Sometimes a decision that you make early in your life can have long-term positive financial planning ramifications. Though the work is challenging, many people find that their military service created a clear-cut path toward a comfortable retirement.
One of the great advantages is the fact that you become eligible for a retirement pension that you will receive for the rest of your life if you serve at least 20 years in the military.
People generally join the service as young adults as we all know. So, if for example you join the military at the age of 21 when you are 41 years of age you could potentially retire with a pension.
Of course you do not have to stop working. You could embark on a career as a civilian at that point and work until you become eligible to receive Social Security.
Throughout this entire time you would be receiving a retirement pension check while earning income from your career position. It is likely that you would be capable of saving all of your pension money if you choose to do so.
You could simultaneously contribute into the 401(k) plan at work, taking full advantage of any employer match that may be offered.
When you retire you will be receiving your military pension benefit along with your Social Security payout every month. In addition to your strong ongoing monthly income your savings will be robust and you will be ideally positioned to make the most of your free time.