Retirement Savings To-Do List for Military Households

Too many military families delay saving for retirement, thinking "we'll start later." But "later" often becomes too late. The key to long-term success? Start now—wherever you are on your financial journey—and focus on creating guaranteed lifetime income that covers your essential expenses.

✅ Step 1: Start Saving Immediately

• Time is money. Start young and benefit from compound returns.

• Catch up if you're older. It's never too late to save aggressively and cut expenses.

• Maximize retirement plans. Use the Thrift Savings Plan (TSP), 401(k), and IRAs.

• Catch-up contributions. If you're 50+, you can save more thanks to IRS allowances.

• Don’t skip the match. Take full advantage of any 401(k) employer match.

• Pay off debt. Less debt means more money for retirement.

• Invest smartly. Stay diversified. Consider target-date funds like TSP’s Lifecycle funds.

✅ Step 2: Set Up Guaranteed Income

• Military pensions are gold. Use your pension as a reliable base of income.

• Social Security matters. Delay claiming benefits if possible—wait until age 70 for more.

• Income annuities. Fill income gaps with annuities that act like a “DIY pension.”

• Beat inflation. Choose inflation-adjusted income streams like military retirement, Social Security, and passive income from investment properties.

• Keep growing. Leave room in your portfolio for growth and future fun.

🧭 Bottom Line:

Retirement planning isn’t about crossing your fingers—it’s about making smart, proactive decisions now to ensure long-term peace of mind. Create a plan that guarantees you’ll always have money for your essentials, so you can focus on enjoying retirement—not worrying about it.

📰 Original Article:
Retirement Savings To-Do Lists for Military Households by JJ Montanaro
🔗 Read the full article on Military.com