Careers

Why look for just another job, when you can embark upon a whole new career? Learn about the latest developments in careers for military spouses. With your mobile lifestyle, there are certain portable careers that can offer you and your family stability and future growth. If you have any topics that you would like to see us write about, feel free to email the editor: info@salutetospouses.com
Planning For Retirement – There Is An App For That!

No more counting pennies and tracking your retirement goals with pen and paper. Today’s technological savvy workers will retire with their plans kept neatly in cyberspace.

It is never too early to plan for retirement. Yes, we are even directing this article to you 19-year-olds who just married into the military. Sure, retirement is 20 years away, at a minimum, but wouldn’t it be nice to arrive at that day with tens of thousands sitting in the bank waiting for you? It’s possible. Check the apps. Plan now.

Use these apps as your guide:

  1. DFAS Retirement Pay Calculator – Sure, the Defense Finance and Accounting Service has made its own share of mistakes. Anyone who has received an overpayment knows the horror of trying to deal with DFAS to give the military their money back. But, one thing DFAS gives us that we love is great is a retirement pay calculator. Service members are able to put in details specific to their situation and get an approximate amount of their monthly retirement pay.

http://militarypay.defense.gov/tools/index.html

  1. AARP Retirement Cost calculator – Knowing how much pay you will receive is good. What is better is knowing how much money you will need to live. Brace yourself, the gap between those two numbers can be staggering. This app accounts for your age, how much you have in savings, the amount of social security you will be eligible for and your lifestyle. Plan on living like a hermit and catching everything you eat and wear? You’ll be ok. Want to jet set around the planet and sip margaritas by the surf every night? You’re gonna have to keep working for a bit, most likely. This calculator can better help you plan a comfortable existence between the two extremes.

http://www.aarp.org/work/retirement-planning/retirement_calculator.html

  1. RetirePlan – Like to play with numbers? This iPad app lets users calculate different scenarios for retirement. Put in your current age, desired retirement age, current savings amount, planned savings, etc. This app will spit out some helpful numbers such as at what age you can retire if you want to have a certain amount of money in the bank. It can also tell you how much you need to save every year to hit that number. The app costs $4.99 but does not come with a bottle of aspirin to take away the sting that comes with realizing you will not be able to save enough to stop working if your retirement is just a few years away.

https://itunes.apple.com/us/app/retireplan/id435739013?mt=8

  1. iMaximize Social Security – This online app is geared more towards those within a few years of retirement age (65). But for those individuals it is helpful in navigating what can be a very confusing system. Not only will it give user a look at how much Social Security Income they may be entitled to (a free service) but users who purchase the detailed report for $9.99 will also receive detailed instructions to file for benefits and the best strategy to file in order to receive the most benefits.

Regardless of how you plan for retirement, via app or just sitting down with a notebook and calculator, the emphasis here is that you should plan. Everyone, from age 19 and up. It is never too early to begin feathering that nest egg and if you are within a few years of retirement, and have nothing saved, it is time to sit down and put some serious thought into how you are going to survive the next 20 – 30 years of your life.

No more counting pennies and tracking your retirement goals with pen and paper. Today’s technological savvy workers will retire with their plans kept neatly in cyberspace.

It is never too early to plan for retirement. Yes, we are even directing this article to you 19-year-olds who just married into the military. Sure, retirement is 20 years away, at a minimum, but wouldn’t it be nice to arrive at that day with tens of thousands sitting in the bank waiting for you? It’s possible. Check the apps. Plan now.

Use these apps as your guide:

  1. DFAS Retirement Pay Calculator – Sure, the Defense Finance and Accounting Service has made its own share of mistakes. Anyone who has received an overpayment knows the horror of trying to deal with DFAS to give the military their money back. But, one thing DFAS gives us that we love is great is a retirement pay calculator. Service members are able to put in details specific to their situation and get an approximate amount of their monthly retirement pay.

http://militarypay.defense.gov/tools/index.html

  1. AARP Retirement Cost calculator – Knowing how much pay you will receive is good. What is better is knowing how much money you will need to live. Brace yourself, the gap between those two numbers can be staggering. This app accounts for your age, how much you have in savings, the amount of social security you will be eligible for and your lifestyle. Plan on living like a hermit and catching everything you eat and wear? You’ll be ok. Want to jet set around the planet and sip margaritas by the surf every night? You’re gonna have to keep working for a bit, most likely. This calculator can better help you plan a comfortable existence between the two extremes.

http://www.aarp.org/work/retirement-planning/retirement_calculator.html

  1. RetirePlan – Like to play with numbers? This iPad app lets users calculate different scenarios for retirement. Put in your current age, desired retirement age, current savings amount, planned savings, etc. This app will spit out some helpful numbers such as at what age you can retire if you want to have a certain amount of money in the bank. It can also tell you how much you need to save every year to hit that number. The app costs $4.99 but does not come with a bottle of aspirin to take away the sting that comes with realizing you will not be able to save enough to stop working if your retirement is just a few years away.

https://itunes.apple.com/us/app/retireplan/id435739013?mt=8

  1. iMaximize Social Security – This online app is geared more towards those within a few years of retirement age (65). But for those individuals it is helpful in navigating what can be a very confusing system. Not only will it give user a look at how much Social Security Income they may be entitled to (a free service) but users who purchase the detailed report for $9.99 will also receive detailed instructions to file for benefits and the best strategy to file in order to receive the most benefits.

Regardless of how you plan for retirement, via app or just sitting down with a notebook and calculator, the emphasis here is that you should plan. Everyone, from age 19 and up. It is never too early to begin feathering that nest egg and if you are within a few years of retirement, and have nothing saved, it is time to sit down and put some serious thought into how you are going to survive the next 20 – 30 years of your life.

 

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