6 Financial Benefits for Service Members and Veterans
As a member of the military, your service is recognized by those who appreciate all you do on the front lines. Your sacrifices to defend the country are also recognized by the United States Department of Veterans Affairs (VA). This department offers veterans various financial benefits and assistance programs to help them readjust to civilian life and accommodate any potential injuries or disabilities sustained during service.
Military Financial Benefits
Joining the military is a commitment that can put a strain on your body and mind. To account for the strains that service members and veterans face, the VA has set aside the following benefits to help you after your service finishes its term, you retire, or you get discharged:
1. Health Care Assistance
VA healthcare assistance helps veterans, retirees, and dependents get financial coverage for regular checkups and specialist appointments.
2. Housing Assistance
You can access home loans and grants directly from the VA with no down payment requirements.
3. Education Benefits
Your military service grants you tuition assistance that is also transferable to your spouse or children so they can get full-ride financial assistance through college.
4. Disability Compensation
If you sustained a disability during your service, you are entitled to tax-free financial compensation from the VA. Your rate increases if your disability deems you unemployable or your spouse is severely disabled.
5. Life Insurance
The VA offers you a service members’ insurance plan that covers your family’s financial situation if you die during your line of duty. As a retiree, you can enroll in a survivor benefit plan that helps cover expenses while your family grieves.
6. Tax Benefits
The Internal Revenue Service (IRS) offers certain benefits and refunds to veterans, such as excludable income as a tax exemption. You are also eligible for tax exclusion that is valid for the months you served in combat. The IRS also excludes any income you earned while being hospitalized.
Additional Benefits and Programs
Military personnel are also eligible for job training programs from the VA to assist with preparing for civilian employment after their service. Other programs offer enhanced eligibility for prisoners of war or veterans with a Purple Heart or Medal of Honor. Retirees are given a monthly annuity for life.
Plan Your Finances Wisely With Us
Your military financial benefits offer you the space to sustain wealth for yourself and your family after serving your country. Our financial advisors will help you seek strategies to make that money work for you for longer. Contact us to make a sustainable savings plan and build your financial future.