A new year is an opportunity to look ahead, establish priorities, and consider whether your financial decisions still support the life you're building. For military servicemembers, Veterans, and their families, that may mean preparing for retirement, navigating a second career, supporting loved ones, or making the most of the benefits earned through military service.
Even a well-developed financial plan benefits from regular attention. Changes in income, family circumstances, investments, and long-term goals can influence the decisions you make today.
As you begin 2027, here are seven financial planning considerations worth revisiting.
Your financial priorities may look different today than they did a year ago.
Perhaps retirement is approaching sooner than expected, you're considering a relocation, or your spouse has returned to the workforce. You may be supporting aging parents, helping adult children, or thinking more seriously about the legacy you want to leave.
Consider whether your short- and long-term goals still reflect your circumstances. Identify which priorities have changed, which remain important, and whether your current financial strategy supports them.
Understanding how money enters and leaves your household is fundamental to financial planning. For military families, income can come from several sources, including military retired pay, civilian employment, VA disability compensation, Social Security, and investment accounts. Each source may have different tax implications and considerations.
Review your household income, recurring expenses, savings, and anticipated major purchases. If you're approaching retirement or another significant transition, consider how your cash flow could change.
A clear understanding of your finances can help you make informed decisions about saving, spending, and preparing for the unexpected.
Retirement planning involves more than determining how much you've saved – it also means understanding when and how you'll use your resources.
For military retirees, coordinating military retired pay, the Thrift Savings Plan (TSP), individual retirement accounts, civilian employer retirement plans, and Social Security can become increasingly important.
Consider whether your retirement timeline has changed, whether your expected income will support your lifestyle, and how inflation, taxes, and healthcare expenses could affect your long-term financial picture. If you're beginning a second career, this may also be a good time to review your new employer's retirement benefits alongside your existing accounts.
Market performance can attract considerable attention, but your investment decisions should be grounded in your personal goals rather than short-term headlines. Review whether your portfolio still reflects your time horizon, financial objectives, and ability to withstand investment losses.
Changes in your life may also change the level of investment risk that's appropriate for you. For example, someone approaching retirement may have different income needs and risk considerations than someone accumulating wealth during their working years.
A periodic investment review can help identify whether adjustments are appropriate without reacting unnecessarily to market fluctuations.
Financial planning isn't solely about accumulating assets. It's also about preparing for circumstances that could disrupt your family's financial security. Review your life insurance, disability coverage, healthcare arrangements, and other relevant protections.
Military families should pay particular attention to changes in coverage associated with separation, retirement, or civilian employment. Consider whether your existing protection aligns with your family's current financial obligations and whether your spouse or other dependents would have sufficient resources if your circumstances changed unexpectedly.
Estate planning documents should evolve alongside your life. Marriage, divorce, the birth of a child, the loss of a loved one, or significant changes in your assets may warrant another look at your arrangements.
Review your wills, trusts, powers of attorney, healthcare directives, and beneficiary designations where applicable. Remember that beneficiary designations on retirement accounts and insurance policies may determine how certain assets transfer, regardless of provisions in your will.
Taking time to review these details can help ensure your wishes are clearly documented and your loved ones are better prepared.
Financial planning, investment management, retirement income, taxes, and estate considerations are closely connected. A decision in one area may have implications for another. For example, a retirement withdrawal strategy can affect your taxes, while changes to an investment portfolio may influence your long-term income plan.
Working with financial professionals who understand your broader circumstances can help bring these considerations together.
At AAFMAA Wealth Management & Trust LLC (AWM&T), we provide Financial Planning, Investment Management, and Trust Services designed specifically for the military community. Our fiduciary approach places your interests at the center of the financial planning process.
You don't need to make every financial decision in January. But the beginning of the year is an opportunity to identify what deserves your attention.
Whether you're preparing for military retirement, building wealth in a civilian career, or protecting your family's future, reviewing your financial plan can help you move forward with greater clarity.
Ready to revisit your financial priorities? Speak to a professional or call 910-307-3500 about AWM&T's Financial Planning services, and discover how a coordinated approach can support your goals.
Founded in 2012, AAFMAA Wealth Management & Trust LLC (AWM&T) was created to meet the distinct financial needs of military families. We proudly deliver experienced, trustworthy financial planning, investment management, and trust administration services – all designed to promote lasting security and independence.
We are proud to share the mission, vision, and values of Armed Forces Mutual, our parent company. We consistently build on the Association’s rich history and tradition to provide our Members with a source of compassion, trust, and protection. At AWM&T, we are committed to serving as your trusted fiduciary, always putting your best interests first. Through Armed Forces Mutual's legacy and our financial guidance, we provide personalized wealth management solutions to military families across generations.