Planning for retirement after your military career is behind you

On Behalf of | May 31, 2022 | Estate planning

Everyone wants to enjoy a comfortable retirement and as a member of the military, you may have the opportunity for both military and civilian retirement income.

Health issues are also a consideration as you age and military retirees with service during wartime have access to assistance with the cost of long-term care.

Early preparation

The sooner you begin planning for retirement the better because your military pension alone may not provide all the funds you need in your later years. However, because you can begin earning your military pension while you are still in your early 40s or even late 30s, there is still time for you to start another career in the private sector. This could be the source of a second retirement income.

Benefits available

As a member of the military, the Thrift Savings Plan (TSP) is available to you. Much like a 401(k) plan, this enables you to make tax-deferred investments. There is also a Roth version of the TSP. Once your military service is over, be sure to look into the various state and federal benefits, especially for veterans, including homestead exemptions and educational advantages.

The Veterans Affairs program

No doubt you anticipate a healthy, fulfilling retirement. But if you should become incapacitated you may qualify for enhanced pension benefits to assist with your long-term care needs. If you performed at least one day of military service in wartime from World War I to the Persian Gulf War, you could be eligible for such benefits through the Veterans Affairs program. Your estate planning attorney can advise you of other requirements and can help you apply for this pension plan.