While perhaps not a great choice for most active and retired Senior Military Officers and NCOs, a Self-Directed IRA may be a good option for some. This is especially true if you want to invest in some "out-there" assets.
Plenty of retired Senior Military Officers and SNCO's start businesses after they leave the service. There a lot of things to keep your eye on if you do. These tools can help you stay organized so that you can concentrate on running your business.
A lot of Senior Military Officers and SNCOs in or approaching military retirement inherit IRAs from parents or others. The SECURE Act changed the rules on how you must take distributions. You have choices, but make sure you don't go with the "obvious" solution before you work out the numbers.
As a retired Senior Military Officer or NCO, you are fortunate to have an inflation adjusted pension. But, it may not be enough to fund the type of retirement you desire. If you're self-employed you have several options to consider when it comes to investing for your retirement.
The combination of a military pension and future Social Security Benefits can make the idea of early retirement more that just an idea. But if you're considering it, you may want to manually calculate your Social Security Benefits.
Was the COLA on your military retirement less than you expected? If the COLA was for the year you retired, it could be correct. Depending on when you joined the military and the month you retired, your COLA could be prorated.
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