It is so important to talk about finances and the military as you begin your journey in the military. There is no one right piece of advice to help you in your journey. And that is why I’m excited to be talking about finances this week with Garrett Sorenson this week on the podcast. We spend a lot of time talking about not what you should do but how to create a plan so that you can make the right choice for yourself and your family (if applicable).

Planning for your future: Finances

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Women Veterans Alliance is the premier national network focused on directly impacting the quality of life of women veterans. They do this successfully through transforming the way the community networks bring people and programs directly together. This year Women Veteran Alliance is hosting a live Broadcast in person throughout the U.S. and online. It will be held on September 9 and 10, 2022. You can head over to www.Womenveteransalliance.org/women-veterans-edge to learn more about where in-person locations are and to register.

Marcum Wealth: Garrett is an Army Veteran and Certified Financial Planner that specializes in helping military families and Veterans with their investing, saving, and planning needs. If are getting ready for a PCS move, retiring or transitioning to a civilian career, or just need help with making decisions about the SBP or TSP. Garrett and his team can help you accomplish your goals. If you are looking to have your current financial plan reviewed, need an update, or would like to start your financial plan. Garret can provide you with a complimentary financial plan or review.  Contact Garrett.Sorensen@marcumwealth.com or head over to www.marcumwealth.com. Go to contact, and select start a plan. Be sure to mention the Women of the Military podcast and receive your complimentary financial plan today.

Having a plan

You wouldn’t get in a car without knowing where you want to go. This is a great way to think about planning for your future related to finances. If you know where you want to go it can help you create a plan. Then you can create benchmarks to help keep you in line with your goals for the future. We spent a lot of this week’s episode on how important a plan is. A plan can help you with savings, retirement, making your budget, investing, and more. Knowing what you want is an invaluable tool. And never forget your plan/goals can change. You do not have to stay on the same plan you start when you join the military. Life changes, your goals, and dreams may change too. Make your plan work for you.

Preparing for retirement

When you join the military today you are automatically put into the Blended Retirement Program. The military will automatically withdraw 3% of your paycheck and put it in your TSP. You can increase or decrease this amount. The military matches retirement at a cap of 5% but it is a lot more complicated than that. Did you know your first two years the military doesn’t match your contributions? This doesn’t mean don’t save for retirement or invest in the TSP but it does show how complicated the system is and that you need to do your own research.

Also, consider other investment options. ROTH IRAs are an option to consider that helps you save for retirement and not have to worry about taxes when you retire. Also, think about your goals for the future. If you want to start a business you may want to spend part of your planned retirement investment and invest it in liquid assets you can use once you leave the military. There are a lot of options and a lot to think about.

Advice from a financial advisor

Getting advice from a financial advisor can be a great way to help you plan for your future. A free financial plan can help set you up for success. Make sure to pick someone who is knowledgeable about the military and the financial benefits. It is also important to do your due diligence in vetting anyone you go to for financial advice. Finances are an important topic and that is why it was included in this series. I found this article with 50 free financial resources. The first one listed is Mint which is the program I use to track my own finances.

Legal disclaimer: Marcum Wealth, LLC is an SEC-registered investment advisory firm with its principal place of business in Ohio. Registration is not an endorsement of the firm or its representatives by securities regulators, nor is it an indication that the adviser has attained a particular level of skill or ability. This discussion is intended to be general and educational in nature. It is not tailored to any listener’s individual circumstances or financial situation. You should not assume that any discussion or information contained herein serves as the receipt of, or as a substitute for, personalized investment advice. All investment strategies have the potential for profit or loss. This communication should not be construed as a recommendation or solicitation to take, or refrain from taking, any particular course of action. Due to various factors, including changing regulations and market conditions, the information discussed may no longer be reflective of current positions or recommendations. While information presented is believed to be factual and up-to-date as of the date of publication, Marcum Wealth does not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. The subjects discussed herein are general in nature, provided for informational purposes only, and should not be construed as legal, tax, or investment advice. Listeners should consult with the professional(s) of his or her choosing regarding their specific legal, tax, or financial situation.