Financial Readiness for Post-Military Life
Whether you’re separating or retiring from military service, transition to civilian life can be both exciting and stressful. On the one hand, you may enjoy a wide range of new professional and personal opportunities. On the other, you must leave behind your rank or grade — and with it, a large part of your identity and the lifestyle you’ve known for years.
Stress is common — and natural — at this time. But some thoughtful planning, including careful financial planning, is a proactive approach to your transition that can help reduce stress on both you and your family.
TAP into available resources
The Transition Assistance Program (TAP) is a DoD-sponsored program designed to ease your transition to civilian life. It consists of four components:
- Preseparation counseling — mandatory counseling conducted by representatives of your service branch
- Department of Labor employment workshops — for service members and their spouses
- Veterans benefits briefings — VA-sponsored
- Disabled Transition Assistance Program — VA-sponsored
Topics addressed by TAP include employment assistance, entrepreneurship and small business ownership, education benefits, relocation assistance, health and life insurance, reserve affiliation, veterans and retirees benefits, survivor benefits and more.
Plan financially for transition and post-military life
In addition to TAP, a number of resources are available to help you plan for and successfully move into your post-military life.
TurboTAP.org, an official Department of Defense web site for information on transitioning from military service, is an excellent resource for service members leaving active duty.
Your installation’s Family Center may offer presentations and workshops on topics such as family budgets, consumer rights, credit management, debt liquidation, investments, insurance and taxes.
You may be eligible for additional separation pay or unemployment compensation when you leave service.
You may qualify for Social Security benefits such as retirement income, disability benefits, Medicare medical insurance and survivor benefits.
You may also qualify for a government-sponsored loan, such as a VA home loan, an SBA small-business loan, or a Farmers Home Administration loan.
Wondering what to do with your TSP? Learn about your options »
