Five Smart Financial Tips for Post Military Life

INTRODUCTION

As a military veteran, there comes a time when you will be sent back into civilian life. One of the things that military veterans will need to focus on during their post-military life is finances. To help maximize their quality of life, it will be important for military veterans to follow a few tips when looking to manage their finances better. It will benefit any military veteran to take advantage of their pension, use their Veteran’s Administration benefits, save money, invest, get wise personal loans, and also stay out of debt. Following these tips will allow veterans to ensure financial stability after their service terms are up.

TAKE ADVANTAGE OF PENSION

One of the things that many military veterans get after serving is a pension. If a member of the military served for at least 20 years, then they are entitled to an annual pension. This is the average of the pay they received during their time serving. A military pension will help many veterans have an established income after they are done with active service. As a result, it will be important for veterans to use their pension to fund living expenses.

USE VA BENEFITS

As well as using their pension, military veterans are entitled to use their benefits offered by the Veteran’s Administration. There are a variety of VA benefits available to veterans. These include medical care and housing. If you are in need of medical care, you can use your VA benefits to cover the costs of your healthcare related expenses. Another way in which your VA benefits can help you is to finance a home. As a veteran, you will be in a position to get a VA loan which usually requires a lower down payment as well as a lower interest rate.

SAVE MONEY

Any former military member will want to follow a fundamental rule of saving money. It will be important for veterans to save as much surplus funds as possible. This means that they will need to live within their means and not spend too much money on things that they don’t need. Saving money will help veterans transition to civilian life in terms of financial stability.

INVEST

While VA benefits and pensions will help any veteran in post-military life, it will benefit them to invest their money as well. They will want to put some of their funds into financial securities, annuities and life insurance. This will help them grow their savings and establish another form of passive unearned income.

AVOID DEBT

People in post-military life will also need to avoid debt. It will be important to use credit cards and consumer debt sparingly. Since debt can become a considerable burden, it is essential for veterans not to overextend themselves. When getting a personal loan, use it for good purposes.

CONCLUSION

After serving in the military, veterans will need to adapt to civilian life. One of the ways that they will need to adapt is by following a few financial tips. For veterans in post-military life, they will want to invest their money, save their money, avoid debt and take advantage of their benefits. These tips will ensure that people in post-military life will live comfortable and financially secure lives after serving.

Sources:

A Complete List of VA Benefits | Low VA Rates

Financial Planning For Veterans | Investopedia

Veterans: Tactical tips for financial security in military retirement | RBC

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