(USA.Gov) Military retirement requires a lot of planning and consideration for best success. In addition to finances, you need to think about when and where you’ll retire. Big city or small city? Near a VA base for medical benefits is a huge consideration as you mature physically and need more medical attention. Experts advise that you may need as much as 80 percent of your pre-retirement income to continue your current standard of living. The exact amount will depend on many factors and you and your family needs.
It’s never to early to begin asking the questions. Begin now thinking of the long term. Think in terms of your overall mental and health benefits.
Questions to Ask Yourself Before Retiring
As you plan, consider these important questions:
- At what age do you plan to retire?
- Can you participate in an employer’s retirement savings plan? This includes 401(k) plans and traditional pension plans.
- If you have a spouse or partner, will they retire when you do?
- Where do you plan to live when you retire? Will you downsize, rent, or own your home?
- Do you expect to work part-time?
- Will you have the same medical insurance you had while working? Will your insurance coverage change?
- Do you want to travel or pursue a costly, new hobby?
What’s Social Security?
Social Security is a program run by the federal government. The program works by using taxes paid into a trust fund to provide benefits to people who are eligible. You’ll need a Social Security number when you apply for a job.
For more info: https://www.usa.gov/retirement#item-212313