A Soldier's
Story
by George Mannes
April 25,
2008
[Continued,
page 3]
THE
ADVICE
To
assist the Castros in preparing for what lies ahead, MONEY arranged
a meeting with Gary T. Ward, a certified financial planner in
Brentwood, Tenn. and a veteran of the Special Forces. His suggestions:
>
Develop a Plan B
The
couple have put thinking about the future on hold until Ivan learns
whether he can stay in the Army. But that wait-and-see approach
could prove costly if he ends up being discharged, since it's
likely to take him some time to find another job. Start exploring
other work options now, Ward advises—just in case. For instance,
Ivan can get career advice through the Army's wounded warrior
program (aw2portal.com) and should start networking with other
injured vets about career opportunities. And now that Ivan is
much better, Ward also urges Evelyn to return to work as soon
as possible to bring additional income into the household.
>
Deploy the Settlement Money
Many soldiers who receive a wounded warrior payout end up blowing
the money. To their credit, the Castros haven't made that mistake;
they put their $100,000 into a money-market account, recently
paying around 3%, and haven't touched it. But Ward urges the couple
to make that money work harder. Given the financial uncertainty
they face, he suggests they designate $50,000, or enough to cover
six months of living expenses, as their emergency fund, putting
the cash in a money-market fund and CDs maturing over two years;
that should nab close to an extra percentage point in interest.
Ward advises splitting what's left between stock funds for growth
and bond funds for income—a conservative mix that makes
sense in case the Castros need to tap this money over the next
decade to help pay for college for Ivan's son or meet other expenses.
>
Stay on Top of the Rules
There is a lot of change going on in benefits and programs for
wounded soldiers, partly in response to public outcry over their
treatment. It's tough to keep abreast of it all; the Castros,
for example, didn't know that a law passed in January will provide
Ivan with $26,000 in special compensation, on top of his veterans'
benefits, if he's discharged before he qualifies for a pension.
That extra money will make the transition to civilian life much
easier. For help making informed choices, the couple can turn
to military service and veterans groups such as the Military Officers
Association of America (moaa.org) and the Blinded Veterans Association
(bva.org).
>
Save More for Retirement
Even if Ivan does get his pension, Ward says the amount won't
be nearly enough for a comfortable retirement. To build a bigger
nest egg, he thinks, Ivan should reallocate his conservatively
invested military retirement account, bumping the percentage in
stocks up to 85% from 60%. When Evelyn starts working again, she
should also set aside 10% of her salary in her employer's plan.
Longer term they may add to their retirement kitty by selling
their rental property. But Ward says to hold off for now because
of the slumping housing market.
By
mid-February, much is still uncertain for the couple, but
they have some good news. Evelyn has gotten a job as a speech
pathologist at an Army hospital paying $67,000 a year and has
already signed up for her new employer's retirement plan. Meanwhile,
Ivan has had yet another operation, this one to replace an implant
for his right cheekbone. "I'm tired of going to the hospital,
tired of blind rehab," he admits. "I just want to put
all this behind me." Toward that end, he's set another ambitious
goal: On April 21, Castro will run the Boston Marathon.
| WORKING
AROUND A DISABILITY
Job hunting for anyone can be tough, but people like Castro
with late-onset disabilities may find it particularly difficult.
These strategies can help. |
| 1
PUT PEOPLE AT EASE
Many
people are awkward about interacting with someone with a
disability—at least at first. The more comfortable
you can make a prospective boss feel around you, the better
he will feel about hiring you. How? "Self-confidence,
a little humor and a little patience," says Dan Ryan,
author of Job Search Handbook for People with Disabilities.
Also, deflect potentially problematic moments: Castro, for
instance, initiates handshakes, rather than waiting for
someone to stick out a hand and wonder how he will manage
to shake it. |
2
BE UP FRONT
"When
you have a disability, people see it before they see you,"
says Ryan. While you shouldn't disclose your handicap in
your résumé or cover letter, Ryan suggests
that you bring up the subject quickly in job interviews—and
explain why your challenges won't prevent you from doing
the job as well as or better than a person without a disability.
"If a person with a visible disability comes into an
interview and the disability never comes up, all the interviewer
can think about, probably, is the disability," Ryan
says. "That's a bad sign." |
3
DON'T GO IT ALONE
Look
for help—there is a lot out there. Start with the
Job Accommodation Network (jan.wvu.edu), which maintains
a database of resources to help people with disabilities
function at work. Network with other people with disabilities;
blind people, for example, can find mentors through the
American Foundation for the Blind's CareerConnect site (afb.org/cc).
"Your best source of ideas is other people in the disability
community," says Dale S. Brown, author of several books
on disabilities. "You'll have a lot of questions; they'll
often have a lot of answers." |
<
Previous Page | 1
| 2 |
3
The
opinions and views expressed in this publication are for general
information only and are not necessarily those of Mutual of America
Life Insurance Company.
Return
to top
