Blue Collar Dollar is a trade name of Talon LLC, an SEC-registered investment adviser.
Blue Collar Dollar is a trade name of Talon LLC, an SEC-registered investment adviser.
Looking for military retirement planning in Longwood, FL? Start by looking beyond military retired pay.
Your retirement may also include TSP assets, civilian retirement accounts, Social Security, personal savings, survivor benefits, insurance, or income from another career.
For many military retirees, leaving the service is not the end of working life. It is the beginning of another financial stage. Blue Collar Dollar helps people who work and serve understand how those pieces may fit together.
Military retirement does not always mean you stop working. Someone leaving service in their 40s or 50s may have years of civilian employment ahead. That creates two different retirement dates.
This is when military service ends and retired pay may begin. At that point, you may also have:
This is when you expect regular work income to stop completely. A second career can add another 401(k), pension, IRA, or other savings to the financial picture. Your plan should account for both stages.
Start by putting all of your resources on one page.
Depending on your circumstances, you may have:
Then identify what each resource may need to do.
One account may provide monthly income. Another may be available for major expenses. Some money may need to remain invested for later years.
That is why looking at one account alone rarely tells the full story.
Military retired pay may provide a dependable base of household income. However, it may not cover everything.
Start with your expected household expenses. Consider:
Then compare those costs with the income you expect. If retired pay covers only part of your spending, savings or other retirement accounts may need to cover the difference.
Leaving military service does not automatically mean you need to move your TSP. The better question is what role it should play in your larger retirement plan.
Before making a major change, consider:
The important question becomes: A decision about your TSP should support the rest of your retirement strategy.
It should not be based only on the fact that military service ended. That period deserves its own plan.
A civilian career can completely change military retirement planning. You may have retired pay coming in while earning another paycheck.
Depending on your circumstances, a second career may allow you to:
The important question becomes: What do you want your finances to look like when the second paycheck stops?
That is different from asking what happens immediately after military retirement.
Military retirement planning should also consider what happens if one spouse dies. The household may lose income while many expenses continue.
Questions worth discussing include:
The goal is to understand the financial gap. Then you can review how existing survivor benefits, insurance, and savings fit together.
Military retired pay does not remove the Social Security decision. Instead, it becomes another part of your overall income plan.
Rather than asking only:When can I claim Social Security?
Ask:How does Social Security fit with my military retired pay, TSP, civilian accounts, and household expenses?
Your work plans, spouse's income, savings, and retirement timeline may all affect that conversation.
Use your own Social Security estimate when reviewing potential timing.
Military retirees may eventually receive income from several sources. Those sources can receive different tax treatment.
Financial planning may identify questions involving:
Talon does not provide tax or legal advice. Specific tax decisions should be reviewed with your own qualified tax professional.
You do not need a perfectly organized file. Start with what you already have.
Then bring the questions that matter.
How much income will I have after service?
What role should my TSP play?
How should I plan for a second career?
What happens when that second career ends?
What income would my spouse have if I die first?
Start there.
A: Yes. Retirement planning can consider military retired pay and TSP assets alongside civilian retirement accounts, personal savings, Social Security, and household expenses.
A: Not automatically. Review the available options, costs, investment choices, withdrawal needs, and tax considerations before deciding what role the TSP should play.
A: Yes. Another career can affect household income, savings, retirement accounts, taxes, and the date when you eventually stop working completely.
A: Yes. Survivor planning can help identify what income and financial resources may remain for a spouse or family after a death.
A: This page describes services available to eligible people in the Longwood area. It should not be interpreted as a claim that Blue Collar Dollar operates a walk-in advisor office in Longwood.
A: No. Specific tax or legal advice should come from your own qualified professionals.
Blue Collar Dollar is a trade name of Talon, LLC, an SEC-registered investment adviser. Advisory services are offered through Talon, LLC.
SEC registration does not imply a particular level of skill or training. Investing involves risk, including possible loss of principal.
Talon does not provide tax or legal advice.
You spent years earning your military benefits. Now those benefits need to work alongside the savings, accounts, income, and plans you build next.
If you are looking for military retirement planning in Longwood, FL, Blue Collar Dollar can help you start with what you have and the decisions ahead.
No pressure. Start with the questions you already have.