Invested
Invested
As we near retirement from the military, we started working with a financial adviser who came recommended both in customer service as well as military lifestyle experience. We sought out someone who was also retired military, so they understood our (at times) nomadic lifestyle as well as the decisions we make for our family, such as geo-baching. We chose to use a financial adviser to both evaluate and plan for our future with various forms of investments to include stocks, bonds, and college savings accounts. My husband always says, “I am good at my job and others are good at theirs so calling in an expert in their field (i.e. a financial adviser) is a good idea to ensure we are set up for success long term.”
MilSpouse Money
Mission Response:
Congratulations to your spouse and entire family as you get closer to retirement from the military, Sarah! It is an exciting – and challenging – time that includes many important decisions about the future including location, employment, and desired lifestyle. The sooner you start preparing for this transition, the better. Find information, resources and lessons learned from other milspouses like you on our Transition to Retirement MilLife Milestone. Your spouse will be required to attend the Transition Assistance Program (TAP), but did you know that spouses can also attend? Check availability with your installation and prioritize getting ready for the next chapter together!
Retirement is one of the most expensive goals we will ever save for, which is why it is important to start as soon as you can. Think about your goals for the future and include them in your financial plan. A key factor to reaching any significant goal – financially related or not – is consistent effort over time. Make saving and investing a regular part of your monthly budget, stick with it, and you’ll see the results over time. Check out Money Ready 201 – Save & Invest for specific details on how to get started and high-level information on methods for saving and investing. While every family’s situation is unique, it is important to understand the available options for saving and investing. These could include the Thrift Savings Plan, Individual Retirement Accounts (IRAs), civilian workplace accounts like a 401(k) plan, taxable brokerage, and/or savings accounts to name a few. Another great option is to meet with a Personal Financial Counselor or Manager on your installation or through Military OneSource. Click here to learn more.
Sarah and her family decided to work with a financial adviser to help their family meet their goals. An investment professional may be licensed at the state or federal level, provide a variety of services including guidance and planning recommendations, brokerage services, products, and/or asset management for a fee. It is important to decide what type of support you need, research a potential adviser’s background, and understand their fee structure. This resource from the Securities and Exchange Commission is a great place to get started when choosing an investment professional.
