In their 20s, married Air Force officers amassed nearly $500,000 in savings, and are currently on track to retire in their 40s.

The Millennial Money series by CNBC Make It showcases how individuals worldwide manage their finances, including their income, expenditures, and savings.

If they choose to, Quinn and Brittney Sturgis, a married couple in the Air Force, are on track to retire in their early 40s at 30 and 27 years old, respectively.

""While we don't prioritize reaching a specific retirement age with a specific number, financial independence is a significant objective for us - to have the ability to work or not work as needed," says Quinn, an Air Force pilot."

The two officers are based at Travis Air Force Base in Fairfield, California, and earn a combined salary of approximately $263,000, with about a quarter of their income automatically invested.

Utilizing paid scholarships and training from the Air Force while attending college, as well as housing, food, and other military benefits, they have amassed a savings of $473,000. With a lifelong pension that pays 40% of their salaries after 20 years of service, they are on track for retirement in their early 40s.

Brittney, a Medical Service Corps officer, oversees a hospital of 2,500 personnel at the base and is grateful for the military's opportunity. Unlike many college graduates, she has been able to pursue various things without worrying about debt.

Military service entails making sacrifices, including the possibility of relocating frequently, such as every three or four years, for different assignments.

Since having their 1-year-old son, Theo, they've been able to remain in one location, simplifying their transition to parenthood.

Being able to explore new places is one of the things we love most about our life," Brittney says. "If we received orders to move, we'd be thrilled.

The path to military service

After finishing high school, Quinn, who hails from Agoura Hills, near Los Angeles, confesses that he felt aimless. "I wasn't sure what my purpose was," he admits.

In 2012, he relocated to Texas to reside with his uncle, a civilian pilot, who motivated him to delve into aviation. Following his advice, Quinn attended a flight school and embarked on his maiden flight with an instructor.

He worked part-time at a fast food restaurant and attended community college while joining the Air Force Reserve Officer Training Corps, which prepares college students to become military officers. After a year and a half, in 2014, he transferred to the University of Texas at Austin to complete his degree in economics and continue his military training.

Brittney, a public health major in the Air Force ROTC program, met him there. Born and raised in Ewa Beach, Hawaii, Brittney comes from a military family; her parents are Army reservists and her grandfather, a Filipino immigrant, earned his U.S. citizenship through service in the Navy.

Brittney, who describes herself as a "nerd," excelled in both academics and athletics in high school, earning a spot in the National Honor Society while gaining familiarity with the military lifestyle through Junior ROTC.

Brittney and Quinn became friends through ROTC in college and got married in 2019 after graduating and being commissioned as officers.

The perks of military life

The Air Force offers stability and financial assistance to Quinn and Brittney, enabling them to concentrate on their demanding professions and expanding family.

These benefits, such as untaxed housing and food allowances, significantly aid Quinn and Brittney in managing their household expenses, with about a third of their gross income coming from them.

The total monthly housing allowance of the couple, adjusted according to their location, is $6,732, which is more than enough to cover their $4,220 mortgage payment for their three-bedroom home, which they purchased with no money down using a Veterans Affairs loan for approximately $620,000 in 2022.

In addition to receiving $317 per month for food, Quinn earns an additional taxable $700 per month in pilot pay as an incentive for the demands of aviation training and operations.

Brittney was diagnosed with thyroid cancer in 2021, and she says, "I never thought I'd face something like this so young."

Her health-care needs were met by the Air Force's system, from surgery to radiation, enabling her to concentrate on recovery. Now, she is healthy and still receives ongoing care as necessary.

The Air Force's tuition assistance program has helped Brittney and Quinn maximize their education. The program covered much of their college costs, and both of them earned master's degrees earlier this year while studying part-time.

On-base daycare is a significant advantage for Theo, as it costs only $900 per month, significantly less than comparable daycare in the area, which can cost upwards of $2,000 per month. This makes balancing work and family much easier for Brittney.

How they spend their money

Here's how Quinn and Brittney spent their money in October 2024.

• Theo's retirement accounts and 529 college savings plan are being funded with $5,854 from savings and investments.
• The monthly cost of housing and utilities is $4,521, which covers the mortgage, property taxes, Wi-Fi, water, electricity, gas, and trash service.
• The individual made a total of $2,620 in charitable donations, clothing purchases, pet supplies, household items, and a new vacuum cleaner.
• Travel: $2,371 on trips to Disneyland and Alaska
• Food: $2,217 on groceries and dining out
• Transportation: $1,668 for car payments
• Child care: $971 on daycare for Theo
• Insurance: $373 for auto, home and life insurance
• The total cost of subscriptions and memberships for car washes, cloud storage, wine subscriptions, Roku, Spotify, Disney+, YouTube Premium, and Amazon Prime is $178.
• Phones: $104

Quinn emphasizes the importance of paying ourselves first when it comes to savings, as nearly $6,000 is automatically contributed to various retirement accounts each month.

The military's Blended Retirement System allows the Air Force to contribute up to 5% of their base pay into their Thrift Savings Plan, which is equivalent to about $700 per month.

Their retirement savings were split among individual Roth IRA accounts, a taxable brokerage account, and a 529 college savings plan, totaling just over $473,000 as of October 2024.

As members of the military, Quinn and Brittney utilize 15 credit cards to maximize rewards points and travel discounts, while paying off their balances in full each month. They benefit from perks like waived annual fees for premium cards, which enables them to enjoy travel benefits and other rewards at no additional cost.

The couple aims to attain financial independence but is content with "indulging in luxuries as long as they reduce expenses on unnecessary items," according to Quinn. Their approach involves prioritizing experiences such as fine dining or family trips to Disneyland with Theo.

Looking ahead

Financial independence allows Quinn and Brittney to have flexibility for their future endeavors.

Quinn considers transitioning to a civilian aviation career, but he values the freedom to step away if it doesn't work for his family.

Brittney plans to pursue non-profit work in the public health sector after leaving the military. "It's not about stopping work entirely," she says. "It's about finding something fulfilling without the financial pressure to earn."

To maintain flexibility, Quinn and Brittney are saving and investing now.

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