How to Protect Your Family Finances After Retiring from the Military
Retiring from the military can be a monumental and life-changing event for you and your family. You may have plans to enter the private sector and start a new career outside of the military or to enjoy a more laid back way of life after retirement. Regardless of your professional plans after you leave the military, you may be well aware that your financial situation will change after you retire. By following a few tips, you can more easily protect your family finances after retiring and move more gracefully into military retirement.
Prepare Your Budget
If you do not currently have a family budget prepared, now is the time to do so. You may have plans to move into a new home off base or to stay in your existing space. You may have adjustments to your income, commuting expense adjustments and more. There are many facets of your budget that likely will change after you retire from the military, and you need to carefully prepare your budget so that you are ready for the changes that await you. You can prepare an existing budget and revise it to plan for the future.
Look for a New Job
This probably goes without saying, but looking for a new job or career after retiring from the military will help you secure your financial future. If you have ever heard the phrase “the only way to secure a win is to keep scoring points,” well the same is true for your finances. If you truly want to secure your financial future for your family, you will want to look for another job as another means of income. Also keep in mind that in today’s world that many families both inside and outside of the military require both spouses to work to support their family financially. Therefore you and your spouse may also want to look at this as an option.
Disability
This should be treated as a last resort for anyone, but many veterans come home injured in a manner that they can’t work the same way as the rest of us. If this applies to you, you may want to apply for disability benefits, but don’t give up looking for work either because most likely your disability won’t be able to cover all of your family’s finances.
Apply for a New Mortgage
You can also go to companies like Low VA Rates to purchase your next home or to refinance your existing home. Interest rates are low, and as a veteran, you will qualify for lower rates through VA financing. While you can apply for your mortgage now, it may be best to line up your financing and lock in the mortgage payment that you will have going forward. This can help you to better plan your finances and prepare a more accurate budget.
Lock in Low Military Rates for Veterans
In addition to military rates for mortgages, veterans may also qualify for lower rates for many other things. For example, you may be able to save money on all types of insurance, including life insurance, auto insurance and homeowners insurance. You can also lock in lower rates for veterans for car loans, personal loans and more. It is important that you research the different benefits available to you as a veteran and to take advantage of these to keep your expenses lower.
Your family financial situation will change after you retire from the military, and you need to be fully prepared for the changes in store for your life. By paying attention to these factors and following these tips, you can more easily transition into this new stage in your life.
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Category: Financial Planning
