How early is too early to plan for retirement?

2020-06-02T08:36:28-04:00

I understand that the current guidance is to start the process officially 24 months out by attending a briefing. However, is there any harm in starting to get your ducks in a row earlier than that? For example, attaining professional certifications, looking at various career paths, and constructing your resume (which will obviously change over time)? Is there such a thing as adopting the retirement mindset too early?

Response by LTC Private RallyPoint Member made Jun 2 at 2020 8:52 AM

2020-06-02T08:52:16-04:00

No such thing. you should always have a plan to get out.

Response by SSgt Christophe Murphy made Jun 2 at 2020 9:12 AM

2020-06-02T09:12:02-04:00

There is a difference between being prepared for retirement and dropping your pack. As long as you are still getting the job done it's always god to be looking forward and thinking ahead. I would recommend doing everything you can to soak up as much as possible before you retire. Grab up any class, course or cert you can that will be applicable to where you are going post military. That also includes burning up some TA while you are still on active duty before you get too close to ETS that they stop letting you use TA. Just understand that there will be limitations to what they may let you do during business hours if you are more than 24 months out.

Response by MSG Private RallyPoint Member made Jun 2 at 2020 9:46 AM

2020-06-02T09:46:46-04:00

There is never a "too early" mindset when planning for retirement. I'm over 3 years out from being able to retire and I'm already plotting my retirement.

Response by LTC Jason Mackay made Jun 2 at 2020 11:49 AM

2020-06-02T11:49:00-04:00

SSG Adam Taylor 24 months for active planning like job hunting, house hunting, networking etc because you have to start acting in those things. Do SFL-TAP at least a year out.

Certifications and license prep, start further out. You need to identify the field you want to be in so you can get the certs, but also do you can try and get the last AD job in that area if possible.

Start preparing financially now. Rack up leave. Increase your liquid savings. Pay down debt. Do it while you have $ coming in. This will determine how long you can look before committing.

Look at signing up for troops to teachers. There may be a large stipend if you choose that route along with using the GI Bill.

Response by CAPT Kevin B. made Jun 2 at 2020 12:05 PM

2020-06-02T12:05:08-04:00

There's "The Plan" and then there's the exit strategy. The plan should have been implemented when you're 21 or so. That's the put stuff away for the future when you don't want to or can't work anymore. If you don't execute a retirement plan, your exit strategy options become limited. We see a lot of two year left types that we'd call RADs; Retired on Active Duty. It was their last tour and they started the long glide slope. Two years is about right for normal exit strategy execution because it frequently involves a move, finding a new home, etc. Job hunting in earnest is actually nearer to the end as commercial outfits are hiring because they have a need now, not next year. I retired out of MIL and then 10 years later retired out of everything else. Most MILs will have to do this process a couple of times.

Response by SPC Robert Coventry made Feb 18 at 2023 3:08 PM

2023-02-18T15:08:12-05:00

If there is licensing in your next career make sure you obtain it prior to retiring we got a lot of retired military apply for Detention Officers but they need a State Guard Card and Firearms Permit to start the training for Detention

Response by SGT Private RallyPoint Member made Feb 20 at 2023 12:37 AM

2023-02-20T00:37:12-05:00

yesterday... no longer...