Roger on all the above.....couple extras to add as well.
Retiring O-4, 22 years. Was planning to wait until 2015 to retire so we were just living with no worries and spending as described above. Plan was to start 12 months out on the serious savings.
Threw in my apps to the "Dream Job Major" in 2013 and figured I would wait it out, no rush. Out of no where "Dream Job Major" called, interviewed and hired! This was Nov 2013, told "plan for March class". So, I dropped my retirement letter and planned to use that banked leave for a 4 month double dip while enduring the first year pay. Sweet planned it perfect, I am a hero!
Ahhh but wait, had an awesome retirement week. My family and guys really took care of me from the fini-flight, ceremony and after party. Living Cloud-9. Monday after the ceremony found out there would be a slight delay in starting training....turned in to September and flexed a bit, now it will likely be July (this is good b/c terminal ends 30 Jun and retirement check starts end of July).
So ended up, my 4 months of "double dipping" did not work out the way I so perfectly planned. We cut way back on the home front spending, completed almost all the honey-dues, working out like an animal and applied to all kinds of jobs for Plan B,C,D etc..I also started in Aviation Consulting (that is a very slow start, until you get really well networked).
You know what they say about the best of battle plans....all the way up until the first shot is fired. Money wise, big picture - we are fine. Stress wise - I was not prepared for this kind of stressing on the unknown (see above, working out like an animal).
So here are the couple of extras.
1. Have well planned back up plans with back up plans to them.
2. Research heavily the SBP v. Life Insurance. Do not let anyone tell you one plan is better for you b/c it was better for them. The secret lies in your situation and that of your spouse and their age. Also look closely at the "Child Only Option". <45 and go Life Insurance route take a VERY hard look at Navy Mutual Aid's family plan.
3. Ethical v. Legal ....there is a difference. The Loyalty and Ethical we lived our lives by, well we are in the minority in the "real world". Especially the Loyalty! I am not saying leave your morals at the gate on the way out but, be well prepared - it is not the the same and non of that will pay your bills or feed your family....just sayin.
Keep in mind - I am still "living the dream" and I am NOT complaining. Heck with in the next 60 days I "should" be sitting in Denver going thru basic indoc.
Good luck in your journeys.