If the military is your career what is your business?

MSG Mitch Dowler — Wed, 15 Jan 2014 00:34:18 -0500

Few of us actually retire after a twenty year military career, some don't even retire after 30. Military retirements are a huge target for cuts as is social security. I started investing in real estate before retirement and have continued to grow this business. i also continue my day job working basically the same field I did in the Signal Corps. My philosophy is multiple redundant streams of income for retirement. What is your philosophy and strategy for accomplishing that end?

Response by SFC James Baber made Jan 15 at 2014 9:56 AM

SFC James Baber — Wed, 15 Jan 2014 09:56:47 -0500

Mitch,

I think the biggest issue for most military retirees or veterans is proper planning financially, many never really thought about the after life of military service when they decided to make it a career. I used to try and conduct financial workshops when I was a CFNCO to help provide knowledge and avenues for many career and even non-career Soldiers, but had minimal participation, as many felt that they wanted more for the now than the future. This has led to many being in struggling times since retiring or departure from the military in the last few years with the current economy and job market.

It doesn't have to be a big chunk of your paycheck, just start out small and build with each raise or as bills get paid down add more, and do as much to prepare for the 2nd life after the military as possible why still on AD. It will make the transition much easier to bear and work with.

Response by Maj Chris Nelson made Apr 22 at 2014 5:50 PM

Maj Chris Nelson — Tue, 22 Apr 2014 17:50:53 -0400

In the military, my career is Nursing. Over the last few years, i have begun prepping for retirement by finishing my Master's degree in Nursing Education and trying to get myself set up for post military employment. My goal is that I can find a nursing educator position that will pay approximately what I make on AD now, then I will use my military retirement pay to make house payments...whereever that may be! As to planning??!! what planning?! I never really received any GOOD counsel on that, so didn't.....