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How to Plan Your Finances Before Leaving the Military: Expert Tips

When should members of the military begin to prepare for their financial futures? According to Certified Financial Advisor Todd Nelson, CRPC™, financial planning should start 1-3 years before transitioning out of the military. Financial planning involves gaining a firm understanding of how tax issues, retirement, pension, and even withholding may change and how those changes will impact your future. For example, while still in the military, you may have been eligible for tax and housing benefits that will cease once you’ve transitioned. Having a plan to deal with those changes means you and your family will be prepared. One thing to always be sure of (no matter which financial options you’re considering) run the numbers specifically for your family. Just because a program works for a peer doesn’t mean that it hits the goals you’ve set for your family. Be sure to utilize any and all of the planning services offered—you’ve put in the time and earned those benefits that will help to plan your financial course. Starting early, taking the time to make a solid plan, and then sticking by it after your transition out of the military will help you to create a sound financial future. To subscribe to our page, click here: https://rmvets.com/3pABgjh. To create a profile on our job board, click here: https://rmvets.com/3v5J3Ha. To attend our job fairs, register here: https://rmvets.com/3gjxLcT. CHAPTERS TIMELINE: TLDR: Military members transitioning to civilian life need to prioritize financial planning, including paying down debt, understanding insurance options, considering life insurance needs, carefully evaluating the Survivor Benefit Plan, understanding tax implications, pursuing VA benefits, planning for retirement, and seeking free resources and consultations for guidance. 00:00 Military members transitioning to civilian life need to prioritize financial planning, including paying down debt, creating a post-transition budget, and seeking free resources and consultations for guidance. 06:15 Transitioning from military to civilian life requires understanding insurance options, gathering VA records early, and being mindful of the timing for applying for private insurance and VA evaluation. 10:28 Plan for your life insurance needs by considering your coverage amount and taking into account your anticipated income for seven to ten years. 13:21 Military personnel should carefully consider the implications of opting in or out of the Survivor Benefit Plan during transition, as it involves significant financial costs and potential benefits. 19:16 Military members need to understand tax implications of changing income, including loss of untaxed benefits and addition of taxed income upon retirement, be mindful of pension tax withholding, and plan for tax obligations to avoid unexpected expenses. 23:03 Military members should not feel guilty about pursuing VA benefits, ensure VA funding fee is waived, be smart with finances, and don't neglect financial planning when transitioning out of the military. 29:16 Military members should plan for retirement early, consider implications of TSP loans, set up beneficiaries to avoid high taxes, and have a contingency plan for career transition and VA payments. 34:58 Financial planner Todd Nelson offers free assistance to military community members transitioning to civilian life and recommends using recruitmilitary.com for job opportunities. #RecruitMilitary #Veterans #Finance