Retiring from Active Duty

Andrews Federal Credit Union offers a variety of services to make your transition to civilian life easier. Once a member of Andrews Federal, you can stay a member for life, even after you leave the service. With our remote-access services, you can enjoy the benefits of membership even if there’s no branch nearby, no matter where you ever live or work. 

Take advantage of the following products and services to help manage and grow your money.

• eServices. Sign up for FREE Online Banking and access your accounts from a computer – anywhere, anytime:
  
  • Check account balances 
  • Review account history 
  • Transfer funds
  • Download transactions to Microsoft Money^® or Quicken^® 
  • And much more!
• Savings Account. Set aside three to six months worth of living expenses in a readily accessible account to avoid using a credit card or raiding investments when you need cash for emergencies like illness or unemployment. We offer a variety of savings products for this purpose. 
• Checking account. It provides day-to-day convenience, and: 
  
  • A low initial deposit to open 
  • No monthly fee with Direct Deposit 
  • 24-hour access to account information 
  • FREE Online Bill Pay
• Worldwide ATM and Shared Branches. Use your Andrews Federal Visa^® Check Card or ATM card at Andrews Federal ATMs or at any CO-OP ATM Network – to bring you over 28,000 surcharge-free ATMs, over 5,500 machines at 7-Eleven stores nationwide and 341 Costco® Wholesale store locations. You can also make deposits, withdrawals, balance inquiries, and more at Shared Branches, a network of credit unions that share their branches for other members to use. 
• Visa Check Card. It looks like a credit card, works like a check, and is accepted wherever you see the Visa logo. It's more convenient than ever. Apply today!

Retirement may also mean adjustments in your income.
The military offers three retirement pay plans, based on when you entered active duty. It’s important to understand which plan you qualify for because it can affect your quality of life for years. The Defense Department’s website, Military Compensation, can help you determine your retirement pay. 

Knowing how your benefits change after retirement is also critical for a smooth transition to civilian life. Consider these four areas:

• Service Members’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) 
• Dependency Indemnity Compensation (DIC) 
• Survivor Benefit Plan (SBP) 
• TRICARE

Budgeting
Retiring from the military can reduce your quality of life if you’re ill prepared. Establish a new budget to help you adjust to your new lifestyle. After assessing day-to-day spending, create a plan to meet other financial goals, such as your second retirement and college tuition for your children. 

Tips for budgeting
Pay off credit cards, cut back unnecessary spending, and consolidate debts to reduce monthly expenses. Keep your finances aligned with your goals: review and adjust your budget every 3 months. 

Balance^® Financial Fitness Plan
As you prepare to retire, money management may seem overwhelming. The Balance Financial Fitness Plan has Certified Financial Counselors to help you with a money management plan, prioritizing expenses, and an action plan to help you adjust to retirement. To speak with a counselor, call 888.456.2227 Mon.–Thur., 5am–8pm; Fri., 5am–5pm; and Sat., 8am–5pm PT, or email info@balancepro.org. Members outside of the U.S. can call 0.800.187.5305. 

Online Resources
Our Online Education Center section has calculators to help you budget, as well as other interactive tools to give you a basic understanding of budgeting, buying a home, buying a car, and using credit wisely. 

Arranging your final PCS
Visit the Relocation Assistance Program (RAP) office at your Family Support Center for:

• Needs assessment for your final move 
• Automated information on military communities worldwide 
• Information on relocating to non-military communities, including websites with comparisons of cities’ cost-of-living. 
• Assistance with formulating a relocation plan

Buying a home 
Through our partnership with SMARTMOVE^®, you can use our Real Estate Buying/Selling Assistance program to buy or sell a home anywhere in the U.S. and:

• Get cash rebates on the sale/purchase amounts 
• Have access to a SMARTMOVE consultant throughout your transaction 
• Get referrals to real estate professionals across the country.

For more information, visit SMARTMOVE or call 800.645.6560. (Some restrictions apply. Program void where prohibited by law.) 

Home equity loans
Put the equity in your home to work with one of our home equity loans. Borrow for vacation, a new addition, education, or bill consolidation at a rate that’s typically lower than other consumer loans. And, when you borrow against the equity in your home, the interest you pay may be 100% tax deductible. (Consult your tax advisor regarding the deductibility of interest.)