Posted on Feb 21, 2015
How much time do you dedicate to retirement planning? Are you preparing your troops for retirement or life after the military?
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I am often talking with junior leaders about our shelve life. Explaining to them that one thing is inevitable, which is a post-military life. We will all transition from the military at some point in our careers. Whether planned or unexpected, the goal is to ensure either path taken you and/or your Soldiers are financially and mentally prepared for that day.
Retirement Planning and having an adequate exit strategy is key. Understanding the job market, resume writing, and setting money aside for emergencies and retirement. So how are you preparing? What tools and/or advise would you give someone very junior in service as compared to someone with 15+ years in?
Retirement Planning and having an adequate exit strategy is key. Understanding the job market, resume writing, and setting money aside for emergencies and retirement. So how are you preparing? What tools and/or advise would you give someone very junior in service as compared to someone with 15+ years in?
Posted in these groups: 
Retirement
Military Life
Retirement Military Life
Posted 10 y ago
Responses: 4
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1SG Charmaine R.
Great post and often overlooked by leaders during counseling their Soldiers. I tend to focus more on retaining Soldiers to keep them in the service as opposed to providing a shining light toward the civilian life.
If the Soldier has their mind made up I will talk with them about what their plans look like upon leaving the service. I try to give them maximum amount of time to get all the assistance they can from separation services like ACAP.
Great post and often overlooked by leaders during counseling their Soldiers. I tend to focus more on retaining Soldiers to keep them in the service as opposed to providing a shining light toward the civilian life.
If the Soldier has their mind made up I will talk with them about what their plans look like upon leaving the service. I try to give them maximum amount of time to get all the assistance they can from separation services like ACAP.
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1SG Charmaine R.
CSM, I understand your point of view. I however believe we must as seniors begin training our Soldiers for the inevitable. We each have a shelf life and at some point we must begin planning for that final date. Personally I believe we do not spend enough time as leaders training our Soldiers on financial preparedness or retirement. If we train them from day one to save and prepare for year 10, 20, or 30 financially and academically THEN and only THEN have we created a well rounded leader and Soldier, CSM.
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CSM (Join to see)
1SG Charmaine R.
I completely agree with you. We do a terrible job of mentoring our Soldiers in fiscal responsibility, mostly because a majority of seniors are not fiscally responsible. The other issue along the same lines is not being educated on finances, Infantrymen believe investing in Jack Daniels every weekend is a great way to build a portfolio.
As a leader you should definitely counsel your Soldiers or direct them to a proper agency to help them get smart on money. As a senior NCO you always want to do your best to keep the good ones in the Army.
Keep doing what you're doing, you sound like an outstanding NCO!
I completely agree with you. We do a terrible job of mentoring our Soldiers in fiscal responsibility, mostly because a majority of seniors are not fiscally responsible. The other issue along the same lines is not being educated on finances, Infantrymen believe investing in Jack Daniels every weekend is a great way to build a portfolio.
As a leader you should definitely counsel your Soldiers or direct them to a proper agency to help them get smart on money. As a senior NCO you always want to do your best to keep the good ones in the Army.
Keep doing what you're doing, you sound like an outstanding NCO!
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Upon every opportunity I advise junior soldiers to become familiar w/ Financial Guru Dave Ramsey. With the new retirement system proposals the military is acknowledging the need for more financial knowledge for SMs.
Financial acumen coupled W/ SFC Mark Merino's knowledge of how so many young SMs sign-up for inferior educational programs will be extremely beneficial to our SMs
Financial acumen coupled W/ SFC Mark Merino's knowledge of how so many young SMs sign-up for inferior educational programs will be extremely beneficial to our SMs
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Well, I can't speak specifically to the military aspect of it, but I think it's pretty universal.
There's a guy Dave Ramsey that has a class for soldiers (I think it might even be free). I've taught the civilian version of the class a few times, and the Gist of it is the seven Baby Steps:
1. $1,000 Emergency fund
2. Pay off all debt, smallest to largest.
3. 3-6 month emergency fund
3b. Save up for a down payment on a house, 15 year fixed loan, no more than 25% of your income.
4. 15% Retirement savings
5. Kids College
6. Pay off your house.
7. Continue saving, giving, and spending, enjoy... pass on a legacy to your children.
Step 2 is the one that always seems to be the hardest, at one time I owed credit cards about a year's salary. It took about 2 years for me to get it paid off, and that seems to be the average, then 7 years to pay off the house, and I'm nowhere close.
What it DID do though was when I got laid off three years ago it didn't bankrupt me. When My daughter ended up in the hospital with 15 major surgeries, it didn't bankrupt me...
There's a guy Dave Ramsey that has a class for soldiers (I think it might even be free). I've taught the civilian version of the class a few times, and the Gist of it is the seven Baby Steps:
1. $1,000 Emergency fund
2. Pay off all debt, smallest to largest.
3. 3-6 month emergency fund
3b. Save up for a down payment on a house, 15 year fixed loan, no more than 25% of your income.
4. 15% Retirement savings
5. Kids College
6. Pay off your house.
7. Continue saving, giving, and spending, enjoy... pass on a legacy to your children.
Step 2 is the one that always seems to be the hardest, at one time I owed credit cards about a year's salary. It took about 2 years for me to get it paid off, and that seems to be the average, then 7 years to pay off the house, and I'm nowhere close.
What it DID do though was when I got laid off three years ago it didn't bankrupt me. When My daughter ended up in the hospital with 15 major surgeries, it didn't bankrupt me...
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