This study investigated the effect of a mid-life career change on the financial well-being and satisfaction of career and noncareer military personnel who were retired or near full retirement. Subjects were divided into two groups: those with and those without military retirement pay. This article addresses variables affecting subjects' financial satisfaction and financial well-being. Based on regression analysis, there were significant differences in financial satisfaction between career and noncareer military personnel as measured by The Retirement Descriptive Index. There is a difference in the two groups for those with family income above $100,000.

Key Words: Career Change, Financial Planning, Life Satisfaction, Military, Retirement

Codebook (almost 40 pages)

1. Bruce H. Brunson, Assistant Professor, Family Financial Management, Virginia Tech University, 101 Wallace Hall, Blacksburg, VA, 24061-0410. Phone (540) 231-6178, Fax (540) 231-3250. E-mail: bhbvt@vt.edu

2. Mike Snow, Instructor of Mathematics, Department of Mathematical Sciences, Midwestern State University, 3401 Taft Boulevard, Wichita Falls, TX 76308. Phone (904) 397-4443, Fax (904) 397-4442, E-mail: snowman@wf.quik.com

3. A. William Gustafson Associate Professor, Family Financial Planning, Texas Tech University, Box 41162, Lubbock, TX 79409. Phone 806-742-3050, Fax (806) 742-1639. E-mail: fyawg@ttacs.ttu.edu

This research was funded by the Center for Financial Responsibility, Texas Tech University.