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3 Financial Tips For Veterans
If you’ve spent the majority of your adult life serving in the military, there’s likely a lot about being a civilian that you’re not familiar with. For many veterans, one of these things is how to best handle your finances, especially when you consider how things can differ in your financial situation because you once served in the military.
Because every veteran deserves to have a full and rich life once they leave military service, it can be helpful to know what you can and should do to ensure that you’re on solid financial footing as you transition into civilian life.
To help you prepare for dealing with the financial world, here are three financial tips for military veterans.
Be Ready For Taxes As Part Of Civilian Life
According to Brian O’Connell, a contributor to Experian.com, many veterans are shocked to see just how much of their take-home pay is allocated to paying taxes as a civilian. As an active member of the military, there are often tax benefits available for things like housing and living fees while you’re stationed somewhere. But once you’re working as a civilian, those tax benefits or tax-free breaks aren’t a part of your life anymore.
So to help ensure that you’re not completely shocked when you see what your take-home pay is when you receive your first check after completing your military service, you might want to educate yourself about taxes and how much will likely be withheld from your paychecks.
Understand Your Veteran Benefits
As a military veteran, you’re entitled to certain benefits as you make financial decisions throughout the rest of your life. The better you’re able to understand these benefits, the more you’ll be able to take advantage of them.
If you were injured while on active duty, you likely already know about things like disability benefits. But according to Mark P. Cussen, a contributor to Investopedia.com, can also receive insurance benefits as well as help with things like home loans. So before you start shopping around for things like health insurance or a mortgage for a home loan, make sure you know what options are available to you as a military veteran.
Get Yourself Some Life Insurance
When you’re serving in the military, Cybele Weisser, a contributor to Money.com, shares that you’re automatically enrolled with a life insurance plan. But once you leave active duty, you can lose that insurance coverage if you don’t convert that coverage into a veteran’s policy.
Keep in mind, however, that you might be able to get a better policy as a civilian, depending on your age and health. So to ensure that your family is still going to be financially taken care of upon your death, make sure you take the right steps for getting yourself life insurance.
To help you have more financial security in your life, consider using the tips mentioned above to get a handle on your finances as a military veteran.
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