Securing your finances after leaving the military

You’ve served in warzones, helped during environmental disasters, done several tours of some of the most dangerous places on earth, yet for many soldiers, the most daunting situation they have to face is leaving the military. With most soldiers joining the army straight after leaving school, many feel daunted at the idea of leaving the lifestyle and the security of the armed forces behind, with financial concerns being one of the top worries amongst veterans. 

20 years of service means that you'll qualify for a military pension plan, which will, of course, provide you with some much needed financial security. But there are other ways you can secure your finances and protect yourself and your family for years to come.

Want to know more? Read on for some straightforward ways you can secure your finances after leaving the military. 

Are you receiving VA disability benefits 

If you’ve been injured during your time in the military, then – subject to evaluations – you could be entitled to VA disability benefits. For more information on the VA disability pay dates 2020t, click the link. When you've spent a huge amount of your life protecting your country and as a result, you receive life-changing injuries, then you deserve to be compensated. Injuries range from loss of limbs to hearing loss, post-traumatic stress disorder, back problems and poor joint mobility. So make sure that you're receiving what you're entitled to.

Take full advantage of other veteran benefits 

A huge array of businesses, services and online sites offer discounts for veterans, which is something else you could take full advantage of. Veterans and their years of dedicated service should be celebrated which is why many stores promote discounts and benefits for veterans, exclusively. Including the following:

  • Car rental discounts

  • Electronic discounts

  • Automotive discounts

  • Clothing and show discounts

  • Education discounts

  • Financial and insurance discounts

  • Entertainment discounts

Use your Thrift Savings Plan

Your thrift savings plan is a tax-advantaged scheme that helps you save for your retirement or use the money to invest in whatever you wish. The key here is to make your money work for you, so you have several options, you can either:

  • Leave your money in your Thrift Savings Plan

  • Move the money from your TSP account into a traditional pension plan

  • If you have a new job, you could place your savings into your new employer’s plan. 

Good luck in the new chapter of your life!

Ellie Dickinson