How to Prepare for Retirement from the Military

After spending 20 years or more in the US Army, Navy, Marines or Air Force you will be thinking about retiring from active duty and re-entering the civilian work force. Many people who first joined up did not imagine that the military would become a career for them. Perhaps they intended to stay in for just a few years in order to see more of the world, or to receive tuition assistance. Even if the military member chooses to retire after the 20 year period, they will still be going through a series of emotions such as fear, doubt, and uncertainty. How can the transition period be made easier?

Set a date

The first thing you will need to do is decide when you will be retiring. Will it be within 6 months? A year? Once you know when you would like to retire you will then be able to submit your retirement paperwork to the correct authorities. If you are in the Air Force, this can be done online and is quite straightforward. The e-mail request will go to the commander and they will review it. Your request will almost always be accepted, if you fulfill the retirement criteria.

Where will you live?

It is important to decide where you will be living after you retire. If you have a family, you will need to discuss this with them and come to an agreement. If you are currently living in government housing provided by the military, you will have to vacate the property once you retire. It is a good idea to know well in advance whether or not you will stay in the local area after retirement or if you will move to another part of the country. The military will pay to move you one last time, so decide early on if this is a service you will be requiring.

Job search

Transitioning military members are usually concerned about the need to find a job soon. This is particularly important if they have a mortgage and many other bills to pay each month. The retirement pay will not normally cover all of the household expenses, as it will be a percentage of the former pay, rather than the full amount. The Air Force has a Transition Assistance Programme (TAP) that is available for transitioning Air Force members. It is a week long class that covers financial planning, job searches, stress management and many other relevant topics in great detail. It offers ideas on how to get a job through networking, and writing an effective resume. Such classes are an invaluable asset to military members who are unsure of what to expect from the civilian workforce. After working in the military for 20 years or more, the outside world can really seem very intimidating. Help them make a list of their strengths, qualifications, experience and any certain skills they may possess. The match these with what the workforce is looking for and tailor the resume to only include what the job requires, nothing more. Not all companies will be impressed with "served in Japan for five years, with an ability to speak Japanese". The skills really do need to match the job description and family members can help to ensure that this is where the focus is placed. Keep searching in the local area or beyond for the right job and do not just accept the first job that comes along. Look at the location, job and pay. Are you willing to commute for 45 minutes each way five days a week? Is the job something you really want to do? What is the actual take home pay? Look at the cost of living where you live or will be living in, and match it with the pay. If the job does not cover the cost of living, it is not worth accepting it.

Budgeting

If a retirement date has been settled on and is quickly looming, the military member really needs to be aware of their income and outgoing expenses. A budget can help to create a clearer idea of how much money is available and where cuts can be made. For example, the regular meals out can be reduced or cut out altogether for the time being, until a new job comes along. The household income can be supplemented if the spouse takes on a job, if they do not already have one. Even before a retirement date has been set, the retiring member really needs to start putting more money aside. There is no guarantee that they will be able to find another job straightaway. The extra cash put aside can help in the meantime.

Dealing with transition

Military members can find it very difficult to make the transition into the civilian world when they have been used to a certain way of life for so many years. They may have fitted in very well to their job and felt secure with what they were doing. They knew when would get paid, the bills could be easily covered, and housing costs were supplemented with an allowance. The civilian life does not offer the same "perks" that the military does and this can give the transitioning military member a feeling of insecurity. This is the time when they will need their family the most, whether that is their spouse, parents or other support network. They will need reassurance and practical assistance to get the job they most want. Retiring from the military is not easy for everyone, but it can be successfully accomplished as long as you have taken advantage of the classes on offer, identified your strengths and weaknesses, and have the backing of your family member(s). Happy job hunting!