{"id":1658,"date":"2024-04-08T21:37:25","date_gmt":"2024-04-08T21:37:25","guid":{"rendered":"https:\/\/www.hfaboise.com\/?p=1658"},"modified":"2024-04-08T21:37:25","modified_gmt":"2024-04-08T21:37:25","slug":"will-my-military-retirement-benefits-be-sufficient","status":"publish","type":"post","link":"https:\/\/www.hfaboise.com\/will-my-military-retirement-benefits-be-sufficient\/","title":{"rendered":"Will My Military Retirement Benefits Be Sufficient?"},"content":{"rendered":"
[vc_row][vc_column width=”1\/3″][vc_single_image image=”1557″ img_size=”full”][\/vc_column][vc_column width=”2\/3″][vc_column_text]By Zack Taylor, Associate<\/p>\n
[\/vc_column_text][vc_column_text css=”.vc_custom_1712612104209{margin-top: -1em !important;}”]Since the creation of the typical 401(k) in the late 1970\u2019s, pensions have been on the decline in the private sector of the workforce. While they still exist today, many are offered through the public sector with government positions. One of the best of these pensions still available is offered by the U.S military, enabling someone to receive benefits as early as the age of 37. That is relatively young for retirement in the eyes of the average American. Would those benefits be enough for a complete and comfortable retirement? According to U.S News, the average military pension equates to around $30,000 – $35,000 per year for a typical enlisted person and around $60,000 – $70,000 for the typical officer. While some may be able to fully live off these incomes, others may find it difficult to survive given their lifestyle. In the following paragraphs we will consider some options for generating additional income or making lifestyle adjustments to live within the means of this retirement income. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1707244889915{margin-bottom: 2em !important;}”][vc_column][vc_column_text css=”.vc_custom_1712612221560{margin-top: -1em !important;}”]Evaluate Expenses<\/b><\/span><\/p>\n One of the first things retired military members can do to ensure they can live on a fixed amount of income is evaluate their monthly spending. Oftentimes individuals can live on any amount of fixed income coming in if they are willing to adjust their lifestyle. If your desire is to be fully retired, start by taking a close look at your expenses to identify areas where you can cut back or reduce costs. This might involve creating a budget, tracking your spending, reducing monthly debt obligations, and prioritizing essential expenses over non-essential ones.<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1712612215856{margin-top: -1em !important;}”]Continued Employment\u00a0<\/b><\/span><\/p>\n If being completely retired at such a young age isn\u2019t something you find attractive, consider looking for part-time or full-time job opportunities to supplement your retirement income. You might want to work in fields related to your military experience that would pay higher incomes or explore new career paths based on your skills and interests. This is a great time to find work that you would love doing every day because the income is more so supplemental. Take time to think about what will truly add value to your life and strive for a secondary career that brings meaning. <\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1712612210329{margin-top: -1em !important;}”]Furthering Education<\/b><\/span><\/p>\n