Wednesday, December 14, 2016
Civilian Life: Your Finances After Leaving the Military
When you decide to retire from your military career, you can find yourself facing some interesting financial issues. Your financial situation can begin to look different for a number of reasons. The major thing to look at is what you're going to do next if you're not planning a complete retirement. However, there are other financial factors you need to take into account when you return to civilian life. They can range from your savings and retirement funds to accessing any military benefits you might be entitled to. If you're planning on leaving the military, consider these important issues.
Before You Leave
Ideally, you can start to plan your exit from the military on your own terms. While that's not always possible, you can take advantage of it when it is. You know you have a year or perhaps just a few months before your time is up. During that time, you can start to create a plan and take action for your civilian finances. It could involve a number of things, from applying for jobs to putting aside some savings. It would be excellent if you could walk right into a new job. However, you might have a few months or perhaps longer when you will be job hunting. Setting up a transition fund will make this easier.
Accessing Military Benefits
Another thing you might need to consider when you leave the military is whether you're entitled to any benefits. For example, you might want to apply for veteran's disability benefits. Injuries or illnesses you suffered while on active duty may entitle you to these. However, you might be concerned about making an application. Perhaps you're unsure if the VA will treat you fairly or maybe you have already had your application turned down. Enlisting a lawyer can help you if you need to fight your case. If you visit online at brownandcrouppen.com/social-security-disability/veterans/, you can find out more about it.
Finding Work After Leaving the Military
Finding a job after leaving the military can be difficult. You might be unsure of what you want to do or struggle to get employers to recognize your skills. You should start looking for work or perhaps thinking about retraining as soon as you can. If you have been in the military for years, you might find that your job hunting skills are a little rusty. You could try taking a class to help you improve your resume and your interviewing skills if you think it will help. Networking can also be a great help when you're looking for work.
Decide What to Do with Your Savings
Don't forget to consider your savings. If you took advantage of the Thrift Savings Plan, you need to decide what to do with your funds. You can leave them in your TSP account, roll them into an IRA, or roll your money to your new employer's plan. Whichever one you choose, you won't have to pay any tax.
Prepare yourself financially before leaving the military if you can. You might experience a transition period when your finances are tricky to handle.