Thinking about retirement is daunting in itself, but for a veteran, it’s one thing you can’t take out of your mind apart from an income plan. You will need to think about where you want to spend the rest of your days out of service. While the Federal Employees Retirement System helps set you up for the next phase of your life, it’s still crucial to know exactly where to settle down.
It’s a decision you will need to make later on, so whether you are still in uniform or on the verge of departing military service, consider these tips to find the best place to be at peace.
Look close to home
Almost anywhere is ideal for retiring so long as it gives you comfort and flexibility. However, retiring close to home is definitely worth considering. This also makes sense if you have an ancestral home to maintain or a local business to run. Still, if the cost of living increases, you might want to look for a place that’s affordable out of town. In that case, you can simply rent out the property and earn passive income on the side.
Consider downsizing to a condo
There’s no harm in staying where you are, but if your goal is to maximize your retirement funds and live with fewer bills to shoulder, consider downsizing. This involves selling your current home and using the profits to buy a condo. You won’t have a mortgage to pay and property maintenance is taken care of by a homeowner’s association. You are left with fewer bills, less worries, and more time on your hands to do the things you love.
Look for a retirement community
In case you have comorbidities and unique medical needs, there is always the option of living in a retirement community. Here, you can enjoy greater independence and more responsive healthcare services. It’s just a matter of choosing a community that matches your preferences. As an officer, you can choose in either Gulfport or the Soldiers’ Home in Washington D.C. Then again, you will want to pick communities that cater to specific needs. You can look for the top adult family homes in Seattle or Tampa, but make sure you pick retirement communities that offer the amenities and services you need.
Settle down abroad
If you think you are better off retiring in another country, you can do so. Once you leave the service, you are allowed to retire anywhere in the world so long as there are no restrictions to military retirees. The Philippines, Panama, and Thailand are just some of the best places for expatriates. Once you decide to settle down in any of these countries, you can use your GI Bill and access retirement benefits through a local bank. The best advantage with retiring abroad is the fact that the government will pay for your travel expenses so long as the cost doesn’t exceed the cost of traveling back to your hometown.
Are you looking forward to retiring from military service? Make sure to know where you will want to be in 15 or 20 years from now.