"Military Service Can Pay Long-Term Dividends"
Military Service Can Pay Long-Term Dividends One of the ways our estate planning practice has changed in recent years is our focus on retirement planning, especially cash flow and income planning, for our retired clients. We’ve learned that in order to enjoy a comfortable retirement, you need to plan ahead - unless you are fortunate enough to have some type of lifelong income stream already in place. The majority of Americans cannot simply go through life on a day-to-day basis assuming that circumstances will somehow automatically allow them to retire when they reach a particular age. Yes, we can expect to receive a Social Security benefit someday if we pay into the program sufficiently. However, it is critical to your future financial well-being to consider that Social Security alone will not be enough for you to live on comfortably. This is a dicey conversation – one many are reluctant to have. That being said, people who serve in the armed forces are afforded a rather clear-cut path toward a comfortable retirement. Service members are entitled to a retirement pension after 20 years of duty. Since most people who join the military do so as very young adults, they could complete their 20 years of service and still have another 25 years or so before becoming eligible to receive Social Security. During this time, you could follow a career path in the private sector while saving and/or investing your military pension. You could also participate in the 401(k) plan that is offered at your civilian place of employment. The combination of your accumulated pension benefits and your 401(k) savings would be considerable. And when you retired, you would have adequate ongoing income between your military pension and your Social Security benefit. We’ve learned this lesson over and over. We know that long-term planning is the key to a successful future. If you are interested in embarking on a path that leads to financial freedom, take action right now to set up an appointment with a licensed and experienced Oklahoma City financial planning attorney. Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate planning and business planning resources to residents of Oklahoma City OK. To learn more about these free resources, please visit www.parmanlaw.com/ today.