Retiring from the Military - Still Working or Not?

Retiring from the Military - Still Working or Not?

Retirement from the Military life requires a substantial adjustment, not just from a financial perspective but an entire lifestyle perspective. Planning and Preparation are the keys to success. 

The "Rules" - they are changing. Twelve months is not enough to plan. Start early to help minimize the stress and allow time to react to unexpected problems that will come along in the process. 


Review some of the following issues and challenges you may need to address. Also check out the Enjoying Retirement Life Stages for more Retirement information.

This is the time to re-evaluate your retirement plans and savings. Review all the factors that will impact your needed funds. Consider the age you would like to totally retire and what lifestyle you plan to have. Where will you live? Does your future include travel, do you plan a vacation home for leisure or will you have a hobby that is expensive? Do you plan to share some of the educational costs for your children?

The answers to all of these considerations determine how you plan your budget, savings and investments. 


Many Military members transition out of the Military at an early age. Plan for that second career and take into account all of the financial implications of changing your lifestyle.

Again, planning and preparation are the keys to success. Ensure you have a roadmap to where you want to go and have figured out the requirements to get there.

When is the last time you did a job interview? Have you ever had to write a resume? 

Start writing the resume for the post-military job search early. It can be a time consuming task to render military job descriptions into something that civilian employers understand and can appreciate. You have to be able to not only remove the military jargon, but to "translate" what you did in the military into functional skills that a civilian employer will understand and value.

Lots of help exists in sample resumes and exit programs within the military.

Good luck!

Project a budget, keeping in mind costs that will change from your current lifestyle. Take time to check out your social security income projections, even though they are far into the future. Once you have estimated your living expenses, then use a retirement calculator to estimate how much your assets will be worth at retirement and how long they are likely to last. 

Transform your financial habits to prepare for the future.

Review and reevaluate your retirement savings.

Review all credit card debt; obtain a debt consolidation loan to be paid off prior to your planned retirement.

Catch up on your IRA or 401 retirement plans.

Review and understand your government entitlement programs.

Establish an estate plan and/or trust.

If you still have debt, try to reduce it as quickly as possible, especially credit card debt. Contact us regarding our "Make A Plan" Service to assist you in planning a long term solution for debt reduction. 

Once you have done all of this, you may want to increase your retirement contributions.

Know how much you will need. You don't want to run out of money in retirement. The desired goal would be to have your money outlive you rather than you outlive your money. Be conservative using a retirement calculator to ensure you have appropriately planned. 

If you are relocating due to second career or full retirement and plan to purchase a home, contact Exchange Bank for pre-approval for a home loan before you look. A prequalified buyer has an advantage when negotiating a home sale. 

Whether you are beginning to save for retirement or are ready to retire, Exchange Bank & Trust wants your retirement to be as golden as possible.

Contact us to discuss services available to you.

     Make A Service Plan

     Home Refinance

     Home Equity Loan

     Your Loan/Your Way

     Establishment of Online or Mobile Banking to access accounts regardless of location.