Preparing Your Finances for Life After the Military
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Transitioning from the military into civilian life takes a bit of adjustment time. While you get to explore new career opportunities, you also face dealing with the stress of work, financial planning and preparing for your future. Although it may seem like something you do not need to worry about, mapping out your finances is a smart way to ease the stress of leaving the service and arrange for you and your family to live comfortably.
Military Financial Resources -- TAPBeing in the service does not give you much time to think about long-term investments. TAP, or the Transition Assistance Program, helps alleviate some of the concerns you may have about your finances.
First, you need to go to preparation counseling in order to determine your needs. From there, you can attend workshops about employment with the Department of Labor, learn what kinds of benefits you are eligible for as a veteran and find out about the Disable Transition Assistance Program. TAP also deals with retiree and survivor benefits, education benefits, employment assistance and entrepreneurship.
Other Military Resources To Help Prepare Your FinancesTAP is an excellent resource and should answer any questions you might have concerning future jobs, benefits or general help getting started. You can turn to plenty of other resources as well.
Learn whether you are eligible for Social Security benefits like retirement income, Medicare and disability. You may also qualify for more pay through unemployment compensation or government loans to help you buy a home or start a business. If you have a family, the Family Center may host workshops and presentations dealing with family budgeting, credit management, debt liquidation, insurance and consumer rights.
Financial Planning Means Preparing For The FutureKeep in mind that while you may receive extra money from benefits like education and unemployment, they are only temporary. Do not depend on this income to pay for regular expenses.
Instead, work with a financial planner to layout your expenses. Will you need childcare after you leave the service? Do you have any money saved you can use to get rid of lingering debt? You can set up a Thrift Savings Program (TSP) and contribute as much as you want.
Learning how to save and use your benefits wisely is all part of the post-military transition, but the payoff in the end will be far better -- living debt-free without financial stress. Take the time to use all the resources available to help you get on your feet and start looking forward to your life as a civilian again.
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