How early did you start financially planning for your retirement from military service?

2015-06-08T13:37:31-04:00

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?

Response by SGT Private RallyPoint Member made Jun 8 at 2015 1:46 PM

2015-06-08T13:46:43-04:00

I tell all my Soldiers to start right now. All is takes is to show them a chart of how much they could have by the time they retire by saving a few bucks from each paycheck and putting it into a traditional or roth IRA.

Response by SPC Candace Leach made Jun 8 at 2015 1:51 PM

2015-06-08T13:51:28-04:00

I started as soon as I went to my first duty station in 2004.

Response by LTC Kevin B. made Jun 8 at 2015 2:06 PM

2015-06-08T14:06:23-04:00

I started planning as a 2LT. While I eventually moved on from the financial advisor I was initially using, I was glad that I started early.

Bottom line, the sooner the better. The costs of procrastination are huge, and those costs grow with each passing year.

Response by SFC Rich Carey made Jun 8 at 2015 3:08 PM

2015-06-08T15:08:21-04:00

RIGHT NOW!!!! The earlier the better. You can't beat Time, Value, Money otherwise know as TVM. You can say"oh I will put more money in later, then comes the spouse, , house, car, kids, ........You look back and say I wish I would have started earlier...

Response by SGT(P) Private RallyPoint Member made Jun 8 at 2015 3:13 PM

2015-06-08T15:13:00-04:00

CW4 Private RallyPoint Member 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.

Response by MSG Private RallyPoint Member made Jun 8 at 2015 3:18 PM

2015-06-08T15:18:57-04:00

As soon as possible. Money can grow exponentially when properly invested. Please speak with a financial specialist. I recommend someone that you trust in your family or friend support network that knows of some experts in this field (bankers, financial advisors, wealth managers, etc.) I started my TSP within the 1st year and my wife began a 401(k). We have diversified our investments to hedge with bonds (which hopefully will rebound as soon as the FED starts raising interest rates). Get smart on this, it's your financial future.

Response by RDML Bob Frick made Jun 8 at 2015 3:22 PM

2015-06-08T15:22:54-04:00

Based on lessons learned my advice would be to continuously plan and execute action items from graduation day from basic to today. Start saving and investing with a trusted financial planner even if it is just pennies a day, watch out for bandits who promise you huge growth if you can give them your money to invest. Plan your second career, constantly look at what you want to do next, never stop education and training and be ready. You will know when it is time to make that move. I tried to retire at 20, was talked into staying and I planned and executed my exit when the signals were clear.

Response by CSM Michael J. Uhlig made Jun 8 at 2015 4:27 PM

2015-06-08T16:27:23-04:00

Start early, hard to beat compounding interest....remember the story about the ant & the grasshopper? BE THE ANT!

Response by MSgt Brian Welch made Jun 8 at 2015 4:57 PM

2015-06-08T16:57:04-04:00

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.

Response by LTC Gavin Heater made Jun 8 at 2015 8:09 PM

2015-06-08T20:09:57-04:00

I started planning my retirement as a new 2LT. I started off with Savings Bonds and moved to Mutual Funds when I made 1LT. I have been investing ever since. There have been highs and lows, but I am mostly on track. As I approach real retirement 15 years from now, I really have to focus my efforts.

Response by SGT Private RallyPoint Member made Jun 8 at 2015 9:51 PM

2015-06-08T21:51:41-04:00

Actually, I started when I got to the school house at Fort Leonard Wood. Financial class opened my eyes. I started that same day. Never looked back

Response by MSG Private RallyPoint Member made Jul 29 at 2019 11:57 AM

2019-07-29T11:57:57-04:00

Start as early as you can with what you can afford and leave it alone.it's not a leave fund.
It will add up and when you decided you had enough, or are fortunate enough to retire, You Sir/Ma'am, will be very happy. HOUAH