My First $1 Million: Retired Military Veteran, 60, Virginia

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THE BASICS
THE FUN STUFF
LOOKING BACK
LOOKING AHEAD

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a married 60-year-old military vet who worked in the federal government. He lives the retired life with his wife in Virginia Beach after living in Fredericksburg, Virginia, while working in Washington, D.C.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

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These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

No inheritance! During my military career, we were more focused on maxing out Roth IRAs and 529 plans for my daughters to use for college.

Once I retired from the military, I immediately started working for the federal government. I was making a senior civil servant salary while also receiving my military pension.

This influx of income opened up new opportunities for investing and saving. I maxed out my TSP (Thrift Savings Plan) for the entire 17 years before I retired from the military.

I did dollar-cost averaging in primarily the C Fund (S&P 500 index fund).

There were some down years, but also some phenomenal years. In the TSP, I was able to go from zero to $1 million in 15 years.

Multiple fireworks exploding over a harbor.

I was also able to buy a rental property and two vacation homes at bargain-basement prices. We used the beach vacation home exclusively as a second home and the ski resort home we used often but also had on the rental program. A great life! You can't vacation on a T-bill!

In addition, we had a rental home in Florida that was always rented.

When we were ready to retire, we downsized — sold our three properties along with our main home and bought our present home. We made very nice profits on all the real estate.

We currently have zero debt, two pensions and very healthy investments, all of which allows us to travel more than 100 days per year.

A bride slides a wedding ring onto her groom's hand.

We were also very pleased to pay cash for our daughters' college educations and both their weddings. That was very important to both my wife and me, to ensure they started off on the right foot without a lot of debt burdening them as they move forward in their careers and family.

What are you doing with the money?

We continue to invest and live our life like we always have. Now that we're in retirement, we are able to "splurge" a bit more, since we have both the resources and the time.

We're traveling overseas for 15 weeks in 2025 and 16 weeks in 2026. We have always loved to travel.

A man and woman walk down a city street with their luggage.

My wife and I have visited all seven continents and lived on three of them during my military career. We love being debt-free!

THE FUN STUFF

Did you do anything to celebrate?

It's been many years now, and my goal was just to keep growing it so that when we did retire, we had a nice-size nest egg that we could draw from, in addition to our pensions and future Social Security. I was able to retire early at 59, so that was my celebration!

Does anyone know you're a millionaire?

We don't flaunt it, but people know if you are able to retire early, live in a nice home by the beach and travel extensively with not a care in the world that you have made it financially.

What is the best part of making $1 million?

Freedom!

Did your life change?

Just the $1 million didn't change my life. It was more a combination of being debt-free and having healthy pensions and cash flow that has allowed us to retire early and live the life we have always dreamed of.

A couple walk through fallen leaves in the woods.

My health has improved dramatically — walk every day, eat better, sleep better. It's not all about the cash amount, but your health, too. Health is wealth!

The $1 million has allowed me to get healthier without the daily grind and pressures of work.

LOOKING BACK

Anything you would do differently?

Not really. We were able to retire at 59, since we're living our dream life, we couldn't be any happier.

Did you work with a financial adviser?

I did not work with an adviser until just two months ago (I've been retired for 13 months). I use Facet — pleased with them so far.

Earlier this year, when President Trump was shocking the world with tariffs and the market was going through highs and lows, I wanted to bring on a firm that could manage the growth but also help mitigate the risks and downsides.

Did anyone help you early on?

My dad. He was a small-business owner and very savvy. I really looked up to him — my hero!

LOOKING AHEAD

Plans for your next $1 million?

I won't be adding new income into the mix, so the next million will have to come from the market itself — growth, compounding, etc.

Additional money will be more for our kids' inheritance. We're living the life we want to live, so adding more will not really change it that much.

Any advice for others trying to make their first $1 million?

Be aggressive! Max out your 401(k)/TSP. At a minimum and invest at least the amount your company will match — don't pass up free money.

Several different clock faces set at difference times.

Compounding and time are on your side.

Go all in on the S&P 500 — ride the highs and lows, and you will come out on top.

Do you have an estate plan?

I do have a will, powers of attorney (POAs), medical directives, etc. All of our beneficiaries are named, so that will bypass probate when we eventually pass.

A piece of blue parchment held by a clothespin says the word trust.

Our daughters will inherit the house. We are looking at setting up a trust to help bypass that hurdle and keep everything private.

What do you wish you'd known …

Before you retired? Nothing jumps out at me. I have always loved finances, financial planning and the like. I was also the executor for both of my parents when they passed and learned that the more I can prepare now, the easier it will be for our heirs.

When you first started investing? Don't let the market lows get you down — believe in the markets. In the long run, they will rebound and grow exponentially.

Five stacks of gold coins getting subsequently taller with an arrow curving up above them.

When you first started working with a financial professional? I just started working with a CFP. He's great and gave me clarity on questions I had on Social Security, life insurance and other items.

When you first started saving? Invest till it hurts! Too much early money went out the door and was wasted. Focus on what you really want out of life and work toward those goals and dreams.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

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As Contributed Content Editor for the Adviser Intel channel on Kiplinger.com, Joyce edits articles from hundreds of financial experts about retirement planning strategies, including estate planning, taxes, personal finance, investing, charitable giving and more. She has more than 30 years of editing experience in business and features news, including 15 years in the Money section at USA Today.