The Ultimate Military Retirement Checklist: 10 Crucial Insights – Kiplinger

The Ultimate Military Retirement Checklist: 10 Crucial Insights  Kiplinger

If one thing is unique about military retirement, it's that retirement for most service members means finding another job, since most retire in their 40s. That's just the tip of the iceberg. Active duty personnel, who have worked in a much different professional and financial environment than most Americans, must master new, usually more expensive, benefits and work life. "I wish there was a better word for it … 'career shift' or something else, not calling it 'retirement,' because for most people, that is definitely not what it is," says Kate Horrell, a Navy spouse and financial counselor who specializes in advising military families. Because of their unique circumstances, service members approaching retirement often focus on the job search, but there is much more to consider.

Here are some things future military retirees should consider to ensure a smooth transition. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail. Profit and prosper with the best of expert advice – straight to your e-mail. All personnel who have served at least 20 years qualify for lifetime retirement pay, which varies based on when they entered service and Department of Defense programs offered over the years. Retirees are eligible to receive 40% to nearly 103% of their active-duty base