From Salutes to Handshakes & Fist Bumps: Going Civilian 101
Starting Your Civilian Job will require many financial adjustments. The following cheat sheet should help cushion the blow of your transition.
- Research alternatives for medical and dental insurance provided through your new employer.
- Compare to TRICARE to find the best value.
- Evaluate your employer’s offerings for disability insurance.
- If your new employer does not offer coverage, research additional alternatives.
- Evaluate your new employer’s retirement plan and associated benefits against your TSP. Consider the benefits of rolling:
- Your TSP into your new employer’s retirement plan.
- Your TSP into a separate IRA.
- Any tax-free combat pay into a Roth IRA.
- Update your budget and adjust your emergency fund savings, if necessary.
- Update or create a retirement plan based on your new earnings.
- Look for an advisor that can help you with your retirement planning such as a fee only CERTIFIED FINANCIAL PLANNER™ practioner.
- If you move to a new state, assess your estate planning documents for potential changes.