My first “real” career was serving in the United States Navy. I learned a lot of life skills as well as professional ones during my stint. But like many young people, couldn’t wait to become a civilian and get paid for my skills versus my rank.
I immediately signed up for the Naval Reserves and continued my military career earning awards, promotions and moving up on the pay scale in seniority. Those are great benefits for a “part time” job. The trade-off is that at any time part-time could turn into full-time wherever you’re needed by your country.
Benefits
I mentioned pay, awards and promotions as benefits. The most important benefit was the one I’d get after retirement. Reservists who serve 20 years receive military retirement benefits at the age of 60.
Of course, it wouldn’t be as high as someone who served on active duty for those 20 years, but it would be on top of any retirement funds earned or saved in their civilian careers. Since I was a mere 19 years old when I joined the service, my time would have been done at the age of 39. Pretty sweet, right?
Life Happens
Life rarely happens exactly as planned and I had my bumps as well. My first marriage ended when I had about 12 years of total service leaving me a single mom of two young sons. To further my career path, I was also attending college at night and working full-time.
My plate was full and after struggling for a year or so, something had to give. You can guess what got dropped!
This did leave me able to finish school and earn much more money over the 15 years than I would have without it. But, I never did go back to the Reserves as planned.
Losing Sight
The problem I had was not keeping in mind the lost benefit. My plan to return to the Reserves after finishing my degree was forgotten as new things entered my life (including my husband). I kept thinking I had time to go back, but it never became the right time.
Sometimes you do have to make adjustment due to life’s circumstances, just don’t lose sight of the goals. Keep them in your life plan and you won’t end up with regrets!
Kay Lynn- great post.
I agree that goals are a great thing. However, as you know, life changes, and sometimes goals need to change too. It can be hard to let go of certain plans and ideas, but life does happen. I know some people that literally get depressed because they had to change their ‘dream’ or ‘plan’. So I am glad you were able to move on and accept that you did what you had to do, instead of constantly yearning for an unattainable goal.
Thanks for sharing.
Kris, good point. I don’t regret the choice I made at the time. However, I wish I had thought about returning to the Reserves at some point when it was still possible.
Hi Bucksome, is it possible to go back and serve in the military for 8 years to get your 20 years, to get that pension? Or does after a certain point, the experience disappear and you have to start back and 0? I can’t imagine that is the case right?
I guess 8 years is a long time though……
I served in the Army, and yes it is possible to go back and continue. Many enlisted right out of high school, retire in 20 at age 41 and start a second career all while collecting military pension from the first – not a bad gig for many
It would still be possible, but I now have chronic health conditions that prevent re-enlistment. When I checked it out a couple of years ago, I would lose two paygrades.
Great story Kay Lynn, very interesting. Serving in the military is one of those things that I always wanted to, but never got around to doing. It’s still rumbling around in the recesses of my mind but after four kids it seems unlikely that I would take the jump (into the JAG Corps, putting my law degree to some use).
If you’re really interested I would suggest at least checking it out. My dad was a career military person and he switched to the Air Force after 9 years in the Navy so he would be home more. My parents also had 4 kids at that point.
Wow, I never knew your whole back story…I’d love to hear about more details do you talk about it on your site?
I haven’t really talked about it much. Here and there pieces of it come out to illustrate points in an article. I’ll have to think about how to expound upon my story.
I didn’t know you had been in the Navy! That’s pretty impressive. I also understand how “life” gets in the way and sometimes we don’t quite get to the things we had on our “to-do” list. But like FS asked, will they count those years you were in the Navy plus the few years you were in the Reserves towards a partial pension?
@ Little House, the Navy is what brought me (and a lot of other people) to San Diego. No partial pension available as great as that would be.
Cool, I didn’t know you used to be i the Navy! I wonder if you could get a partial pension? E.g. not the full amount, but a portion of it? I’m sure they must count those many years you have served with them. 8 years is a long time.
I agree with you that sometimes your life path changes…sometimes we need to make new goals, or sometimes we can revisit our goals at a later date. Life happens :)
I wish there was; but I did of course get paid for that time and contributed to social security. Just no pension for me!
You get lots of respect from me for being a women in the Navy. I know that it could not have been easy. Some of us need to hear and internalize this message. I am staying at my current job where I am grossly underpaid because another 1.5 years will earn me a small pension. I’m 32 and a long way to go before retired, but every little bit helps. Every time someone tries to poach me, I have to remind myself that I am sacrificing these few years for a couple of hundred bucks a month in gains three decades from now. I think I can, I think I can.
Sandy, it wasn’t easy at times, but I can be tough when needed. I admire you for thinking ahead about how a small sacrifice will result in a payoff down the road.
Goals are incredibly important, so important that they should be written down and not forgotten about. As life happens, goals may change, but it’s much better if they are taken off the list rather than drifting away from your mind until that, “Oh No!” moment when you realize it’s too late.
very true. that is why posting visible goals on the fridge works….cheesy but it works
@ Life and My Finances, I agree and now am a fan of goals instead of resolutions.
@ Sunil, I am getting a bulletin board to post my goals right by my desk so I can be reminded every day!
We’ve got our goals on the fridge right now! :) The debt numbers keep going down and down….. just as they should be.
Hi Kay Lynn, Good example of how one can plan one direction… and then “life happens.” The key, I’ve found is accepting our decisions and not doubting them. After all, no one can change the past.
The navy is definitely an impressive occupation. I can’t imagine being a reservist on top of my current job AND having kids, with or without a husband. I wonder if it would have worked out if you’d stayed – you might have found yourself called on to serve full-time with the military situation we’ve been in over the last few years… not exactly sure how many reserves got dragged into that, but some did right?
Good lesson, I’m 23 and am not sure what my next step is from here – I’m just keeping an eye out for opportunities for now, and trying to be flexible so I can take a chance on them!
Thanks for shaing your journey of how you got to where you are today. Life happens, as you put it. Plans change, and we have to adjust accordingly. As much as we want to control our destiny, the reality is that we might be able to control some of it but certainly not the entirety of it. But many goals can still be accomplished by adjusting to the change.
Thanks for your post. I think it’s great you were in the Navy. Some of my family served in the Navy as well. Life definitely does throw us curve balls and we often end up in places and situations we never imagined. That’s why saving and being in control of our personal finances is so powerful.
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Thanks for sharing. That’s the funny thing about goals. A lot of them are lifestyle changes
@ Barb, I agree we can’t change the past but I hope we can help others with our experiences.
@ Kellen, getting activated is always a risk, but deployment wasn’t much of one in my field.
@Squirrelers, good point about achieving the long-term goal by making adjustments as the path changes.
@Charlie, great point about the importance of financial freedom.
A lot of people, unfortunately, have to give up a goal to continue living life comfortably. A sacrifice many moms made, but everything happens for a reason Kay Lynn!
20 and Engaged, good point that these adjustments are just part of life. Something else became more important at least at that point in life.
Thanks for your service. And remember you are continuing to serve your fellow man, teaching them about personal finance!
Thanks, Dr. Dean. I do like helping others get more from their money.
Hello Kay!
I met my husband while he was in the Navy in Japan. Ahhhhhh:).
Anyway, I am glad to learn more about you. Life will take you where it wants to, but it is always nice to have plans anyway.
It was great to be able to learn more about your story and life experiences. It’s unfortunate about the partial pension though I’m sure you still took something away from it, and I agree about not losing sight of the goals. I made some “resolutions’ this year but it’s really about the ongoing goals that I’m always striving toward.
@ Frugal Confessions: Sorry to be so late seeing this comment. I would love to go to Japan; my granddaughter lives there with her mom. My son was in the Navy also.
@ Invest It Wisely: Excellent point about taking something away from it. I credit the military for teaching me a lot in life and making me a better person in many ways (although that’s an ongoing project).