ON THE WEB • MOAA offers several retirement-savings calculators that can help you perform these calculations. Visit www.moaa.org/ calculators and click on Retirement Sav- ings and Planning.


Budgeting approach The budgeting approach estimates the WRR issue from the expenses side. With this approach, it makes more sense to think about a retiree’s financial concerns and the strate- gies they can use to: • make the best use of their cur-


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rent income, assets, and other re- sources (regardless of the amount); • afford as many lifestyle choices as possible during their retirement; and • leave a legacy to others after death, if that’s important to them. Let’s look at two O-5 retirees in the same employment situation as in our previous example, but nearing the end of their working careers. Both currently receive the same $40,000 in military retired pay and $80,000 in wages. Retiree A has arranged his financial affairs


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so he will have no mortgage pay- ment or car payment when he re- tires. Retiree B expects to continue to have both a mortgage payment and a car payment for the majority of his retirement years. Retiree A will enter retirement with his military retired pay providing


PHOTO: SHUTTERSTOCK


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