MoneyGeek Feature: Insights from Marcus P. Miller on Military Retirement

June 12, 2024

I’ve had the honor of being featured as an expert by MoneyGeek. In this Q&A session, I provided expert answers to questions on military life retirement, drawing from my extensive experience in financial planning. You can find the full article from MoneyGeek here.

Experts’ Tips on Maximizing Military Retirement and Benefits

Marcus P. Miller, CFP®, MBA

What are some of the common mistakes service members make concerning their retirement?

Depending solely on military retirement benefits without supplementing them with additional savings can expose service members to financial vulnerability in retirement. Neglecting to strategize for the shift from military to civilian life, which involves considering career paths, educational pursuits and financial preparedness, can further compound these challenges.

What are other ways besides maximizing pay to get the most out of one’s military retirement pay?

To optimize military retirement pay beyond just maximizing income, consider these strategies:

  • Enhance retirement savings through TSP, IRAs or diverse investments to bolster pension earnings.
  • Explore health care and insurance choices in retirement, including benefits from military health care programs.
  • Utilize transition assistance programs for a smooth transition to civilian life and access career guidance and job training resources provided by the military.

Live free of financial stress.