Being a member of military forces comes with its own unique challenges in addition to those experiences by civilian citizens. Often, a career in the military means that individuals do not have a lot of time to understand and learn about the numerous options available to them in order to ensure they will be financially secure in later life. While the military pension is one certain source of income, there are growing lobbies of opinion, both in the United States and globally, which conclude that many military servicemen and women should also be looking at other options to ensure their finances will be set upon retirement.
One of the most difficult challenges is that, in comparison to other professions, the retirement age from the military can be relatively young. For those looking to retire from the military and stay retired, there are many optionas available.
Personal Banking
If you do not access your personal finances a great deal, or have a lot left at the end of each month, then reviewing your personal banking arrangements is always worth doing. Many of us simply keep our bank accounts ticking over, not realising that there is probably a better deal out there. If you do not need to access money quickly, then a high interest savings option could be ideal for you.
Private Pensions
Whether as an alternative to or as well as your military pension, a private pension can prove to be very financially rewarding. Some research will be required however to find the best private pensions for you. Some will act, in effect, like a savings account and simply accrue money at a better rate of interest.
Others will perform as a private equity investment would, with experts in deal sourcing working at the pension provider to carefully select investments based on your preferences. One characteristic of pension funds is that they will generally not place investments unless you tell them to do so, or have given prior permission. When you open your fund, it is usual that you will inform them whether you wish your money to be placed in low, medium, or high-risk investments, and they will take care of the rest.
Property
Property is a popular investment to many people, and it can provide an excellent income in addition to a military wage in the time before you retire. Upon retirement, you could simply continue to gain the additional income from renting out the property or, depending on where it is situated, retire there and sell your current residence.
There are many options available for military personnel, from personal banking issues that will make an impact now, to plans looking at the longer term which will secure yours and your family’s financial future.
DealMarket is great option for deal sourcing. It is an online private equity platform which brings together buyers, sellers, advisors.
No comments:
Post a Comment