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ON THE WEB How much will you need in retirement? Check out MOAA’s Retirement Savings and Planning calculators at www.moaa.org/ calculators/#RetireCalc.


gears because you won’t have a pay- check, so you need to prepare things now that will become your income in your retired life. What will be your sources of in- come in retirement? Social Security, military retired pay, pension, and VA disability compensation are the easy ones. The assets required (busi- nesses, properties, investments) are the challenge. To have future income-generating


assets, it is necessary to build assets now to convert to income assets later or build income-generating assets from the get-go. This assumes you don’t want to live off your principal in retirement. If you live off the prin- cipal, good luck. Project your income need for re-


tirement, subtract out your known income sources, and determine a re- quired asset amount. Build your plan to meet your asset/income require- ment. It comes down to how much you contribute to the future per pay period and your rate of return on as- sets. Put away a lot, and maybe you can invest more conservatively. Put away less, and you better have a nice rate of return. Don’t factor into your projections


corporate pensions, windfalls, or in- heritances because you don’t control these, and they could change. Do factor in all of your liabili- ties — current and future — because they can quickly derail your retire- ment plans. Having to pay for edu- cation, cars, and health issues most likely will happen, so these costs must be projected.


62 MILITARY OFFICER MARCH 2014


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