Too many people are cavalier when it comes to the subject of retirement. Some procrastinate, knowing that they should be preparing for their retirement years while continually putting the matter on the back burner. Others stick their heads in the sand and don’t even acknowledge the need for retirement planning, assuming that Social Security and Medicare will take care of everything when they reach a particular age. Unfortunately, this type of thinking is a recipe for disaster.
Social Security in and of itself does not provide enough income to maintain the quality of life that most would describe as being comfortable. And, Social Security does not cover everything and it is does not pay for long-term care which is required by 70% of those who reach the age of 65. Add these facts with the realities of budget cutting in Washington and you can see why it is important to accumulate resources on your own if you want to be able to retire and do so comfortably.
One strategy that many people employ is to join the armed services when they are relatively young adults. If you serve 20 years or more in the military you become eligible for a retirement pension that you will receive for the rest of your life. If you make the military a career and retire when you become eligible for Social Security your military pension coupled with your Social Security benefit may well be enough for you to meet your financial obligations and enjoy your free time.
Others will retire after 20 years and draw a pension while they go on to work in the private sector for another 20 or perhaps 30 years. This to can leave you in a favorable position when you reach retirement age in the eyes of the Social Security Administration.
People who are in the military have unique retirement planning options. If you are interested in exploring them in-depth, the best course of action would be to arrange for consultation with an experienced retirement planning attorney who understands the opportunities that are available to veterans.