When is a good time to plan retirement?

2017-02-06T12:33:01-05:00

Response by MSG Private RallyPoint Member made Feb 6 at 2017 12:34 PM

2017-02-06T12:34:56-05:00

If you ask my wife, she would tell you to start when you were in high school.

Response by CPT Jacob Swartout made Feb 6 at 2017 12:35 PM

2017-02-06T12:35:39-05:00

A lot of people start looking at their next chapter 1-2 years out. For some it is even more years in the planning. It depends on what you want to do or if you already know what you will be doing that will determine the planning. I have been planning mine for about 3 years and just narrowing down what I want to do in my field in the civilian world.

Response by SFC Jim Ruether made Feb 6 at 2017 12:45 PM

2017-02-06T12:45:15-05:00

When you have enough money to do it Master Sergeant....lol This is evident when you have enough money to light the fireplace and not miss it!

Response by MAJ Raúl Rovira made Feb 6 at 2017 1:29 PM

2017-02-06T13:29:57-05:00

Planning early for retirement it is to our advantage. A lot less stress when there is a plan in place and in motion that is realistic.

Response by SN Greg Wright made Feb 6 at 2017 1:31 PM

2017-02-06T13:31:54-05:00

The day you get out of High School.

Response by Sgt Private RallyPoint Member made Feb 6 at 2017 1:58 PM

2017-02-06T13:58:13-05:00

MSG Earnest Smith It is never too early to plan, save, and invest for retirement. Sometimes, plans go astray because of sickness, loss of work, or other circumstances.

Do you know where you want to retire? What do you want to do in retirement? Do you have the financial resources to retire?

Best wishes!

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Response by PO1 Brian Austin made Feb 6 at 2017 2:43 PM

2017-02-06T14:43:23-05:00

As soon as possible, it's never too early to start planning.

Response by CPT Jack Durish made Feb 6 at 2017 2:43 PM

2017-02-06T14:43:55-05:00

This is an easy question to answer: Before you retire. Sounds funny, doesn't it. Sadly, I've met many, actually most I've met, who didn't.

Response by MSG Brad Sand made Feb 6 at 2017 4:02 PM

2017-02-06T16:02:22-05:00

When you enlisted, yesterday...now...as soon as possible.

Response by SGT Dave Tracy made Feb 6 at 2017 4:36 PM

2017-02-06T16:36:15-05:00

Well, if your name just so happens to be Tom Brady, I'd say right...about...

Now!

Response by SPC Erich Guenther made Feb 6 at 2017 6:53 PM

2017-02-06T18:53:06-05:00

Are you planning a second career after the Military? I am a bad example but I didn't start really saving until I was 37 years old. I'll still have enough to retire by 60 or 62 if I want and only because I choose a great field in Information Technology. However if your going to ETS by 40 or near 40 with a 20 year Army pension, you still have a good 20 years to work on the civilian side if you want to (which would be a second retirement income). So my answer is it is never too early to start retirement planning but also age 40 isn't too late to start either. So start right now and look at areas of the country you want to retire in that you might also find work and a home now at your age now...........avoid relo later when you retire. So my lifetime goal was to retire in a warm climate. Started on that goal right after graduating college........first relo Detroit, Second Ft, Knox, third Dallas, TX. Happy where I am now and will probably retire here.

Also, lots of people find part time work in retirement. A lot of retired people that are upper middle class and wealthy will need help hooking up PC's and troubleshooting small networks so that is another option I have if I want to early retire or retire and still have some income comming in. Retirement communities in Naples and North of Miami are full of retired people that provide services on the side to other retired people and really like it.

Response by Capt Private RallyPoint Member made Feb 6 at 2017 7:14 PM

2017-02-06T19:14:24-05:00

From the day you draw your first paycheck.

Response by SFC George Smith made Feb 6 at 2017 10:30 PM

2017-02-06T22:30:55-05:00

when the Job is no longer fun...

Response by SSG Laurie Mullen made Feb 7 at 2017 12:56 AM

2017-02-07T00:56:15-05:00

I started networking and doing preliminary job searches a little more than a year out. I received a job offer the same day that I picked up my blue ID card.

Response by SFC Wade W. made Feb 7 at 2017 6:59 PM

2017-02-07T18:59:28-05:00

Weird. A friend and I, both retired military, were just talking about this. During my mandatory retirement briefings I was surprised how many people actually didn't know about benefits, finances, etc. This is what we were talking about.
We both started looking (not necessarily planning) at retirement about 6 yrs before "planned" retirement. I served 5 more yrs than planned. Obviously, the sooner, the better.

Response by LTC Private RallyPoint Member made Feb 8 at 2017 2:14 AM

2017-02-08T02:14:21-05:00

MSG Earnest Smith as soon as you get in. You need to have a plan. Though if you are worried about Tom Brady he will be fine.

Response by LTC Sonya Friday made Mar 5 at 2017 11:42 PM

2017-03-05T23:42:16-05:00

At least 2 years out if you have less than 2 years then I would say now. The transition process is harder than you think. You will have so many emotions and feelings about the next phase of your life. Let me also keep it real with you the job market is harder than you are lead to believe while on active duty and even with a TS it's not cutting it anymore (unless your in the IT arena). As you prepare your departure make sure you have a couple of plans on the table. Give yourself options, use all benefits and programs available to you. Stay on this network and we will continue to help you through this process.