Your military benefits aren’t only there to help you with your current circumstances, they can provide long-term financial stability if you plan ahead. Plus,  you’ll have access to educational opportunities and be able to prepare for your transition to retirement or civilian life.

Why Future Planning Matters for Military Families 

Planning for the future helps military families navigate the financial challenges of constant moves and build a stable life. Here are four areas where military benefits can help you plan for the future.

Transitioning to Civilian Life

Transitioning from military to civilian life  can present challenges for servicemembers and their families who are used to a particular way of life. The process includes finding meaningful employment as a civilian, adapting to a different work culture, and translating military skills into civilian qualifications. 

Housing

There are financial assistance programs to support individuals with housing-related expenses as they transition from military to civilian life, including VA Home Loans. For eligible Veterans needing modifications or adaptation to their housing due to physical conditions, the VA has grants available for financial assistance.

Educational Opportunities

For servicemembers who wish to pursue higher education, the G.I. Bills offer many benefits, such as various programs to support your educational pursuits, including the Montgomery G.I. Bill and the Post-9/11 G.I. Bill. Each program has specific eligibility criteria and benefits depending on your service history and educational goals.

For spouses and families of servicemembers, the My Career Advancement Account program (MyCAA) and Survivors’ and Dependents’ Educational Assistance program (DEA) provide financial assistance for earning certificates, licenses, and degrees, depending on eligibility.

Financial Planning

You already know that managing your finances effectively can be challenging during military life. Issues such as geographic instability might make it difficult to plan for the future. However, it pays to create a budget that takes into account your transition out of the military and status as a Veteran. Assess your financial well-being before leaving service and access FINRED to better understand and utilize tools to help you develop and maintain a budget, plan for emergencies, and save for retirement.

Preparing for the Transition to Civilian Life 

Transitioning to civilian life doesn’t have to be stressful. With careful planning, you can make the most out of the benefits you receive during this phase of your life. AAFMAA’s Transition Timeline can help you tackle the list of items to be completed before separation by breaking them down into manageable tasks.

Career Planning

The Department of Veterans Affairs (VA) offers the Veteran Readiness and Employment Service (VR&E), formerly known as Vocational Rehabilitation & Education, which assists Veterans who have service-connected disabilities prepare for, find, and maintain suitable careers. Services offered include vocational counseling, training, education, and job placement assistance. .

Additionally, the Transition Assistance Program (TAP) provides information, resources, and tools to help servicemembers and their families prepare for civilian life.

Financial Preparation

The VA provides various benefits, including disability compensation, pension programs, and home loan guaranties, which the Veterans Benefits Administration (VBA) oversees. Consider contacting the VBA  to better understand your options before you leave the military.

Healthcare Options

The VA offers comprehensive healthcare services tailored to the specific needs of Veterans. These include regular checkups, appointments with specialists, geriatric care, prosthetics, and more. Be sure to sign up for VA Health Care so that it’s there for you when you need it.

Taking Action: Reviewing and Optimizing Your Benefits 

As you move toward your post-military future, regularly assess your military benefits to make sure they still align with your personal and professional goals.

Steps to Assess Your Current and Future Needs

Begin by thoroughly reviewing your current benefits package, including healthcare, retirement plans, education assistance, and other allowances. Consider your long-term objectives, such as career progression, educational aspirations, and retirement plans, and whether they’ve changed recently. This will help you identify which benefits will best support your goals.

Also, don’t forget to regularly update your personal information with the Department of Veterans Affairs to receive timely notifications about benefit changes or new opportunities.

Resources for Making the Most of Your Benefits

To maximize your benefits, find and use specialized programs and services designed to support servicemembers. The National Resource Directory (NRD) connects you with thousands of resources, including financial planning assistance, employment support, and educational opportunities. The VR&E offers vocational counseling and job placement assistance to help you transition successfully to civilian employment. 

Planning for Retirement and Financial Security

Long-term financial security includes reviewing your retirement plan options, such as the Blended Retirement System (BRS), and assessing how they fit with your career timeline and retirement objectives. 

Leveraging Healthcare Benefits

Explore the TRICARE options available to you and your family, considering factors like coverage area and costs, and specific health needs. As your circumstances change, remember to review your current coverage and make any necessary changes so that you don’t lose or lack necessary coverage. Utilize your TRICARE coverage while you’re still in service to seek treatment and have documentation of recurring medical issues. 

Engaging with Supportive Communities

Fellow servicemembers and Veterans can provide helpful insights and advice through support groups and community organizations. Engaging with your peers can help you stay informed about benefit changes and share experiences with others who have gone through similar transitions. 

Plan for the Future with AAFMAA

When it comes to planning for the future, AAFMAA Members receive benefits such as personal attention and a full commitment to helping you and your family for a lifetime. Our experts are with you every step of the way.  Contact a Membership Coordinator today at 877-398-2263 or get a free quote online at aafmaa.com/getaquote.