Transitioning from the Military: Retirement Planning Tips for Veterans and Families
- Annette Harris
- Nov 8
- 3 min read
Retiring from the military is a milestone that comes with pride, relief, and, if we’re being honest, a little uncertainty. You’ve spent years serving with structure, routine, and discipline. Now you’re stepping into a new chapter where you get to shape what life looks like next. As both a military veteran and the spouse of a retired veteran, I understand firsthand how complex this transition can feel. My role as your financial coach is to help you navigate it with clarity, confidence, and a plan that works for you and your family.
Understanding Your Military Retirement Benefits
The first step toward financial independence in retirement is knowing what you’ve earned. Military retirement pay gives you a strong foundation, but it’s not the whole picture.
Pension: Based on your years of service and rank. For example, after 20 years, you may receive 50% of your base pay, increasing with more years served.
TRICARE: Comprehensive healthcare coverage for you and your family.
VA Benefits: Disability compensation, education benefits, and VA home loan programs can add financial stability.
Thrift Savings Plan (TSP): Similar to a 401(k), this is one of the most powerful tools to grow your nest egg.
Because I’ve walked this road myself, both as a service member and as the partner of one, I know the paperwork, acronyms, and deadlines can feel overwhelming. But once you see the whole picture, you’ll feel empowered to take control of your next phase.
Military Retirement Strategies That Work
Your benefits are the base, but your strategy is what builds financial security. Here’s where to focus:
Create a realistic budget – Map out income sources (pension, part-time work, investments) and compare them with your fixed and variable expenses.
Build an emergency fund – Aim for 3–6 months of living expenses in an accessible account. It’s your safety net for the unexpected.
Maximize your TSP – Small increases in your contribution now can mean thousands more in retirement thanks to compound growth.
Diversify investments – Beyond TSP, explore IRAs, brokerage accounts, or even real estate, depending on your goals and risk tolerance.
Plan for healthcare costs – TRICARE is strong, but supplemental coverage or HSAs may fill important gaps.
Decide on housing – Whether you buy, rent, or use VA home loan benefits, housing is one of the biggest retirement budget factors.
Adjusting to Life After Service
Military retirement isn’t just financial—it’s emotional. You’re stepping away from the identity and structure that defined your career. I remember how it felt when my family made that transition; suddenly, the steady rhythm of deployments, moves, and orders was gone, and we had to create a new kind of normal.
Embrace new roles: A second career, volunteer work, or education can add meaning.
Communicate with your family: Align on goals and expectations so no one feels left behind.
Seek support: Counselors, veteran organizations, and financial coaches can guide you through this transition.
Your Next Steps Toward Financial Independence
Military retirement success doesn’t happen overnight—it’s a journey. Start today with these actions:
Review your retirement statements and benefits.
Write down your vision for retirement—travel, hobbies, family priorities.
Build or adjust your budget to align with that vision.
Start or strengthen your emergency fund.
Increase TSP contributions or diversify investments.
Make a healthcare plan that covers future costs.
Ready to Build Your Retirement Plan?
You’ve served with dedication—now it’s time to serve yourself and your family’s future. As a veteran and military spouse, I bring both personal experience and professional expertise to this journey. Don’t leave your retirement to chance. Schedule a clarity call with me today so we can map out your personalized military retirement strategy. Together, we’ll make sure your next chapter is not just secure, but truly fulfilling.