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Financial Wellness Tips for Veterans

As a Veteran, transitioning from Military service to civilian life can bring unique financial challenges. From navigating new employment opportunities to managing your benefits and addressing service-related expenses, the path to financial stability can feel overwhelming. Here are some tips and resources to guide you on the road to financial wellness that are specific to the needs and experiences you have as a Veteran.

Steps to take control of your finances

Getting a handle and a clear picture of your finances is critical. Here are some practical first steps to get you started.

Build a Budget

Start by tracking your income and expenses. Include all income sources, such as VA benefits, pensions, and wages. Break down your expenses to see where you can save. If you’re just now transitioning to civilian life, check out this financial checklist from Navy Federal that guides you through the steps for creating a financial plan.

Use Veteran-Specific Resources

Take advantage of programs designed specifically for Veterans:

Create an Emergency Fund

Building an emergency fund can give you peace of mind. Set aside money to cover 3-6 months of expenses, including costs you might not expect, like medical emergencies, loss of wages, or unexpected repairs. Having this buffer can help you make career decisions with less financial pressure.

Choose Your Healthcare Coverage

Your TRICARE coverage ends on your separation date unless you qualify for transitional healthcare benefits (TAMP). Act early by exploring your care options: employer healthcare plans, VA healthcare, TRICARE Reserve Select (if joining the reserves), or purchasing coverage through the healthcare marketplace. If you’re enrolling in VA healthcare, submit VA Form 10-10EZ up to 60 days before separation. For marketplace coverage, your Military separation qualifies as a special enrollment event, giving you 60 days to sign up outside normal enrollment periods.

Request and Review Your DD 214

Your DD 214 is one of the most important documents you will need during your transition to civilian life. This form serves as proof of your Military service and is often required to access VA benefits, apply for jobs, or receive special discounts for Veterans. Request a copy of your DD 214 well in advance of your separation date to ensure all information is accurate. Review it carefully for errors, such as incorrect dates or missing awards, and file corrections immediately. Keeping a certified copy in a safe place can save you time and stress in the future.

Understand Your Disability Benefits

Applying for VA disability benefits is an important step in your Military transition. You can submit your disability claim up to 180 days before separation through the Benefits Delivery at Discharge program. This can help ensure a smoother transition without gaps in coverage. Keep detailed records of all service-connected conditions and medical documentation. You can always appeal your initial rating if you believe it doesn’t fully reflect your disabilities.

We recommend regularly reviewing your VA disability rating as you age because disabilities can evolve over time. Conditions that were once manageable may worsen with age, while new health issues may arise. As a result, the disability rating you receive when you first apply for benefits may not accurately reflect your current level of impairment. Learn more about that here.

Additionally, wounded Veterans receiving VA disability benefits may also qualify for Social Security benefits. Check out this article for guidelines and details.

Manage Your Thrift Savings Plan and Pension Benefits

Your retirement planning will likely need some adjustments when leaving the Military. For your Thrift Savings Plan (TSP), decide whether to keep funds in place, roll into a civilian 401(k), or move to an IRA. If you’re retiring with 20+ years of service, you’ll also need to make pension decisions, including whether to elect the Survivor Benefit Plan (SBP) for your family. Consider connecting with a financial advisor to review your options and create a strategy that maximizes your retirement income.

Employment Assistance

Finding employment after service can be difficult. Luckily, there are Veterans’ employment programs ready to help!

Soldiers’ Angels also has a great Veteran Internship program designed to offer practical job experience. Our Veteran Internship was created for Veterans who have been struggling to find their place in the civilian job world since leaving the Service and have a passion for giving back to the Military community.

Resources

Here are some additional tools to guide your financial journey:

The road to financial stability is a journey, but as a Veteran, you don’t have to walk it alone. By using the resources available to you as a Veteran, creating a financial plan, and reaching out for support when you need it, you can build a secure future for yourself and your family.