Financial Checklist for Military Retirees
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Talk with a Financial Planner – Discuss your situation with a financial planner
who can help you with important matters. All advisers will be able to give general financial
advice but it is important to screen a financial planner’s qualifications to ensure they can best
serve your retirement needs. Military OneSource offers a wide variety of resources that guide
through the process of finding a financial planner, assessing them for your needs, and planning
your retirement. They also list links to accredited financial planning organizations that work
with the United States Military. For more information, visit:
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Start Saving – The power of early retirement planning is immense; the more time
allotted to plan and save the greater the opportunity your money and assets have to
grow. Saving money in the present can provide you with financial security in the
future. Witness the power of compound interest over time and start saving by visiting
http://www.saveandinvest.org/ .
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Estimate Your Retirement Needs –Visit
www.choosetosave.org/ballpark/
to utilize the "Ballpark Estimate Worksheet" and calculators to assess and estimate your retirement
needs.
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Enroll in the Thrift Savings Plan (TSP) or Increase Your Contributions – Every
dollar counts as savings and investments in these accounts make your money work for you
. If you're not sure which TSP account(s) to choose, you might consider their
lifecycle account as it automatically spreads and shifts your contributions to safer investments as
you approach the age where you will need money to pay bills. Visit the TSP website at
http://www.tsp.gov/ to get started.
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Verify Your Social Security Records – Contact the Social Security Administration
to ensure they have accurate records of your earnings. Visit
http://www.socialsecurity.gov/ for
more information.
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Get an Estimate of Your Social Security Benefits – Chances are that you will need
more than social security payments to survive during your retirement years, visit
www.socialsecurity.gov/estimator/ to see where
you stand.
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Determine if You Need an Umbrella Insurance Policy – Umbrella Liability Insurance
is so named because it acts like an umbrella, sitting on top of your auto and homeowners liability
policies to provide extra protection. Even if you don't own a home, remember that you still
insurance to cover both your liability and your personal property. To find out more about
umbrella policies, visit:
http://moneycentral.msn.com/content/Insurance/Insureyourhome/P35349.asp
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Choose Where to Retire – Deciding on where you would like to live once you retire
will have a significant impact on your retirement plan due to factors such as retirement lifestyle,
property taxes, health care, weather, and housing. Your location will affect these factors and
influence the cost of your retirement. Take these into consideration when selecting a
location. The following websites can provide comparative relocation information:
http://www.militaryonesource.com/
and
http://www.MilitaryINSTALLATIONS.dod.mil..
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Conduct Regular Reviews of Your Retirement Plan – No retirement plan is
perfect. They should be looked at on a regular basis, every few years or after significant
life events to ensure a secure and happy retirement. A financial planner can help you with
this and ensure that you are heading in the right direction for happy retirement.
Note: This checklist is intended to be a quick reference for planning your financial needs. It
is for informational purposes only and is not a replacement for the DD 2648 or DD 2648-1.
Additionally, you need to check your eligibility for any benefit with the appropriate agency.
Download the Financial Checklist for