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Short answer: yes.Slightly longer answer: unless you were piping in a hugely expensive cable package, your reserve retirement will easily pay for it, your boat, probably your car, too, AND possibly the food and beverages you will need to host cable-watching parties…the modern reserve retirement is probably better than most civilian retirement plans, excepting some civil service and many public safety professionals. Not including an active duty military pension, A-list entertainers, (some) professional athletes in a few of the top tier sports, and golden-parachute type CEO packages, you are highly unlikely to find a better retirement plan. But like all military and public safety plans, you have to put your sweat and tears, and possibly blood, into it…but, if you are willing to put that blood, sweat, and tears into 20+ years of at least part-time service (and honestly, most of that will be for about 2 days a month and a couple of weeks per year, for which you will probably be paid quite well for the time spent involved, not to mention other benefits that probably exceed the benefit package for most full-time jobs in America today), the end result is well worth it. And you don’t put a single penny of your own $$$ into it: it’s defined benefit, inflation-protected, and essentially limited only by how much effort you want to put into accruing “reserve points,” as defined in much greater depth below.Edited 3 Jan 2020: the new Blended Retirement System began 1 January 2018. Many servicemembers who had not yet retired were eligible to “opt in” to the BRS; I have heard anecdotally that most of those eligible to opt in did NOT do so…Under the BRS, which is mandatory for those who first entered the military on/after 1 January 2018, individuals still are not required to put any of their own pay in…but they won’t get much out of it (only the Govt 1% minimum automatic TSP defined contribution after the first 60 days until 26 years of service, when it ends) unless they do, when they can put in 5% of their basic pay and get 4% more matching contributions (for a total of 10%, I believe: 5% from the member, 5% from the Govt), although their TOTAL contributions are limited only to the standard 401K limits (something like $22,000 per year)…The Long Answer, to questions not asked, for fuller understanding is below:IN addition to the other answers:Reserve retirement under 10 USC 12731, meaning as a “non-regular retirement,” is earned through completion of 20 “qualifying” years.For each qualifying year, the servicemember must earn at least 50 “reserve retirement points.”Points are earned in many ways, the most common:One point for every day of active duty or active duty for training, can only earn one point on any calendar day of active duty. (Up to 365 active duty days can be credited per year.)One point for every period of “inactive duty for training,” or “IDT,” and can earn up to 2 points of IDT on any given calendar day. (Up to 130 “reserve points” — of all flavors — not counting any type of active duty, can be credited in any given year.)Each IDT must be at least 2 hours in length (per DoD Regs), but Service Secretaries may require longer periods to qualify (as in the USMC where IDT must be at least 4 hours in length before it is creditable).15 points for “membership” during an entire 365 day “anniversary year,” which generally begins on the day the servicemember first joined the military until 365 days later, when it rolls over to the next “AY.” (Only time spent in the Reserve Component counts for crediting membership points.)EDITED 3 JANUARY 2020: This is another example of the Govt granting “free money” as an incentive to reservists…the 15 membership points are essentially 3 five-day work weeks, or 2 complete calendar weeks (+1 day)…and the Govt credits them for free, without any work done whatsoever…Over a career of 20 years, that is 300 days (or 300 reserve retirement points, however you wish to view them) added to reserve retirement…10 full months of retirement credit without having done anything except breathe…but only as a reservist, whether on active duty or not. Regulars don’t get this.Membership points are non-paid, and are pro-rated at 1.25 points per 30 days in any AY where the servicemember is a member of the Active Status List of the Reserve Component. Service in a non-creditable status for membership points includes: Regular/Active Component service, service in the Delayed Entry Program after swearing the Oath of Enlistment, but before shipping to basic training, service in the Inactive Status List of the Standby Reserve, service in the Retired Reserve or Fleet Reserve/Fleet Marine Corps Reserve, and service as a Midshipman/Cadet at any Service Academy or ROTC scholarship/college program.Any partial AY in which the ratio of points credited vs. the days counted in that partial AY period is at least .139 is considered a “qualifying partial year.” Multiple “qualifying partial years” can be added together to equal or exceed a single “qualifying year.”No more than 2 points can be earned on any given calendar day, regardless of the combination of methods used to earn the points.“Correspondence points” are non-paid, and can be earned through the completion of authorized military-specific correspondence or on-line coursework, as determined by each Service Secretary. This is usually at the rate of 1 correspondence point for every 3 hours of study. Each Service Secretary determines not only which courses are acceptable for credit of correspondence points, but how many credits will be awarded for completion of each course, e.g., an Army Correspondence Course Program (ACCP) course that is accredited by the Army for 4 correspondence points will normally take about 12 study hours to complete.Funeral Honors Duty, per DoD Instruction 1215.07, is a special type of Inactive Duty (ID) that only requires a minimum of 2 hours of duty to receive one reserve retirement point, and one day’s base pay.(Note 1: Additionally, travel to/from Funeral Honors Duty may be compensated by official travel orders. Only one Funeral Honors Duty may be performed in a calendar day, but another type of IDT may be performed before or after the Funeral Honors, for a maximum of 2 days’ pay and 2 reserve retirement points in a single calendar day.)(Note 2: Funeral Honors Duty is NOT considered Inactive Duty Training, in that no training supporting the Unit’s warfighting mission will be completed while on FHD status.)(Note 3: Funeral Honors Duty is the only type of Inactive Duty (either IDT or ID) that can be performed by members of the Individual Ready Reserve for 1 day’s pay and 1 point, and Funeral Honors Duty may be performed by any Retired servicemember (subject to each Service’s specific regulations) for a daily stipend of $50, plus travel if required, but WITHOUT reserve retirement credit granted for retirees…$50/day taxable, cold, hard cash only.)Points may also be earned for such functions as:assisting with local JROTC or ROTC units.assisting with Young Marines or Sea Cadets programs.marksmanship programs authorized by the Services.other “appropriate” duties as determined by each Service.These points will often be earned at the rate of either 1 point for every 4 hour minimum (max of 2 per day), or 1 point per day.4. Points are not to be confused with pay. Any active duty, or inactive duty for training, may be conducted either WITH, or WITHOUT, pay. I.e., most pay in the reserves is “optional” for any day of AD or IDT, but successful completion of that period of duty MUST be awarded a point. Commanders will determine in advance whether any given period of AD or IDT will be with, or without pay. Any period of AD or IDT without pay MUST be voluntary. (The only type of ID that can be made involuntary is “muster duty,” which is solely for IRR members ordered to report to a particular location for a screening per DoD Directive 1200.7, which directs the annual screening of all members of the reserve component. Muster duty pays 125% of the National per diem rate, perhaps somewhere in the $200 range, for a couple of hours of various screening functions and briefings, but it CANNOT be used to credit any reserve retirement points…$$$ only. Theoretically, failure to appear for mandatory Muster Duty is grounds for various unpleasant consequences, including unfavorable administrative discharges or involuntary recall to active duty. Each Service handles it differently…or not at all in some cases.)Additionally, any period of IDT that is not completed satisfactorily (e.g., arrived for drill weekend too hung over to participate, or refused to train, or engaged in insubordinate behavior, etc.), may be granted the pay for “physical presence” during the entire period of the scheduled period of IDT, but the reserve retirement point may be denied.Any such period of “unsatisfactory IDT” exposes the servicemember to various unpleasant administrative measures (in addition to disciplinary measures if there are actual violations of the UCMJ involved) such as:Promotion restrictions to eligibility for higher grade.Adverse personnel rankings, marks, evaluations, or fitness reporting.Administrative reductions in grade to as low as E-1. (Not officers, and only for enlisted if authorized by Service regulations at any given level of command.)Suspension, and possible permanent revocation, of SGLI insurance coverage.Suspension, and possible permanent revocation, of MGIB-Selected Reserve GI Bill eligibility.Administrative discharge from the Service (only for enlisted, and often with an Other than Honorable discharge characterization…the least desirable discharge that doesn’t involve a Special or General Court-Martial imposing a Bad Conduct or Dishonorable Discharge as sentence).Dropped from the rolls (only for officers, equivalent to an enlisted OTH administrative discharge…career-ending action that is the worst type of discharge for an officer other than “dismissal” as a result of a General Court-Martial [where “dismissal” is equivalent to a Dishonorable Discharge for an enlisted]).Each Service implements its own set of regulations about these administrative sanctions for “unsatisfactory participation,” with the exception of: MGIB-SR and SGLI provisions are common across the Services, but may be enforced with differing degrees of alacrity and steel.5. Upon completion of at least 20 total qualifying years, and otherwise meeting the requirements of Chapter 1223 of 10 USC: U.S.C. Title 10 - ARMED FORCESSee: Estimate Your PayReserve retired pay is calculated by adding all active duty points, all IDT points, and all other reserve retirement points credited to the servicemember.Determine your Retired Pay Base:Final Pay: If you entered active or reserve military service before September 8, 1980, your retired pay will be based on your final basic pay.High-3: If you entered active or reserve military service after September 7, 1980, your retired pay base is the average of the highest 36 months of basic pay. If you served less than three years, your base will be the average monthly active duty basic pay during your period of service.What is My Service Percent Multiplier?ACTIVE DUTYThe longer you stay on active duty, the higher your retirement pay. Each year of active duty service is worth 2.5 percent toward your service percent multiplier.A retiree with 20 years of service would have a service percent multiplier of 50 percent:2.5% x 20 years = 50%Read more about active duty retirement on the OSD website.EDITED 3 JANUARY 2020: the new BRS has changed this. See: Blended RetirementRESERVEReserve service is “converted” to active service by dividing retirement points by 360.7200 points divided by 360 = 20 years of active duty service2.5% x 20 years = 50%Read more about reserve retirement on the OSD website.EDITED 3 JANUARY 2020: the new BRS has changed this. See: Blended Retirement6. Why is the Reserve retirement “service percent multiplier” not converted using 365 (as in “365 days”)?The military pay system uses 30 day base pay periods, i.e., every “month.”But not all calendar months are exactly 30 days long.There are 7 months that have 31 days.There is 1 month (February) that has either 28 or 29 days (based on leap years), i.e., 2 (or 1 in leap years) days short of the 30 day pay period.Because pay is made for 30 days in each month, regardless of how many days are actually in that month, that means there can be only 360 days of pay in any given year:12 months x 30 days = 360 days of pay per yearLeap days are ignored in calculation of service percent multiplier (because no credit can be given beyond 360 days in a year).The 7 extra days (1 each from January, March, May, July, August, October, December) are essentially non-paid even though they may be worked.The 2 days missing from February are essentially paid even though never worked.Total: 7 extra days without pay less 2 missing days with pay = 5 calendar days of the standard 365 day calendar without pay…360 total days maximum possible for service percent multiplier.7. Example 1:Typical grade for reserve retirement for officers is O-5:A good rule of thumb is 24 total qualifying years of service for an O-5.Using a low-end estimate: 4 years of active duty, 20 years of reserve duty:4 years active = 1,460 days total served (not paid…wait for the difference at the next step).20 years reserve = average of 100 points per year (comprised of combinations of active duty, IDT, correspondence, membership, and other points), for 2,000 days total served (again, not necessarily paid, in fact, many reserve retirement points will NOT be paid, especially membership and correspondence/PME points).Sub-Total: 1,460 + 2,000 = 3,460 reserve retirement points credited.3,460 divided by 360 = 9.611 years “equivalent” (as opposed to the standard “20+ years of active duty” upon which an active duty pension would be based…).9.611 x 2.5% = 24% (as opposed to the standard “50% at 20 years” upon which an active duty pension would be based…).High-3 calculation rule of thumb is to use the previous year’s pay chart for a quick estimate: $8,762.40. (Found at 2015 pay chart for O-5 with over 22 years of service creditable for pay, which is also the maximum base pay for an O-5. See: http://www.dfas.mil/dam/jcr:b6ef41d4-f071-45f9-b863-70b202be05a6/2015MilitaryPayChart_2.pdf.)Total: $8,762.40 x 24% = $2102.98 per month in reserve retired pay, at age 60.See the Final Pay for the 2016 pay chart for O-5 with over 22 years of service creditable for pay, which is also the maximum base pay for an O-5: http://www.dfas.mil/dam/jcr:81e6bd2c-a106-461b-851d-c77c7066baa5/2016MilitaryPayChart.pdf.8. Example 2:Typical grade for reserve retirement for an enlisted servicemember is E-7:A good rule of thumb is 22 total qualifying years of service for an E-7.Using a relatively low-end estimate: 3 years of active duty, 19 years of reserve duty:3 years active = 1,095 days total served (not paid…wait for the difference at the next step).19 years reserve = average of 75 points per year (comprised of combinations of active duty, IDT, correspondence, membership, and other points), for 1,425 days total served (again, not necessarily paid, in fact, many reserve retirement points will NOT be paid, especially membership and correspondence/PME points).Sub-Total: 1,095 + 1,425 = 2,520 reserve retirement points credited.2,520 divided by 360 = 7.000 years “equivalent” (as opposed to the standard “20+ years of active duty” upon which an active duty pension would be based…).7.000 x 2.5% = 17.5% (as opposed to the standard “50% at 20 years” upon which an active duty pension would be based…).High-3 calculation rule of thumb is to use the previous year’s pay chart for a quick estimate: $4,577.70. (Found at 2015 pay chart for E-7 with over 22 years of service creditable for pay. See: http://www.dfas.mil/dam/jcr:b6ef41d4-f071-45f9-b863-70b202be05a6/2015MilitaryPayChart_2.pdf.)Total: $4,577.70 x 17.5% = $801.10 per month in reserve retired pay, at age 60.Enlisted reservists tend to retire earlier, and with fewer retired points, than officer reservists. Officers tend to serve more active duty, especially early in their careers, and participate more often in creditable reserve activities such as joining (and remaining) in reserve units. Officers also tend to be more mobile in accepting continuous assignments in distant locations when local reserve/Guard units can no longer accommodate their seniority (or MOS). Finally, officer PME at nearly every grade requires significantly more “correspondence/online” work, and often more days of active duty, than enlisted PME, thus the annual reserve point totals tend to be higher and more years served.See the Final Pay for the 2016 pay chart for E-7 with over 22 years of service creditable for pay: http://www.dfas.mil/dam/jcr:81e6bd2c-a106-461b-851d-c77c7066baa5/2016MilitaryPayChart.pdf.9. Retired Awaiting Pay Age 60.Military retirees (whether Active or Reserve Component) who have more than 20 years of active duty will retire using the standard Active Duty retirement plan (Number Years/Months of Active Duty times 2.5% per year times Final Pay/High-3 Plan, as applicable), and their retired pay will begin immediately upon retirement, as early as age 37.Under the 2012–2018 Temporary Early Retirement rules, certain servicemembers with more than 15 years of active duty may volunteer (or be forced involuntarily) to retire before reaching 20 years. Those rules are complex, and can be found here: 2012-2018 TERA.EDIT 3 JANUARY 2020: Congress extended the authority to use TERA until 2025, but as of now, only the USMC has chosen to do so since the original authority expired. Which doesn’t mean another Service might reengage between now in 2020 and 2025.Both Active and Reserve Component servicemembers may be retired for Disability at any point, if found physically unfit as a result of a line of duty injury or illness and unable to continue to perform their duties. Those rules are even more complex than TERA, and can be found here: Disability RetirementReservists, retiring under 10 USC Chapter 1223 law, are considered “retired awaiting pay at age 60.” (Another common term is “gray area retirees.”)Unless eligible for reduced retirement age under the provisions of NDAA 2008 (see below), they will be eligible to draw retired pay beginning on their 60th birthday.Reservists who die “in the gray area” between their date of retirement, and their earliest eligibility for reserve retired pay (either age 60 or sooner if qualified under NDAA 2008) have the opportunity under various Survivor Benefit Plans to have their retired annuity carried over and paid to their eligible beneficiaries.Their TRICARE military medical benefits, at that point identical to the TRICARE benefits for active duty retirees, will also begin at age 60 for themselves and their dependent family members. (Unlike retired pay or SBP annuities for survivors, TRICARE medical benefits cannot begin earlier than the date the gray area reserve retiree would have turned age 60, regardless of NDAA 2008 provisions for early retired pay.)Retired Reserve Lists:All Army, Air Force, and Coast Guard Reserve Component retirees: whether retired under Active Duty or any other retirement plan, are transferred immediately upon retirement to the respective Retired Reserve category of their Service.Navy and Marine Corps Reserve Component officer retirees: whether retired under Active Duty or any other retirement plan, are transferred immediately upon retirement to the respective Retired Reserve category of their Service.Navy and Marine Corps Reserve Component enlisted retirees (with more than 30 total years of cumulative service on any combination of any Active Duty or Reserve Active Status List, or in the Fleet Reserve/Fleet Marine Corps Reserve; or at the point of retirement for those retirees without 20+ years of active duty; or at the point of retirement for all Disability Retirees): transferred immediately upon reaching their 30th year to their respective Retired Reserve category, or immediately upon retirement for those retired for disability or without 20+ years of active service.Navy and Marine Corps Reserve Component enlisted retirees (with 20+ years of active duty, but less than 30 total years of cumulative service on any Active Duty or Reserve Active Status List, or in the Fleet Reserve/Fleet Marine Corps Reserve): when retired under the Active Duty retirement plan, except for Disability, are transferred to the Fleet Reserve or Fleet Marine Corps Reserve, as appropriate. Time served in the FR/FMCR is inactive service, but when added to all prior active service, immediately upon reaching their 30th year will be transferred to their respective Retired Reserve category.For all gray area retirees, all service on any Retired Reserve category (including FR/FMCR) between date of retirement and the date when eligibility to retired pay begins (whether age 60 or earlier based on NDAA 2008), will count for purposes of determining the years of longevity on the pay charts in effect at age 60. However, unless recalled to active service, no time served in the Retired Reserve (or FR/FMCR) will count to add service credit for the retired pay multiplier (i.e, more active service = more retired pay).The pay table in effect on the date retired pay begins to accrue will be used to determine actual retired pay, including:All accrued longevity within the retired grade.All accrued pay raises included in any pay table since the date of retirement (thus, the retired pay base may be different when retired pay begins than if retired Cost of Living Adjustments were considered, because in most years, the raises provided by Congress to active and reserve servicemembers are different than the amount of COLA for retirees).Example: a reservist retires as a E-7 with 20 qualifying years at age 37. Their retired pay, on the date when it begins at age 60, will be computed as if they were an E-7 with 43 years of service for longevity pay scales. The pay tables used to compute retired pay will be the pay table in effect at the time they turn age 60. Thus, the “gray area retirement” provides inflation-protected prospective retired pay, at no cost to the retiree.10. Starting retired pay before age 60.The National Defense Authorization Act (NDAA) for Fiscal Year 2008 enacted the Reduced Retirement Age for Reserve Component (RC) Soldiers based on Active Duty (AD) performance.See: National Guard and Reserve Early Retirement AgeSome Reserve/Guard members may actually be eligible for a retirement earlier than age 60. In early 2008, the law changed to reduce the Reserve Retirement Awaiting Pay at Age 60 requirement by three months for every 90 aggregate days of mobilization, contingency, or active duty orders performed under 10 USC 12301d (except AGR/FTS duty) during the same fiscal year.The NDAA for 2008 reduced the retirement age for Reserve Component (RC) from 60 to a lesser age, but not below age 50, for those who have served on Active Duty (AD) in an eligible status on or after 28Jan 08. For qualifying service on or after 28 Jan 08, each day on that AD tour could count toward a reduction in retirement age. However, even though each day counts, days are credited in aggregates of 90 days only within any Fiscal Year. A day of duty shall be included in only one aggregate of 90 days.In order to ensure each servicemember receives proper credit, it is incumbent upon the individual to maintain supporting documentation, which includes: Department of Defense (DD) Forms 214 (Certificate of Release or Discharge From AD), and DD Forms 220 (AD Report) for periods of AD less than 90 days. For periods of AD not covered by DD Forms 214 or 220, copies of your Leave and Earning Statements with your mobilization orders will suffice. Orders alone are not proof of duty performed, but merely an authorizing document.AD, for this purpose, means service pursuant to a call or order to AD on orders specifying, as the authority for such orders, a provision of law referred to in section 101(a) (13)(B), and performed under section 688, 12301 (a), 12302, 12304, 12305, 12406, and chapter 15 (insurrection), or under section 12301 (d) of Title 10 USC. Active Guard Reserve (AGR) duty under section 12310 of Title 10 USC, will not be included as service on active duty for determining eligibility for reduced age retired pay for non-regular service.The new law (NDAA 2015) allows that time to cross into consecutive fiscal years. However, this only applies to deployments that started after 30 September, 2014 (or deployments that began in FY 2015).This law is not retroactive to 28 January, 2008, which is the date of the original early retirement rule.In other words, a Reservist volunteering to deploy under contingency orders, or for any type of Active Duty Operational Support (ADOS) orders (again, except for voluntary AGR/FTS orders) would be eligible to start their Reserve pension 90 days earlier than age 60 for every aggregate 90 days under such orders are credited.A member of the National Guard who deploys with their unit for 24 months of the next five years (at least 90 days in the fiscal years) would be able to draw their pension at age 58. But this law only applies for deployment time served after Jan. 28, 2008.Recap:Early retirement qualifying service (28 January 2008 – 30 September 2014): Must serve 90 days on active duty within the same fiscal year.Early retirement qualifying service (01 October 2014 – present): Must serve 90 days on active duty; service time can cross into consecutive fiscal years.Qualifying and Non-Qualifying Service for Early RetirementQualifying Service: Most active duty time counts for early retirement, including deployments in support of overseas operations, mobilizations for natural emergencies which are authorized by the governor and paid for by federal funds, and other active duty service including training and attending military schools. However, not all service counts toward early retirement.Non-Qualifying Service: You must have been a member of the Guard or Reserves when you were activated for the qualifying service. Members who originally joined the service as active duty then later transitioned to the Guard or Reserves are not able to count their previous active duty service toward early retirement. Other ineligible Guard or Reserve duty includes actions such as performing weekend drills, 2 weeks annual training, those in full-time AGR or TAR status, muster duty, those who were activated for courts-martial or disciplinary reasons, and those who were listed as not participating at a satisfactory level.Several amendments have been proposed since 2008 to retroactively extend this benefit back to 11 September 2001, but none of these modifications have been approved by Congress.

If you serve 20 good years in the Army or Air National Guard, you can retire at age 60 (or earlier for deployment time) with a pension and full benefits. If you were a guard baby your entire career, it’s possible your retirement won’t look like much.However, if you have a few years of Title 10 Active Duty service under your belt, you’ll earn a lot more in retirement. A good year means you must have earned a minimum of 50 points for the year. If you perform all of your drills and your annual training, you’ll have no problem getting your minimum amount of required points. Take note that State Active Duty time does not count towards your federal retirement.There are other sources of points that count for a maximum total of 365 or 366 points per retirement year. Points are credited on the following basis:One point for each day of active duty or active duty for training.One point for each unit training assembly (UTA).One point for each day in which a member is in a funeral honors duty status.Satisfactory completion of accredited correspondence courses. (One point for each three credit hours earned).Calculation mistakes made by the government can cost you money, but it’s your job to keep Uncle Sam honest. Keep track of every single deployment and save every pay record you receive. When your service sends you a periodic point summary, compare it with your records to ensure it’s correct.About a year or two before you are ready to retire, gather your important records (such as your 20 year eligibility letter) and contact your service’s personnel center. You can use an online retirement retirement calculator to estimate what your monthly pension will be when you retire.It should go without saying that you should also be contributing a percentage of your military pay to your Thrift Savings Plan every pay period.

During the last recession, I bought about $100,000 worth of stocks and the house next door. The stocks have more than doubled and I sold the house last year for a $150,000 profit.The key to making money in recessions is to make sure your income is both safe and stable. Then all you need is savings so you’ll have money to put to work and the balls to deploy it while everyone else is cowering in a corner.Here’s an article we recently published with more info:9 Ways to Prepare Yourself for the Next RecessionFederal Reserve Chair Janet Yellen says the economy is solid, but corporate profit growth is slouching, home sales are losing steam and companies as diverse as tractor maker John Deere, tech giant Cisco and familiar retailers Macy’s, Nordstrom and Walmart are laying off thousands of people.While the economy has ticked upward since the Great Recession ended in 2009, expansion can’t go on forever.“That’s the way the world works,” says Stacy Johnson, Money Talks News financial expert.The average post-war expansion is just 58 months.Are you ready today to withstand the fallout from a crashing economy tomorrow? Or in the next downturn will you wander into a McDonald’s and have to think twice about ordering fries with your burger?Here are 9 capital ideas to beat the coming recession:1. Beef up your bank accountWhile you’re feeling a little flush is a great time to start socking away some cash. Check your savings balances. Could you live off your savings for six months? A year would be better, advisers say. No savings? Get started:Even if you’re making minimum wage, you can put some money aside by hoarding gifts and tax refunds.If you’re working, increase your automatic payroll deductions.When you’re shopping, use tricks like socking away coupon savings, or rounding up purchase payments to the next whole dollar and saving the difference, or stashing your change when you pay in cash.2. Lower your dependency rateHow much of your regular income goes out as fast as it comes in?Financial adviser Peter Dunn, known as Pete the Planner, urges you to lower your dependency rate on your regular income. While that advice generally goes toward saving for retirement, it applies to recession survival, too, he says.If you spend more than you earn, you already know that can’t last.But if you spend 95 percent of your income on a regular basis, Dunn says, then your dependency rate is 95 percent: 95 cents of every dollar coming into your house is vitally important to your solvency, or so you think.Writing for his column in the Indianapolis Star, Dunn says:“Your goal is to decrease your rate over time, even in the face of pay increases. Your diligence toward this issue will not only recession-proof your household, but it will also make retirement much easier. … Do the hard work now, and the stress that comes with a recession might never show up.”If you get a raise, bank the difference between your current take-home pay and the new amount.3. Update your resumeNo job is recession-proof.Always be ready to seek a new job.Keep your resume up to date even if you’re not job hunting now, talent recruiters advise. You never know when you’ll need to send one out quickly. If you keep it current, you’ll be able to customize it quickly for whatever position you seek.Be sure to highlight concisely your achievements, job titles and a summary of your skills and goals. Be truthful, don’t ramble and make sure you proofread it so it’s error free. See more tips here.4. Network nowDon’t wait to network until you’re desperate. Businesspeople will sense that you only come around when you want something, career experts say.“Networking right will constantly reward you with ideas, information and opportunities,” Carlota Zimmerman, the coach known as The Creativity Yenta, told Money Talks News.Look for groups or events that align with your goals. Check alumni gatherings, industry meetings or even your house of worship, she said.“You want to put yourself in front of members of your industry who are (at least theoretically) several rungs above you on the corporate ladder, since these are the people who, if impressed, can help you advance your own career goals,” Zimmerman says. Her tips:Join your alumni associations for college and grad school, and sign up for your next event (even if you despised every person in your dorm).Go a step further: Join your alumni association board so you can suggest and create events that reflect your industry.Be careful about what groups you join. Networking events free and open to the public may waste your time. Seek groups that people have to pay something and that take their members, and their time, seriously.Know what you’re going to say when you’re networking. Prepare and rehearse your “elevator pitch.” You want to deliver such a concise and vivid account of who you are, your experience, what you’re looking for and how you could help your next employer that your talk could be delivered during a 15- to 30-second elevator ride.Having trouble getting started? Read: “9 Tips for Successful Networking.”5. Get a side jobThe new marketplace makes it easier than ever to make money on the side. Whether it’s setting yourself up as an Uber driver, starting a dog sitting service or selling goods online, you can find ways to generate extra income.Many part-time gigs allow for flexible scheduling and work-from-home opportunities, says FlexJobs, which recently posted examples.Money Talks News has done numerous stories on the topic. A recent selection:“How to Turn Your Love of Cooking Into Extra Cash““20 Clever Ways to Make Extra Money““Got the Drive to Make Extra Money? Rent Your Car (or nearly anything) to Strangers““Making Extra Money: 7 Steps to Start a Pet Sitting or Dog Walking Business““9 Tips to Starting an Online Teaching Business““Get Crafty: 7 Steps Anyone Can Use to Make Money Online““How to Make Extra Money Buying Locally and Selling Globally““Can Ride-Sharing Provide an ‘Uber-Lyft’ to Your Income?“For more, search here or elsewhere for “side hustle” or “making extra money.”Avoid scams, such as any jobs that require you to pay them before they pay you.You can sock away the money you earn, invest it or pay down debt.6. Pay down debtKeeping your debt low and your credit score high will make you more secure and more able to pounce when opportunity knocks, Johnson said.If you’ve got credit card balances, paying them down now will save you hundreds or thousands in interest payments later, plus the money that would go to paying debt will help you get through a downturn.Say you owe $10,000 on a credit card with a typical interest rate of 15 percent APR. Paying $200 a month, about the current minimum payment, will cost you $5,791 in interest over five years, according to a CNN Money calculator.Paying that off now will free up $200 a month. If you put that $200 a month into an investment with even just a 4 percent rate of return, the total you’ll invest over five years ($12,000) will grow to about $13,500.A high credit score can save you money if you do need to borrow. Say you seek a $100,000, 30-year mortgage loan, for example. According to a MyFico.comcalculator, a top credit score of 760-850 will get you loan rate of 3.1 percent, monthly payments of $427, and your interest will total about $54,000; a credit score of just 620-639 will get you a loan rate of 4.7 percent, monthly payments of $518, and total interest of more than $86,000. So maintaining a top score saves $32,000 over a poor score.If you need credit restoration help, visit the Money Talks News solutions center. Or see “How to Pay Off $10,000 in Debt Without Breaking a Sweat.”7. Track your spendingYou need to know where you stand to get where you’re going. Same with your money. It’s easier to reach your financial goals if you know where your money is really going.With money-tracking programs like PowerWallet and similar aggregating apps, you can view all of your accounts in one place — checking, savings, retirement and more. They let you set up budgets and track your spending by category.The apps show you if you’re spending more than you planned on dining out or gas, for example.You can see where you want to cut back spending, or where you have a financial cushion, says PowerWallet. You can also set up alerts for bill payments, when your spending strays from your plan, or when discounts become available for items you’ll really use.8. Check your portfolioWhen was the last time you adjusted your 401(k) or IRA investments? Do you have too much money in stocks, especially if you’re near retirement?Too many people did during the last downturn, Johnson warns.If you’re in individual stocks, experts offer a range of advice, but you have to weigh your own risk and rewards balance.Keep your eyes on consumer staples. People need to eat, brush their teeth, heat their homes and go to the doctor no matter what the economy is doing.Check your mix of growth stocks and dividend-payers and think about how the companies might withstand a recession. Dividend payers generally did well during the last recession.Many fear restaurants already are in a recession.“Restaurant industry sales tend to be the ‘canary that lays the recessionary egg,'” Stifel analyst Paul Westra wrote in a research report published in July and covered by many financial media outlets.9. Don’t waitBy the time anyone declares we’re in a recession, we’ll be in one already. That’s one reason it’s good to prepare now.Although a recession often is described as two consecutive quarters of decline in real gross domestic product (GDP), the broadest measure of economic activity, that’s just one indicator. The federal Bureau of Economic Analysis issues GDP estimates quarterly. An initial GDP estimate comes about a month after the end of a quarter; a deeper analysis, in about two months.On Aug. 26, the bureau said real gross domestic product increased at an annual rate of 1.1 percent in the second quarter of 2016. That second-quarter estimate was a slight revision downward from its initial glimpse issued in July, which was 1.2 percent. Still, it’s higher than first-quarter growth, which was 0.8 percent.The official recession caller is a nonprofit, the National Bureau of Economic Research, which uses this definition:“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”Not until Dec. 1, 2008, did the NBER declare what we call the Great Recession actually had begun a year earlier, in December 2007. It didn’t declare until Sept. 20, 2010, that the downturn had ended … 15 months earlier. It hasn’t made any declarations since.Before a recession becomes official, there are plenty of warning signs. Look for growing jobless rates, rising first-time unemployment claims and termination of temporary-help contracts as signs that businesses are cutting expenses — and witnessing less demand for their goods. Other signs include corporations reporting slow or negative earnings growth, a sudden spike in consumer credit spending (especially for covering things like mortgage payments) and people dipping into CDs or 401 (k)s or IRAs for cash.More important than watching for signs, though, is simply getting started preparing for a downturn, which is inevitable. What are you doing?