Military Transition Financial Checklist

Your military transition to civilian life is a big change and critical. Use this checklist to make your transition smoother.

 Nearing Military Retirement

1) Create an estimated “civilian” budget.

Don’t forget to add in costs for items like rent or your home mortgage payment

If needed, start saving funds to bridge any gaps that may occur during your job hunt.

2) Research and determine your last PCS.

Determine the cost benefit of buying versus renting a home post-retirement.

3) Evaluate your needs for life insurance.

Research alternatives for a commercial life insurance plan and how to replace SGLI so there’s no gap in coverage.

4) Consider signing up for the Survivor’s Benefit Plan as you exit the military.

Starting Your Civilian Job

1) Research alternatives for medical and dental insurance provided through your new employer.

Compare to TRICARE to find the best value.

2) Evaluate your employer’s offerings for disability insurance.

If your new employer does not offer coverage, research additional alternatives.

3) 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.

4) Update your budget and adjust your emergency fund savings, if necessary.

5) Update or create a retirement plan based on your new earnings.

6) Look for an advisor that can help you with your retirement planning such as a fee only CERTIFIED FINANCIAL PLANNER™ practitioner.

7) If you move to a new state, assess your estate planning documents for potential changes.

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