An enlisted military service member is hanging up their uniform in two years and beginning a battle for their financial future.
After a severe, years-long sports betting addiction that cost an unnamed Reddit user about $500,000 and "almost killed" them, the service member faces retirement with zero savings, a dramatic difference from their once-healthy financial picture that included a paid-off home and a substantial nest egg.
The veteran, who will be 43 at retirement, had a seemingly solid financial foundation: a paid-off truck, significant home equity and healthy savings and retirement accounts.
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Yet, from 2018 to 2024, lost everything because of a severe gambling addiction, which left them $20,000 in debt with a retirement just two years away and nothing saved.
"My addiction (and me not dealing with it seriously) torched everything while putting me in debt," wrote the service member, who anticipates a $5,000-per-month pension, including disability benefits at retirement.
An overseas job also may be in the cards. The service member envisions a contract position overseas or at a defense company in the U.S., where they expect to earn about $100,000 annually.
Eighty-five percent of Americans have tried gambling at some point in their lives, and 60% have done so in the past year, according to the National Council on Problem Gambling.
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While most people gamble responsibly, some run into trouble. About 1% of U.S. adults, or 2.5 million people, have a severe gambling iproblem, according to the NCPG. Another 2% to 3% have mild or moderate issues with gambling.
Reddit users offered words of encouragement, with one posting that with $5,000 a month for life — that cannot be gambled away in advance — and a solid job, the service member should not have financial problems.
"A $160k income at 43 gives you plenty of time to catch up on savings," they wrote.
Other posters suggested low- or no-cost health benefits through military-provided Tricare health insurance plans.
"$5k/month pension and TriCare healthcare for a song," one user wrote. "Sir you are living in Bernie Sanders' Socialist utopia."
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The post suggests that because any income is extra, enjoying retirement at 43 and getting a fun job should be a priority.
"Most folks are doing everything they can saving to get $5k/month when they retire 20-35 years after you," they wrote. "Many people have to put of retirement because of healthcare costs waiting for Medicare to kick in. You're good."
A retired military user offered practical advice, suggesting maximizing the Thrift Savings Plan for the last two years of active duty.
"Roll your TSP to an IRA after you retire, and invest the funds in an exchange traded fund (ETF) that tracks the S&P 500 stock market index," No-Handle wrote. You can afford to take more risk in your retirement accounts (ie 100% sticks) because you have a pension."
Fortunately, the service member gained control of the addiction, and is doing well.
"It feels good not to gamble, I have a new outlook on life but I have a lot of anxiety about my financial outlook," they posted.
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Image: Shutterstock
