Leaving the Military? Being faced with all sorts of challenges on a daily basis, whether it be the rigorous military training or the life-threatening tours of duty, it’s fairly easy for military personnel to forget about their financial life after leaving the army. This begs the question, “Are you and your family well-off after your service in the military?”
Capitalize on Low Cost Investments
People serving their country are given access to a range of low-cost retirement savings plans that ordinary civilians do not have access to. Unfortunately, many still remain oblivious to this financial option. The fees charged on accounts owned by military service members are significantly lower, with some charging around $0.25 per year for every $1,000 you put in as an investment.
Capitalize on Veteran-Centered Loan Programs
Programs like those offered by Low VA Rates is specifically geared towards veterans who have honorably served their country by working in the military for some period of time. These programs ensure that vets and their respective families, who have also sacrificed a great deal of time and effort, get adequate housing without the unfairly high mortgage rates and inflexible contract terms.
Participate in Financial Programs
Service members who wish to be financially successful upon leaving the military should proactively seek and participate in financial programs, particularly the Thrift Savings Plan. Think of it as the army’s version of a 401(k) plan that’s sponsored by employers. Sadly, based on a survey, only around 40 percent of service members are grabbing this easy and convenient way to save up for the future.
Open up Other Income Channels
Military service will indeed occupy much of your physical and mental faculties. But for those who wish to achieve financial security before they leave the military and transition to a civilian life, be involved in a business, preferably one that does not require much of your time and attention. Have your spouse set up a business and manage it while you’re away on your tours. An accounting business, for example, gives your spouse a viable source of income while being able to continue the business even when you relocate bases.
Serving under the military is undoubtedly one of the most self-satisfying and honorable posts one can assume. However, an even more important role that should precede that is your role as a provider for your family. Following the steps outlined above can guarantee financial security for you and your family without disrupting your ability to perform as a military service member.
