Posted on Jun 8, 2015
How early did you start financially planning for your retirement from military service?
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Just trying to find out opinions on when you should actively start planning for your retirement from active duty? Soon as you start your career, 10 year mark, 15 year mark or right before you retire? What kinds of measures did you take to aid you in this process?
Posted in these groups: 
Retirement
Personal Finance
Retirement Personal Finance
Posted >1 y ago
Responses: 12
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Start early, hard to beat compounding interest....remember the story about the ant & the grasshopper? BE THE ANT!
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CW4 (Join to see) got to my first unit station in June and set my TSP in August. I keep changing it to see how it fits better my plans. Last thing I did, I stopped my Traditional TSP and kept the Roth one. What I did was, put some change in and when I finished paying the mandatory year of GI Bill I raised it to the same amount that was taken before, so it didn't hurt.
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SGT(P) (Join to see)
That is exactly my plan, once I start ranking up, the percentage will be going up as well. Right now I have it at 6% but it will go up to 10%, at least that's my plan for the near future. CW4 (Join to see)
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SGT(P) (Join to see)
Also Sir, from another TSP discussion, https://www.rallypoint.com/answers/recomendations-to-allocate-tsp-contributions, I copy this to my allocations from CW4 Gary S. "I've been a C !0%, S 20%, I 70% guy for 15 years. It's done pretty well.
I put in 10% of base pay and 100% of all special pay." I have to admit that I don't know how it has work yet but if it has work for him, I guess it will work for me. CW4 (Join to see)
I put in 10% of base pay and 100% of all special pay." I have to admit that I don't know how it has work yet but if it has work for him, I guess it will work for me. CW4 (Join to see)
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I planned on working for myself after my military career. I started honing my skills in woodworking and buying equipment 10 years prior. I spent around $100K for the business equipment over the course of the 10 years and had it paid for before I walked out the door. That time was also spent "testing the waters" and refining my business plan. It served me well.
Here's a sample of the work I do making plaques from inlaid wood veneer.
Here's a sample of the work I do making plaques from inlaid wood veneer.
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MSgt Brian Welch
TSgt David L. Very nice. Like all things nothing is for everyone. Sometimes it's the price, some times it just isn't their thing. In my business I have enough work to keep up with and glad they don't suit everyone. I think work like your would do well on Etsy, have you tried it?
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TSgt David L.
No I haven't tried ebay yet MSgt Brian Welch . I would have to actually work to make enough, and like you say, I'm glad they aren't for everyone so far. :-)
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