Veterans get a lot of well-earned perks, but that does not mean there aren’t any flaws in the system.
It would be nice to say that veterans have nothing to worry about after serving their country, but it simply wouldn’t be the truth. The following are three financial risks that veterans face and should prepare should they have to deal with them.
The Problem With Disability Insurance
One obvious risk that veterans must face is the disability insurance problem. Regrettably, there are a number of insurance companies out there that are going to make coverage difficult simply because you are a veteran.
This is not to say that the military does not offer their own version that you could use should you ever need help, but some veterans find that the amount offered is not enough, which drives many to look into the private sector. Those who have had some trouble getting insured may want to talk to a disability insurance lawyer. This will ensure that you have an expert on your side when you apply.
Trouble With the Job Hunt
Veterans learn a number of skills while in service that should translate well into any regular civilian job, yet that does not seem to be the case.
Sure, following orders, being detail-oriented, working well with others, and some of the other skills soldiers learn seem perfect for the workforce, but some employers still don’t know how to deal with veterans.
One reason employers have trouble hiring veterans is simply because they believe military personnel do not pursue higher education. This misconception makes it harder for veterans when it should be easier. Other employers just think that military personnel do not have the necessary hands-on experience, even though most soldiers have applied their skills on the field.
Not finding work is a major issue. This is the reason veterans should do their best to start looking for work as early as possible, and make sure to consider alternative gigs while searching. Thankfully, there are a number of jobs out there that veterans can do temporarily with the rise of the gig economy.
Dealing With the Gaps in Retirement
Military service members retire with half their salary as long as they gave more than 20 years to their country. Granted, there are many other types of offers for veterans, but they all have their requirements. It is important to learn which type of retirement you qualify for so you can feel more comfortable about your Golden Years.
The problem is many veterans will not meet the requirements, even though they risked their lives for their country like any other service personnel. Some members of the military turn to the private sector as well to find companies that will offer them a good retirement plan. There are some who get quite creative to ensure they will have a good retirement; for example, there are some who sell their life insurance through a life settlement.
The money that can be made selling a life insurance policy can be significant, meaning that you will be creating a safe cushion for yourself, just in case one of your primary financial goals falls a little short. Blending a good retirement plan with a good financial cushion is the way to go. This is especially true since there are a lot of people retiring broke, and that is not how real patriots should be portrayed.
Hopefully, some of this information makes it easier to navigate some of the drawbacks that some might not have expected. Veterans are resilient, and they will get through some of the issues that plague them once returning to their home country. Ideally, employers will begin to understand veterans better, and maybe one day the VA will respond to each veteran’s needs accordingly.