition from military.
The financial actions are not easy things to talk about but if you are nearing the time when you want to hang up your boots, you will need to perform three tasks. Here are those 3 tasks:
Military people normally manage their budgets quite well. When you make the transition from military life to the civilian kind, you need to have at-least 6 or 12 months’ salary in your account to be able to make both ends meet. Yes, you might be able to find a great job soon but still the expenses that were covered before like child care, food and healthcare will have to be paid for now and you don’t want to be having your hands in your head at the time.
2. Save and invest
Military people are also generally good savers. Now is the time that you need to use your saving and your investing skills with aplomb. Try to save as much as you can, make contributions to your retirement savings plans or find other ways of investing. Just be aware that the money you have right now, can either be spent, or saved and doubled.
Upon transitioning you also need to make a life insurance replacement. Within the first 8 months of leaving the military, you can convert your SGLI to a Veterans Group Life Insurance and there is no need for a medical exam either. You will most probably be able to get a great deal.
So, if you are nearing the transition, start planning ahead already!