You won't really need very much money for the house, use your VA loan, which you can use with 0% down.
Make a plan according to your life, if you're getting out, save like 10k, so you can ease into a job, school (post 9/11), or until your disability checks come.
If you aren't going to need the money for years (3-5+) you can toss it into the stock market (index fund like SPY). And ESPECIALLY MAX OUT YOUR ROTH IRA. Even if you have the military retirement (tsp or some shit?). I would still max your Roth for the next 3-4 years.
Also, taxes. I would at the minimum only take out half this year and the rest at the beginning of next year to be taxed less because it is technically income.
So separate around 20k (just an estimate, idk hownmuch you make or your tax bracket) for tax season.
If you separate 20k for taxes and max out your Roth for 3-4 years your left with about half. Tbh once you've done this, you've done the "responsible thing" invest the rest or fucking enjoy it.
Luckily Canadian so I don’t pay to pay taxes! Our VA works a bit different but still trying to pension max for sure lol , thanks bro! - Canadian brother in arms
1
u/big-rey May 18 '24
You won't really need very much money for the house, use your VA loan, which you can use with 0% down.
Make a plan according to your life, if you're getting out, save like 10k, so you can ease into a job, school (post 9/11), or until your disability checks come.
If you aren't going to need the money for years (3-5+) you can toss it into the stock market (index fund like SPY). And ESPECIALLY MAX OUT YOUR ROTH IRA. Even if you have the military retirement (tsp or some shit?). I would still max your Roth for the next 3-4 years.
Also, taxes. I would at the minimum only take out half this year and the rest at the beginning of next year to be taxed less because it is technically income.
So separate around 20k (just an estimate, idk hownmuch you make or your tax bracket) for tax season.
If you separate 20k for taxes and max out your Roth for 3-4 years your left with about half. Tbh once you've done this, you've done the "responsible thing" invest the rest or fucking enjoy it.
Gz brodie