5 Financial Tips for Recently Discharged Veterans

If you have recently been discharged from military service, you may be figuring out how to navigate civilian life again. Getting used to civilian life can be challenging, especially when it comes to managing your finances and mental health — and these areas of life often influence each other. The valuable resources from Victim 2 Victor can help to begin your healing process, and by following these tips, you’ll be able to get your finances under control, too.

Insurance Options

Now that you’re no longer in the military, you may be curious about your options for health insurance as a veteran. Health insurance can be costly, so it’s important to research the plans you may be eligible for. The TransAmerica Center for Health Studies states that you may qualify for free, veteran-exclusive health care through the VA system, and if you retire after 20 or more years of service, you may continue using TRICARE health insurance.

Seek Support

Many veterans struggle with their mental health after leaving the military. It can be difficult to make the right decisions about your finances when you’re dealing with depression, anxiety, or PTSD. If you know that your mental health is suffering, investing in therapy early on can help you heal. Check in with your health insurance provider to find out if therapy is covered under your plan.

Pursue Education

You’ll need to spend some time thinking about your next career move. Your military experience has likely prepared you for a variety of career paths, but you may need to pursue further education to enter a new industry.

The Balance states that you will be eligible for free tuition through the G.I. Bill if you have completed at least two years of active duty service. For instance, you could enroll in an online degree program for computer science, which will give you the opportunity to learn about architecture and systems, logic, data structures, computer theory, and artificial intelligence. With these skills under your belt, you’ll certainly be an in-demand professional! You might also want to consider studying a subject like business management.

Save for Retirement

Being proactive about saving for retirement is crucial. In a sense, you may feel like you’ve “retired” because your military career is behind you, but unless you served for several decades and have left the workforce, you’ll need to determine a savings strategy that includes contributions to a retirement savings account.

Now that you’re no longer serving, you may have to budget for some new living expenses, so as you determine your monthly spending, leave some wiggle room to contribute to your retirement investments. Feel free to meet with a financial advisor who can help you come up with a savings plan.

Prepare for Tax Season

Both current military members and veterans have some unique considerations every time tax season rolls around. Once you retire from the military, your tax requirements will change. Navigating these changes can be complicated, and you don’t want to risk being unable to pay your taxes; therefore, you might want to schedule a meeting with an accountant before it’s time to file. They can help you determine exactly how much you owe and give you advice to prepare for future tax seasons.

For recently discharged veterans, it can take some time to adjust to civilian life. During this adjustment period, it’s all too easy to make financial mistakes that can cost you in the long run. With these tips, you’ll be able to make smart financial choices for your future.

Are you struggling with trauma after serving in the military? Find inspiration and resources to help you heal in Victim 2 Victor. Download the book today.

Written by Kelli Brewer at  Deploycare.org

Leave a comment

Subscribe Here To Receive Our FREE 12-week Self Development Plan