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Category Archives: retirement
Retirement Journal – 400 Days & Counting Down
Today is March 23, which means that tomorrow (March 24) marks 400 days until my retirement ceremony date of May 1, 2017. The other day, I was talking with Jeff Rose, CFP®. Jeff is the creator of the Good Financial … Continue reading
Posted in retirement, retirement planning, Uncategorized
Tagged military, retirement, retirement planning
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What’s Your Five Year Plan?
One of the things you should always keep in mind is to have a five year plan. This plan should consist of things you plan to do in the military, as well as post-military, education, financial, and family aspects. Continue reading
Posted in retirement, transition
Tagged family, five year plan, military retirement, retirement, transition
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Three Reasons You Should Stay Local After Transitioning From the Military
There comes a time in everyone’s life where they have to make the decision to get out of the military. Whether it’s retirement or separation, everyone will eventually have to part ways with their service. In doing so, they will … Continue reading
Retirement Journal – January 2016
This is the second in my series of retirement journal blog posts. In case you missed my first article, you can read it here. Although this post isn’t an update on my personal situation, I wanted to cover something that … Continue reading
What is the Survivor Benefit Plan, and What Does It Mean to Me?
When a military retiree passes away, their pension automatically stops. Without a plan to replace this lost income, the family’s quality of life could definitely be at risk. In 1972, Congress established the Survivor Benefit Plan (SBP) and its reserve counterpart under Title 10, specifically to help military retirees and their families protect themselves from the risk of financial loss.
SBP and its reserve component counterpart, RC-SBP, are annuity plans designed to replace a military pension once a military retiree passes. Under SBP, you pay a certain percentage of your retired pay (currently capped at 6.5%) in exchange for the right for your dependents to receive 55 percent of your retirement pay. For example, if you have $1,000 per month in retired pay, you’d pay $65 per month for SBP. When you die, your spouse would receive $550 per month. After 360 months and you reach the age of 70, you are considered ‘paid up’ and there is no additional cost to you.
Here are four unpublished reasons you should strongly consider SBP: Continue reading
Retirement Journal (Initial Entry)
One of the things I wanted to do with this blog is to chronicle the transition from my military career to my new civilian career as a fee-only financial planner in the Tampa Bay area. One of my 2016 New … Continue reading
Forrest Baumhover Introduction
Hi. I’m Forrest Baumhover, and I’m a transitioning military member. My family and I have decided to retire to the Tampa Bay area, wrapping up a 24 year Navy career at the end of my tour at MacDill Air Force … Continue reading