#551 - Service, Sacrifice, and Second Acts: Military Retirees

Military retirees have a unique set of circumstances and opportunities. In this episode, military retiree and retirement planner Scott Sanborn joins me to explore the financial and non-financial aspects that come with a military retirement.

Over the next month, we’ll be exploring different ways of retiring. If you have special retirement circumstances, you won’t want to miss this unique retirement series. Stay tuned for episodes on retiring with special needs children, retiring abroad, and retiring with illness or injury.

What will be your second act after your military retirement?

Military retirees often underestimate the value of their military retirement benefits. The inflation-adjusted pension and healthcare offer flexibility and freedom that are invaluable in planning retirement.

Rather than looking at all the negative possibilities of what may happen, take the opportunity to explore your next chapter. Think to yourself, what do you want to be when you grow up?

Listen to this conversation with Scott Sanborn to explore the possibilities.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

A MILITARY RETIREMENT WITH SCOTT SANDBORN

[3:40] Why did Scott become a retirement planner?
[5:36] What it means to retire from the military
[7:15] How retiring from the military is different
[13:18] Understanding the healthcare benefits
[17:55] Reimagining your second act

LISTENER QUESTIONS

[29:40] Penny is trying to decide whether to stay or move closer to family
[37:28] How to decide when and how to relocate
[39:41] How to pay the tax from my Roth conversions?
[41:22] Is the IRMAA surcharge calculated each year?
[42:40] How should I create my retirement paycheck? By withdrawing a lump sum or smaller amounts each month?
[45:20] Standard deviation and creating an N of 1