Here’s How You Can Save Your Military Benefits Before Retiring
Unfortunately, men and women who have given the lion’s share of their lives for their country in the military fall victims to unscrupulous lenders and salespeople. They invest in bad investments, and eventually, they get drowned in unnecessary debts. That harms their credit score and, sometimes, their financial prospects.
If you are done with your services in the military, doing a bit of financial planning is important for securing your future life. You can do it on your own or take the help of a professional advisor. But you need to make sure that you derive the maximum from the veterans’ benefits. Here are some ways to save your military benefits before retiring.
Veterans Benefits – How to Use and Protect What You Earned
The major reason why salespeople and lenders victimize these veterans is the financial benefits they deserve. If you are in your 20s or 30s and are a young veteran, your financial needs and planning will differ from that of an older veteran.
The case is the same irrespective of the marital status and children that the veterans have. If you are a military veteran, you must know everything about the veterans’ benefits mentioned below and how you should get the maximum out of them.
There exist two current versions of the G.I. Bill under which a veteran qualifies for educational benefits. They are the Montgomery GI Bill – Active Duty and the Post – 9/11 GI Bill. If you want to determine whether you qualify for education and training funding through the MGIB-AD, you need to be involved in an activity for some time of minimum of two years. Aside from that, you also need to fulfill other criteria mentioned on the VA website. In a majority of the cases, you must have contributed $1200 to the education program during your service. In case you are eligible, you will be eligible for three years of financial assistance.
The maximum benefit as of October 2021 was $2122 every month for full-time students. That sums up to $76,392 over three years. The Post-9/11 GI Bill is especially for veterans in military service after September 10, 2001. This bill will pay the veterans up to $26,042.81 every academic year at foreign and private colleges and universities over three years. In the case of public colleges and universities, the bill will pay the complete tuition fees. Aside from that, a veteran may even get a housing allowance and a stipend for books and other educational supplies.
If you are a military veteran, you can qualify for VA healthcare. However, you must sign up if you want to avail of the benefit. The Medical Benefits package comprises services ranging from basic preventive care to surgery, prescription drugs, and mental health. If you fulfill the income requirements, you will receive health coverage free of cost. But there are copayments for a few services and medications. Retired individuals and their family members can qualify for coverage through the TRICARE program of the Defense Health Agency. Various plans are available. The costs differ from one another.
If you are a military veteran and want to repair, build, or buy a home or want to refinance your existing mortgage, check whether you qualify for the Home Loan Guaranty Program. However, there are a few requirements regarding income, credit, and duration of service. The Home Guaranty Program helps veterans get VA loans from banks and other private lenders on terms that they might find more favorable than other places. This includes factors like closing costs, lower interest rates, no need to buy mortgage insurance, no down payment, etc.
You can get to know more in detail from the VA website. The Consumer Financial Protection Bureau warns of unsolicited emails or phone calls from people falsely claiming to be affiliated to the Veterans Administration and advises that Veterans should be aware of such scams and not fall prey to them. According to the Veterans Administration, if you have any queries regarding the legitimacy of a call, you can call at 1-800-827-1000.
Life outside the military can be different from what you have experienced in the military. The opportunities are new, and so are the rules. However, the benefits are aplenty. There are vacation days, all-inclusive healthcare, housing allowance, and cash allowances that can cover your living cost and help you keep the home fires burning. Check out the Federal Government portal to know more.
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