Retirement Planning for Young Military Member

[Bimmerbill]

I didn't think that provision passed. Most of the Adjutant Generals don't support reducing the retirement age, which is a bummer.

Last I read up on that proposal it was a 90 day reduction for every 6 months or 1 year (forgot which) deployed while in the reserve component. I seem to think it was deployed either to a combat zone, or federalized AD time.

Still, something is better than nothing. In my case, I have no AD time while in the Guard. I have two state mobilizations to support flooding tho.

[Nords]

Originally Posted by Bimmerbill

I didn't think that provision passed. Most of the Adjutant Generals don't support reducing the retirement age, which is a bummer.

Well, yes and no. There've been a number of proposals over the years and one of them finally sneaked through both Congress and the White House.

MOAA claims that the latest one passed, so now the services have to write up their individual instructions.

However the enabling legislation was not made retroactive to 9/11, so there's no credit for time served. MOAA claims they're taking up the cudgels on this one as soon as the services implement their instructions.

[LeBlanc]

Just wanted to say thank you to all who contributed to this thread. All good inputs and I learned a thing or two.

[oma]

Originally Posted by LeBlanc

Yes, I will slightly go over the $15,500 max but just got off the phone with TSP and apparently because I am in a combat zone, I can contribute the extra pay up $45,000 I believe.

Active duty Army Nurse here. Did the same thing ($45,000 to TSP) in 2005 during a year-long deployment to Bagram, Afghanistan. In fact, I was offered another deployment to Iraq this coming year. I'm thinking about it. It'll be my last year in the Army. Army Nurses are relatively safe in Iraq (two fatalities so far) - and the opportunity to make tax free income, contribute 45,000 to TSP, and most importantly serve the nation in a combat zone are what's drawing me there.

Interesting thread. I get so much from this forum -

[jimnjana]

While waiting for your retirment check from the reserves is one major drawback, the fact that your retirment pay will continue to adjust for all of the raises that are received in the meantime is a postive. Imagine the reserve and NG members who rather than go to the retired reserve/guard request discharge then have to apply for retirement benefits years later(as will you). Their retirement pay is based on their pay at discharge... ouch. Jim

[Lesleyann]

Hi!

You commented on my "Who am I" post. My husband has 8 years in the Army, made the E-7 list this year.

After some thought -- we are making Stability a huge priority. But I don't think we are saving enough for FIRE. But a lot depends on the world! How many more combat deployments will my husband see? Will promotion rates stay high?

I have to say -- and you probably know this -- 6 months after you re-deploy, you will be so glad to have some savings. A lot of people are back paycheck to paycheck by this time.

Keep up the good work!

Lesleyann