As veterans transition from military service to civilian life, financial literacy becomes a crucial skill for long-term success. The Idaho Financial Literacy Coalition is committed to supporting our veterans by providing free resources and training to help them navigate this significant life change. Before we dive into the available resources, let’s explore the top five financial considerations veterans should be aware of when leaving their military branch.
Top 5 Financial Considerations for Transitioning Veterans
1. Budgeting for Civilian Life
Transitioning to civilian life often means a shift in income and expenses. Veterans need to create a new budget that accounts for changes in housing costs, healthcare expenses, and potential gaps in employment[1].
2. Understanding VA Benefits
Many veterans are unaware of the full range of benefits available to them through the Department of Veterans Affairs. These benefits can significantly impact financial planning and should be thoroughly researched[2].
3. Planning for Healthcare Costs
The transition from military healthcare to civilian options can be complex and potentially expensive. Veterans should carefully consider their healthcare needs and explore all available options, including VA healthcare and private insurance[1].
4. Managing Retirement Savings
Veterans should understand how to manage and potentially transfer their Thrift Savings Plan (TSP) accounts. They should also explore civilian retirement savings options like 401(k)s and IRAs[6].
5. Navigating the Civilian Job Market
Finding employment in the civilian sector can be challenging. Veterans should be prepared for potential income changes and consider how their military skills translate to civilian jobs[2].
Free Financial Literacy Resources for Veterans
Now that we’ve outlined the key financial considerations, let’s explore some free resources available to help veterans enhance their financial literacy:
1. VA Financial Literacy Resources
The Department of Veterans Affairs offers a wealth of financial education resources, including:
– Online courses on budgeting, saving, and investing
– Financial counseling services
– Debt management resources
These tools are designed specifically for veterans and can be accessed through the VA’s website[7].
2. Military OneSource Financial Counseling
Military OneSource provides free financial counseling services for up to a year after separation from the military. Veterans can receive personalized advice on budgeting, debt reduction, and financial planning[6].
3. USAA Educational Foundation
The USAA Educational Foundation offers free online courses and resources covering various financial topics, including transitioning to civilian life, managing credit, and planning for retirement[3].
4. Consumer Financial Protection Bureau (CFPB) Resources
The CFPB provides tailored financial education resources for servicemembers, veterans, and military families. Their website offers guides on topics such as choosing a financial professional and protecting your credit while deployed[4].
5. American Corporate Partners (ACP) Mentoring Program
While not exclusively focused on financial literacy, ACP’s mentoring program pairs veterans with corporate professionals who can provide valuable insights on career development and financial management in the civilian sector[2].
Financial Literacy Training Opportunities
In addition to these resources, veterans can take advantage of various training opportunities to enhance their financial literacy:
Local Bank & Credit Union Workshops: Many credit unions offer free financial literacy workshops specifically for veterans.
Community College Courses: Some community colleges provide free or discounted financial literacy courses for veterans.
Non-Profit Organizations: Organizations like Operation HOPE offer financial literacy programs tailored to veterans’ needs[3].
By taking advantage of these free resources and training opportunities, veterans can build a strong foundation for financial success in civilian life. Remember, the transition from military to civilian life is a significant change, and it’s okay to seek help and guidance along the way. The Idaho Financial Literacy Coalition is here to support you on your journey to financial independence and stability.
Citations:
[1] https://bva.org/challenges-veterans-face-when-leaving-the-military/
[2] https://reservenationalguard.com/transition/what-veterans-wish-they-knew-before-leaving-the-military/
[3] https://www.reddit.com/r/Veterans/comments/6flr4n/what_do_veterans_need_the_most_after_leaving_the/
[4] https://theveteranpro.com/advice-for-transitioning-military/
[5] https://www.youtube.com/watch?v=6hZVmIS6MOI
[6] https://www.springboard.com/blog/career-advice/what-every-veteran-should-do-before-leaving-the-military/
[7] https://nwavet.org/va-benefits/what-do-i-do-before-leaving-the-military/
