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Military Families Military Families

retirement

Posted by on Aug. 21, 2014 at 11:46 AM
  • 14 Replies

Hi all,

  My hubby retires after 20 yrs in Jan. I am super nervous. I am really worried about our finaces. Has anyone delt with this yet? Any tips or advice would be great. ty.

              

by on Aug. 21, 2014 at 11:46 AM
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Replies (1-10):
chrlstoncharmed
by Melissa on Aug. 21, 2014 at 12:00 PM

What are his plans after retirement? The retirement check doesn't cover all the bills, so just keep that in mind. When my husband began terminal leave, I started working. He ended up getting a great job offer just before his last AD paycheck, so pay-wise, it was seamless.

mnkymommy08
by Bronze Member on Aug. 21, 2014 at 12:05 PM
My husband still has ten years left (if all goes well) but we have already started to save money for when he gets out. We have no debt except for a car payment and hopefully that will be paid off next year. My advice would be to start putting in applications now so that you both have a better chance of finding employment before he gets out. That's about all I can think of..... good luck
gunsgirl
by Silver Member on Aug. 21, 2014 at 3:58 PM
1 mom liked this

DH is currently on terminal ealve, he retires OCT 1.

we have spent the last 10 years planning for retirement, we have maxed the TSP and both our ROTHS, we have saved 12 months of DH's BASE pay, PLus 6 months of my income.

4 years ago we started living on just my income and the estimated amount for his retirement and saving the rest in a high yeald money market account, we paid off both cars, both credit cards and paid a huge chunk of your home loan ( 45,000 in 5 years).

DH just registered for school and will use the GI bill to go to school. he will not be looking to "work" again for 2 years.

I am not worried at all.

the one thing you should do if you haven't already is start paying off debt and having at least 6 months worth of savings before Jan.

attend at least 2 TAPS classes

have him Work with someone to do up his resume

in OCT have him start the VA process and make sure ALL medical issues are well documented ( DH's has been submitted and is currently being reviewed already)

get all your medical and dental issues taken care of now

look for life insurance and dental insurance.

DO a PCS budget- you do not get DLA or TLE for final moves this will add moving out of pocket moving costs if you are not in your retirement location.

seriously look at the SBP and decide now if your going to take it or not- once he is out h cannot later go back and sign up for it (we elected not to take it and went with a higher life insurance instead)

and then just hang on, cuz life will get crazy in the next few months!!

 

 

jas_momof2
by アニメの雌犬 on Aug. 21, 2014 at 4:37 PM

Going through it now.  Dh's official retirement was earlier this month.  Be prepared for that last active duty paycheck to be MONTHS late...  just saying...  If they tell you (like us) that it's a 2 week delay - don't buy it for a minute!  Plan ahead.  Save as much as you can as the economy is still wonky.  Dh is finishing his degree while still looking for more stable employment.  We're ok in the meantime, but it takes planning and yes, it is scary as things are very different on the "outside"...

Anonymous
by Anonymous 1 on Aug. 21, 2014 at 6:09 PM
1 mom liked this
Dh retired almost two years ago and had a fairly easy transition. He was hired on for his current job while still on active duty, (June) went on terminal leave in August, started his job in September and officially retired in mid October. So he had no lapse in pay and was able to double dip for a while.

A lot has already been covered by the ladies here. I don't know if your dh has an idea as to what he will do after the military but if he is looking for a job, I always stress to folks to not be afraid to go where the job is/jobs are- dont just go back to what's familiar hoping to find a job. I've seen and heard that not work out so well too many times. I know it can work out but I'm just saying to have an open mind that's all. Change is scary but it's exciting and can work out for the better.

But be prepared for some surprises though. Lol.
darbyakeep45
by Darby on Aug. 21, 2014 at 7:39 PM

Good luck...glad these ladies could help!

pumpkinNC
by Member on Aug. 21, 2014 at 9:48 PM

Thanks ladies

Anonymous
by Anonymous 2 on Aug. 23, 2014 at 11:48 AM
Good luck, Dh retires next Aug, we have nearly a year income in savings, however a lot of unexpected expenses. The above suggestions sound great!!
DisabledVet
by on Aug. 23, 2014 at 11:57 AM

There are several good sites online. Will you be getting SS or just retirement?

lwalker270
by Bronze Member on Aug. 23, 2014 at 12:11 PM

DH retired last December, so I know exactly how your feeling right now.  It can be a nerve-wracking transition.  

Start the VA process early.  DH started his in September and it still took a number of months after he officially retired to complete.

The other piece of advice I would give is not to worry about him holding out for his dream job right away.  It's common for retirees to change jobs several times in the first couple of years after retirement.  DH was lucky and got a job he loves with his first job offer, but when he was job hunting, which he started several months before he went on terminal leave, he decided he would focus on just getting a job and then focus on getting a job he loved.

It was actually a pretty smooth transition and we're doing better financially than we did when he was AD.

Good luck!!  It'll all work out!

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