- December 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Planning After Debt Repayment and Military Separation
As I plan to pay off my debt and both vehicles, I find myself contemplating what steps to take next in terms of financial planning. I am 37 years old and do not currently have any savings, which is a concern for me as I prepare to exit the military and transition into civilian life. While I am not retiring, I am separating from the military and need to ensure that I have a solid financial plan in place for the future.
Upon my separation from the military, I want to start getting back on track financially and ensure that I am making smart decisions for my future. I am aware that my current monthly expenses amount to around 4k, including my mortgage. With this in mind, I need to create a plan that not only covers my immediate financial needs but also sets me on the right path for long-term financial stability.
AI Legalese Decoder can assist me in this situation by providing valuable insights and information on financial planning, budgeting, and investing. The AI can analyze my current financial situation and provide personalized recommendations for creating a savings plan, investing for the future, and managing my expenses. It can also help me understand the legal and financial aspects of military separation and how it may impact my financial situation.
For the past three years, my family has been living off of 65k a year, supporting three kids, and now, I see things finally turning around. As I look towards the future, I want to ensure that I am making informed decisions about my financial well-being and that of my family. With the help of AI Legalese Decoder, I can gain a better understanding of my financial options and create a solid plan for financial stability and security as I transition out of the military.
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Saving cash in a high yield savings account/emergency fund is usually a good idea, especially since you can just have it almost make 5%, not financial advice but itÔÇÖs what I hear a lot of others say is a good first step
Congrats. Avoid lifestyle creep as much as possible and that increase in pay can really help you get back on track. I was enlisted for 6 years. Some of the best advice I got before commissioning was to keep living off of my enlisted budget for as long as possible and always live below your means. It really worked out for us. For retirement, if your new employer offers a 401K, hit it hard up to the point where you max out the company match and then fund your IRAs for you and your wife. Put any extra money in your 401k. If the kids will go to college, hopefully you have the post 9/11 GI Bill. YouÔÇÖll likely need to supplement by putting money into a 529. If you pay off the vehicles, start a car fund to save for repairs and eventually paying for your next vehicles in cash. Good luck.
I would work on paying off your debts (highest interest rates first), building up your short-term savings, and maxing out your 401K. As others mentioned, avoid life-style creep and you’ll be able to build up savings in no time. Put some money aside for the kids’ college funds. Depending on when you you got your mortgage and what your interest rate is, you can start paying it down (If your mortgage is under 4% or so, I would seriously consider just putting money into savings/investment accounts right now. If you have a mortgage from the last 18 months or so and it is over 5-6%, then I’d consider paying it down to save some interest as well).
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But really, pay off high interest debts, build up your savings again, and work on retirement accounts. After that, make some financial goals and work on getting there. Congrats on the bump in income.
Congratulations! If it was me I would start off by not changing your lifestyle for the first year. Adjust to the new wealth and see after taxes (and the next things IÔÇÖd do) and try to prevent lifestyle creep. IÔÇÖd set up a 6 month emergency fund in a HYSA. Then max out an IRA for both of you. Then max out your 401KÔÇÖs. Then set up 529ÔÇÖs for your kids. It might sound like a lot more money, but hopefully this could propel you to be able to retire in 20 years instead of 30! A fiduciary financial advisor, even just a paid one time consultant might be a good call as well!
Congrats on the massive pay increase! Happy for you. I love seeing veterans win. Since you don’t have any savings, build an emergency fund, save aggressively for retirement for you and your spouse, and maybe take a nice vacation with the family. Your expenses are very low, keep them low. I say it is okay to have *some* lifestyle creep, you’ve earned it, but don’t get carried away. Your taxes and healthcare care costs will increase, be sure to factor that in.
Do you own a home? Do you want to own a home?
Congrats again! Enjoy the money! Use it to make life more enjoyable for you and your family.
Thank you for your service.
One word: Taxes.
Idk. What would your goals be after that?
PROPERTY