Learn the basics on this important transition.
Retirement planning is the process of developing your retirement investing and savings goals and programs for a future retirement. Plus, it will help you create income and make your assets last throughout your retirement years. Sources of retirement income can include:
Even if you plan to make the military a career, don't assume that you military retired pay and Social Security will be enough to meet your needs. Too many people wait until their mid-to-late 40s to start seriously planning their retirement. This is a big mistake. Saving $250 a month at age 25 will yield approximately $872,000 at age 65 with an 8 percent return. Waiting until age 45 to start saving yields only $147,000 at age 65 - a $725,000 difference!
Want to know more about the Blended Retirement System? Click here for MOAA's presentation.