them from seeking a new job, so sponsored service, the Garrett Plan- game when the economy recovers. So
the bold and the prepared who are ning Network (a national network if you have a little voice inside your
willing to make a move often have of hourly, fee-only fi nancial plan- head urging you to start your own
an edge. MOAA provides ongoing ners), offer a 20-percent discount business, maybe it’s time to listen.
résumé review, career counseling, on their hourly rates to
and job-placement assistance for its MOAA members.
members free of charge, so if you are � Start your own
contemplating a job change, let us business: As someone
help. Contact The Offi cer Placement who has started, run,
Service at (800) 234-MOAA (6622), and sold two small busi-
ext. 547, or visit
www.moaa.org/tops. nesses (and currently
� Conduct a thorough review of owns a third), I think
your financial plan: The military- retired and former
to-civilian fi nancial transition can military offi cers make
be challenging for many, but you great entrepreneurs —
don’t have to go it alone. MOAA’s if properly prepared.
benefi ts counselors can provide gen- You have a basic level of
eral information on retirement, in- income — plus health care benefi ts — Fully retired
surance, estate planning, and other to provide a safety net while you are While many fully retired service-
key fi nancial issues. In addition, in start-up mode. The Small Business members are considerably better
fi nancial planners with MOAA’s Administration has several types of off than their civilian counterparts,
small business loans, including the there still are some challenges that
Patriot Express Loan (
www.sba.gov/ can trip them up, including:
patriotexpress/
index.html), and vet- � being “house poor”: Many peo-
eran-owned companies have prefer- ple would prefer to live indepen-
ence obtaining government contracts. dently in their own home but might
Your local Service Corps of Retired be facing a situation in which they
Executives (SCORE) (
www.score are unable to downsize because of
.org) offi ce can provide invaluable the current real estate market. One
counseling and business plan reviews option in such cases, for those over
to ensure you cover your bases. the age of 62, is to explore a feder-
While an economic downturn ally guaranteed reverse mortgage
might seem like the worst time to to pay off your existing mortgage
start a business, the opposite actually and/or provide excess cash fl ow
is true. Those with the vision, dedi- to meet monthly living expenses.
cation, and perseverance to create a Contrary to popular belief, taking
business the right way in tough eco- out a reverse mortgage does not
nomic times will be well ahead of the sign your home [CONTINUES ON PAGE 81]
The TSP Tool for Deployment:
If you are deployed in a hazardous duty zone, you can contribute up to $49,000 a year to your Thrift
Savings Plan (TSP) and it will be segregated into a special tax-free channel. This can be done multiple
times during multiple deployments. While future earnings on this money go into the regular TSP channel
(and are therefore taxable when withdrawn), the tax-free money can be rolled into a Roth IRA after you
separate or retire from the military, creating a significant pool of future tax-free money. It also looks like a
true “Roth TSP” option will become available in the next year or two.
NOVEMBER 2009 MILITARY OFFICER 65
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