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The Importance of Financial Planning for Veterans’ Families

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The Importance of Financial Planning for Veterans’ Families

December 23
14:10 2022

The ways in which veterans and active-duty service personnel handle their money and their families may differ from those of civilians. Health care, education, housing, and retirement security are just a few of the areas where veterans and active military members can receive support.

Numerous different types of families exist. Knowing and understanding these benefits can assist put any kind of family on the road to financial success. Veterans Day is coming up, so it’s a good opportunity to review the advantages you’ve earned through your service. Let’s go deeper into the financial and family planning options for veterans.

Legal protections for service members and their families

Protecting the rights of those serving in the United States military, the Service Members Civil Relief Act (SCRA) was signed into law in 2003. Numerous protections are provided by law, and if you claim them, you can grow your wealth and assist your family reach its full potential. Some examples of situations where the SCRA comes in handy are as follows:

Low-interest rates. The Justice Department states that interest rates on certain debts incurred before enlistment are capped by the SCRA. The limit is 6% at most. The interest you’ve paid on your credit card in the past will be waived in this case. You must make written contact with the creditor. 1 As a result, you may end up saving a lot of cash.

Security against foreclosure. Your specific scenario will determine the rules, but in general, if you have a mortgage in place before entering the military, your property will be afforded additional safeguards from foreclosure once you enlist. Before they may legally foreclose on your house, creditors must first obtain a court order. 

Security against repossession. Vehicles purchased before enlistment are shielded from repossession in the same way as homes are from foreclosure after the owner becomes a member of the armed forces. It takes a court order for a creditor to repossess your car. 3

Breaking leases early is a possibility. The SCRA allows for the early termination of a residential lease. As a member of the armed forces, you can get out of a lease early without paying a hefty penalty, even if doing so is normally a hassle. For military personnel who may need to relocate quickly owing to an assignment, this is a lifesaver.

Veterans’ families can receive financial and medical aid.

After leaving active duty, you become entitled to additional benefits in addition to those already provided under the SCRA. All of your loved ones can benefit from these insurance coverages. The following are examples of important health benefits to remember:

  • Services in general medicine, such as checkups, operations, and dialysis
  • For sudden medical needs, the emergency room is there.
  • Care for the mind
  • Residences with assistance and in-home medical services
  • Annual preventative and routine eye exams 

When it comes to dental care, you and your spouse or dependents are eligible for these benefits. 

TRICARE is a medical program that provides active-duty service members with free or low-cost healthcare services. Services that are both physically and psychologically required are paid for by TRICARE. Check out the TRICARE details website for a complete rundown of benefits. 

Veterans and active-duty service members can greatly benefit from these medical services. Having health insurance for yourself and your loved ones can free up resources for more important uses, like investing in your financial future or putting money toward a large purchase like a house.

Veterans and their families are eligible for educational benefits.

Your family may be eligible for financial aid for higher education if you are a veteran and you are a parent or spouse. The impact on your family’s well-being and your bank account can be substantial. Your financial situation as a parent will improve if you don’t have to figure out a means to help your child pay for college and if your child doesn’t have to take out student loans when they’re young. Programs that you should be familiar with include:

A permanent GI Bill. The current iteration of the GI Bill offers financial aid for college costs (including tuition and fees), living costs (including rent and food), and educational materials (including books and supplies) to eligible veterans and their dependents.

Financial aid for college studies for military spouses. Military spouses can apply for many forms of financial aid, including the Military Spouse Preference program, the Veterans Administration’s educational assistance programs, and scholarships. While the sheer number of choices may seem intimidating, it’s worth your time to study each possibility to determine whether or not it offers the specific assistance you’re seeking. 

Furthermore, there are a variety of scholarship and benefit programs available to the families of service members, both current and veteran, around the country. Researching the resources available in your state can pay off in the long term. The good news is that you and your family have a variety of opportunities to get academic support.

Providing homes for soldiers and their families

There is a housing assistance program for active duty and veteran service members. Veterans Affairs (VA) loans can be used for the purchase of a home, the refinancing of an existing mortgage, and the acquisition of services related to the construction, repair, or maintenance of an existing residence. 8 For example, the following are included:

  • Loans guaranteed by the Veterans Administration (VA) can be used by veterans to purchase a property.
  • Surviving spouses of service personnel can take advantage of the Veterans Affairs home loan program.
  • Providers of Mortgage Refinancing
  • Veterans with Disabilities Achieve Housing Independence with Grants
  • Aid for the homeless and those on the verge of homelessness

Having a home of one’s own is a common aspiration, but it’s also a costly one. As a veteran, you are eligible for certain benefits and programs that make it easier to search for or purchase a house. There is a wide variety of resources available to those who wish to start or relocate a family.

Final Note

Veterans who are thinking about starting a family can take use of a wide variety of resources. Whether it’s for your own or your family’s health, education, or housing, there’s a program to assist you. One of the first steps in mastering how to use such tools is simply becoming aware that they exist.

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