Part 5/8:
While Joey has multiple streams of income, including his main job and VA benefits, he is also preparing to return to the military part-time. This return is partly motivated by the added financial security and contributions to his military retirement plan. His initial retirement fund was around $153,000, which has now grown to $177,000 since he last reported.
However, when it comes to future savings, he acknowledges that his retirement contributions could benefit from improvement. Currently, he is contributing just 6% of his income into a 401(k) plan and seeks to increase this figure. The goal is for Joey to contribute at least 20% towards retirement, maximizing his employer match and leveraging his military compensation effectively.