What did you do to prepare for military retirement?

2,270 Views | 9 Replies | Last: 6 yr ago by Trinity Ag
Fly Army 97
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I'm nowhere near retirement, but I have a lot of folks around me about to retire. I notice some don't prepare while many others do. Those who do run the gambit of seeking opportunities in business, government GS job, or whatever drops in their lap.

Did your plan of action work out or would you have approached it differently?
clarythedrill
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I too will retire in just over two years. First priority for me is to be debt free except for my house, which I will most likely have for decades to come. Other than the house, I will have no car payments, credit card payments, or anything. With my retirement and my wifes job, I can just sit around if I so desire, but I do want another job so I can afford toys.

Having a degree helps immensely, if nothing else just to get your foot in the door of a potential employer.

Knowing where you are going to retire and the jobs available there are a plus. This one is where I am conflicted, as I do not know where I want to retire. My current job has me travelling to 90+ locations in 10 states, so maybe I will find a spot that appeals to me enough to settle there.
JR69
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AG
I knew where I wanted to retire and what I wanted to do. Had a business plan. Had money in the bank to start a business, money in the bank for emergencies, money in the bank for a down payment on a house, and an IRA. Retired, moved to my preferred location, rented a house until I found the one I wanted to buy, opened business, bought house. Success for 15 years. All of that took a good deal of planning.

Things have changed due to divorce - sold business, sold house, moved, went to work for a national company - hated it, retired again. Play golf yeah round, bird hunting fall and winter, travel when i want to. Life is good.
74OA
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AG
Get a degree if you don't have one.
Marry a working woman with a degree.
Don't out-breed your income.
Save money every month without fail.

Do those simple things while you're in the military and you'll be well prepared for whatever retirement brings you.....

Zip 88
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Build your network. The military can be very insulated, and I didn't know anybody "on the outside" when I retired.

Finding a second career could be difficult if you don't.
Wabs
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AG
I retired from the Marines 3 years ago. I started planning at least 1.5 years in advance. Yes, start building a network on Linked In. Also, learn how to translate what you did in the military into civilian/corporate terms. This is not easy to do, but there are probably books out there (or googling) that will help. Virtually everything you did in the military can be equated to something in the civilian world.

Get a degree if you don't have one. If you have a Bachelors, get a Masters.

Aggie1
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AG
Your TRICARE will be one of the most valuable assets you will ever have...
All of this hoobub over Obamacare, etc., you are insulated from...

Prepare for the civilian marketplace by getting certified and/or credentialed in your chosen field - unless you intend to extend by consulting military, etc., after retirement.

I know many who go into insurance claims settlement and have been VERY successful - with or without a degree - especially with all the disasters that recur - especially if you are bi-tri-lingual

choose a location to retire where the cost of living meets your expected level of income. Big metro areas are generally high cost areas. Being near enough to commute for BX/Commissary/medical is helpful

Use your VA wisely.
TalonDoc
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AG
I am seeing very good advice here. I will add to max out the TSP every year if possible and save in a separate (non TSP) Roth IRA if possible the max yearly amount. Start getting skills you can use on the outside because some mil skills don't transfer, but most do.

As soon as you retire, move your TSP money to a non DoD account investment vehicle. The US gooberment can borrow from that TSP account whenever they want!
"The duty of the fighter pilot is to patrol his area of the sky, and shoot down any enemy fighters in that area. Anything else is rubbish." — Baron Manfred von Richthofen
TangoMike
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I medically retired, very unexpectedly, after 12.5 years, so I didn't have a year or more to prepare. The transition is brutal, unless you move directly into an S3/XO job at a defense contractor doing the same thing you were doing in a different uniform.

One of the biggest challenges I think people have when retiring is salary expectations. Wherever you go, you'll be a newbie. Most people I know left the Army expecting $100-$120k jobs because "that's what I've been earning." Those jobs for people coming in with no experience are really, really hard to find. You should be realistic when weighing your skills to the market. Remember, just like in the Army, there are hundreds of people out there just as good as you after the same job, so if you ask for $30k more than they're willing to offer, they're going to go to the next candidate.

A lot is made of "leadership experience" gained in the Army. Does it matter? Of course. Is it what matters most? Probably not, depending on what industry you want to get into. I had a lot of good stories to tell in my interviews about "tell me about a time you had to correct a subordinate's performance" and "tell me about a time you had to make decisions that were not popular but were important to the organization", but those aren't what got me into the interview. Hard skills matter. Math, Excel (not the S3 shop's tracker, macros and pivot tables etc), Minitab, SQL, R, statistics, VBA, Primavera P6, MS Project, regressions, etc. Those are the skills that business-world employers need you to have so that they can concentrate on teaching you the specifics of their company. MrExcel makes amazing books and YouTube videos. Hector Guerrero's book "Excel Data Analysis" is awesome. Oracle has YouTube videos of SQL and P6 for free. Udacity.com offers free online mini-classes (taught by geniuses like Sebastian Thrun and Zvi Galil) for almost all of those. Being able to talk the talk is important in an interview.

Don't get frustrated with the pace of the hiring process. Nobody in the civilian world moves as quickly as they do in the Army. I had a dozen interviews where I was told "yes, you're exactly what we want!" only to never get another phone call - and I have plenty of hard skills for the ol' resume. Recruiters won't be honest with you about what the company is doing. Polaris bought me a plane ticket to go to Huntsville, AL for a third interview... when I got there they told me a plant in Iowa was closing and all the Alabama hires would come from there. When I finally signed an offer sheet here at my current job it still took 2 months before my first day.

Paying a professional to write your resume is a worthwhile $50 investment. Have them make 3-4 different versions. Tailor the wording every time you submit it somewhere - don't have one single canned copy.

"Military Friendly" boasts by employers is as meaningful as a yellow ribbon magnet on a car. Do they like you? Do they value your drive, competence, aggressiveness, and sense of duty? Yes to all. Are the hiring process or the job expectations going to be any different than everyone else? No. Nod politely when they say that but don't expect it to mean much when it gets down to brass tacks.
Aggie@state.gov
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AG
The USG is not going to steal from your TSP acct. To claim otherwise is a dog whistle.

With the new legislation pending this year, the withdrawal options are going to be greatly improved.

Internal fund expenses in the TSP are far lower than any on the outside.
Trinity Ag
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S
Aggie@state.gov said:

The USG is not going to steal from your TSP acct. To claim otherwise is a dog whistle.

With the new legislation pending this year, the withdrawal options are going to be greatly improved.

Internal fund expenses in the TSP are far lower than any on the outside.
I was thinking Krugerrands, buried in a coffee can.

Not telling where, though....
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