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Wednesday 13 November 2019
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Keeping your finances in order after leaving the military

A military career offers a range of different perks which you can access after you are discharged. Generally, military service lasts for 20 years or more, however you can also be medically retired sooner if you are medically or mentally unable to complete your tenure.

When you do leave the military, finances are sure to be at the forefront of your thinking, as suddenly you will feel that you are under more financial pressure. Fortunately, there are a range of different ways you can boost your finances, following your discharge.

VA disability benefits

If you were injured during service and your injury may inhibit your ability to work, the you may be entitled to Veteran’s Administration disability benefits.

One of the challenges with VA disability benefits is that there is a level of math required to deduce your “efficiency level”. If math isn’t your thing, then worry not; Chisholm, Chisholm and Kilpatrick have a great VA disability rating calculator which will help you to get your rating, which you will need to apply for the benefits.

VA disability benefits cover a wide range of different injuries and conditions, ranging from PTSD and tinnitus to loss of limbs and scars. If you have more than one condition then this will also be taken into account as part of your efficiency level.

Retirement pay and privileges

If you retire after 20 years of active service then you will also receive retirement pay for life. The level of retirement pay will depend on a range of different factors, including years of service and your military rank.

Veteran’s Administration also offers a range of different perks such as access to military base stores, accommodation, travel and other services either free of charge or at a reduced rate. For this reason, staying in close proximity to a military base can prove significantly beneficial.

Medical, dental and recreational perks

Retired veterans can also opt into military health and dental plans which represent much lower insurance costs in comparison to civilian rates. This also extends to your family members and is usually via the US Family Health Plan or Tricare, depending on where in the US you are based.

Thanks to the sacrifice that military retirees have made, many companies offer veteran discounts and specialised rates as a thank you for their years of service. This also goes for tourist attractions too.

Take advantage of veteran-only loans

Even if your credit rating isn’t the best, you can still gain access to VA loans, which will enable you to buy your new home. VA loans are setup with the sole purpose of helping military retirees to get a mortgage with no down payment, making homeownership a realistic aim for anyone retiring or being discharged from the military.

Alternatively, if the cash injection you need is for a business start-up then there are plenty of online platforms and other options out there where investors are keen to help veterans set up a new business venture.




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