It takes more than a dream to accomplish your financial goals. After serving our great nation, you deserve a rich and rewarding retirement. For Veterans, the path to a worry-free retirement is much like a strategic military plan – it requires deliberate steps to control your finances and ensure that your money serves you, rather than the other way around. Let's dive into the essential points to help you secure your financial future and fully enjoy your retirement.
Step 1: Shift Your Perspective
When you first began your military career, you were focused on accumulating wealth over time. In your 50s, it's time to shift your perspective and focus on preserving your wealth. Life evolves, and so should your investment strategy. What previously fit in your 20s may no longer suit your goals in your 50s. A trusted military financial advisor can assist you in a risk tolerance assessment. From there, he or she can guide you in rebalancing your portfolio and diversifying your investments across various asset classes to minimize risk.
Step 2: Debt-Free at 59
By the time you reach age 59, strive to be fully debt-free. This means paying off not just your mortgage, but also any outstanding vehicle loans, credit card balances, and student loans. This lightens your financial burden and enables you to invest more funds into your future, providing peace of mind as you enter retirement. If you have children and desire to assist them in becoming debt-free, consider gifting them with enough to eliminate their debts by the time you hit age 59.
Step 3: Deliberate Budgeting
To ensure a comfortable retirement, you need a well-thought-out budget. Evaluate your spending and saving habits over some time and then create a realistic budget. This also provides the opportunity to reduce or eliminate unnecessary costs. Consider all aspects of your future, from healthcare costs to long-term care insurance. Look at fixed versus variable costs and consider the impact of inflation over time. Don't forget to allocate funds for your enjoyment such as vacations, hobbies, and spending quality time with family.
Step 4: Seek Professional Guidance
While taking these steps is crucial, it's equally important to work with a professional who understands the unique financial needs of the military community. A trusted financial planner from AAFMAA Wealth Management & Trust can be your guide to navigating the complexities of retirement planning as a Veteran. We’ll help you determine if you're on the right path and as fiduciaries, we put your best interests first, always.
Start Making Plans with AWM&T
As a Veteran, your autumn years should be filled with the peace of mind and enjoyment you've earned through your dedication and service. Take control of your finances now to ensure that your money serves you and your legacy for generations to come. The military-focused financial professionals with AAFMAA Wealth Management & Trust are here to guide you on your path to a secure retirement. Speak to a professional or call 910-307-3500 to get started today.
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