When financial planners concentrate on a demographic to grow their client base, they often ignore one

significant group: retired or separated veterans of the United States military. Predatory lenders and salesmen
often target these military members, putting them in debt and destroying their credit ratings. Even individuals
who are good with money are often unprepared for the financial change that they will confront once they
return to civilian life.

If you're leaving the military, whether you have a financial advisor or are trying to figure it out on your own,
don't fall into the traps that await individuals who return to a less structured world outside the military.
Financial planning from a seasoned professional is essential, and this guidance may assist you in securing a
secure financial future. Continue reading for some helpful financial planning advice for veterans.

TAKEAWAYS IMPORTANT
When military veterans leave the military, they are often preyed upon by unscrupulous lenders and salesmen.
Those who served for less than 20 years, those who served for 20 years or more, and handicapped soldiers are
the three basic groups of retired military.
Vets are likely to want assistance in three key areas: retirement, tax, and insurance preparation.
Veterans are divided into three groups.
Despite exceptions, the bulk of retiring service members fall into three categories: junior enlisted veterans
who served for less than 20 years, career veterans who served for more than 20 years, and disability retirees.

Veteran Juniors
This category includes persons who enrol in the military early in their life but do not have enough time to
receive their pensions. Junior enlisted and junior officers fall within this group. After high school, many of them
join the military and experience civilian life for the first time as adults. This group has spent no more than 20
years in active duty. Many of the veterans in this group never received more than a rudimentary financial
education while serving in the military.

Veterans with a history of service

People who have spent the bulk of their adult lives in the military fall into this group. Enlisted officers in the
mid- to senior-level, as well as those with higher ranks, fall under this category. These people have served in
the military for more than 20 years and are eligible for a lifelong pension. Keep in mind that the Army, Air
Force, Navy, and Marine Corps all have their own set of rules. 1

Veterans with Disabilities

Individuals who are disabled military members get varying degrees of compensation based on their
impairment. The term "disability retirement" refers to this situation. The service member's years of active duty
and, for those with fewer than 20 years, their disability rating determine whether or not they are eligible for it.
2 However, keep in mind that certain injured veterans may be allowed to leave the military without receiving
retirement benefits.

Young Enlistees Returning to Civilian Life: Assistance

This group has a history of accumulating significant debt, including automobile loans, credit card balances,
Army Community Service Department emergency relief loans, and other consumer loans.
3
When people start searching for a job, especially one that needs a security clearance, they are typically
uninformed of their credit ratings and how they would affect them.

Many enlistees leaving the military have no money and haven't considered what their monthly living
expenditures would be after they return to civilian life. This group of service members, as well as their
advisers, are