If you’re a financial advisor, banker, or lender, these 3 key points will undoubtedly help you provide solid, actionable financial counseling to transitioning Veterans. Why is that so important? Because after spending years or even decades receiving a steady paycheck and full medical benefits, many military members are unprepared for the economic realities of civilian life.

Too often these Veterans discover that their lack of appropriate financial pre-planning has left them in a severe bind after their transition out of the service. That’s why it is critical to educate Veterans on the key areas which matter most during their transition phase.

Doing so will help them get ahead of their finances before re-entering civilian life. By touching on these critical areas, you’ll help empower them to succeed!

Establish Realistic Expectations

Time after time, Veterans say they faced a “rude awakening” after getting out of the military.They discover that civilian jobs are harder to get than expected and don’t pay as well as imagined. A bulletproof financial plan will put income sources front and center. A Veteran’s civilian job will then be to make that primary source of income a way to replace lost military wages.

But Vets must understand the reality of applying for civilian jobs. It can be a time-consuming process. It may even require several applications and interviews before landing that new career. Veterans frequently assume it’ll be far easier than it actually is, or that because of their military leadership or management experience, employers will be standing in line to offer them jobs. Unfortunately, that’s usually not the case.

By taking the time to outline specifics about which jobs one qualifies for, how much it pays, and how long it might take to get such a job, Veterans can establish realistic expectations. This way they are not caught off guard. It will also help them understand the process of getting that new income stream established as soon as possible.

Create a Roadmap for Success

Planning ahead for a new job is only one aspect of establishing financial security. Truthfully, transitioning Veterans require a comprehensive roadmap for financial success which includes housing, investments, and educational considerations.

Many military members reside in on-base housing and have never purchased a home. Reviewing the details of how to apply for a home loan and how to use the VA Home Loan benefit is a crucial step. 9 times out of 10, a home is the largest investment a person will ever make. Doing it right the first time can save buyers tens of thousands of dollars. This is not an area for “trial and error.”

Vets also often fail to understand much about their own retirement plan—the Thrift Savings Plan (TSP). Veterans who enter federal careers after separating from the military have options to keep investing in their TSP account. Otherwise, they can simply leave their funds alone until they reach retirement age or roll their account into an IRA or civilian employer’s 401(k) plan. Early withdrawal is an option but comes with heavy penalties.

In terms of planning ahead for further education, many Veterans save their Montgomery GI Bill or Post-9/11 GI Bill benefits, but then never use them. Such a waste! If acted up early enough, military members can transfer their Post-9/11 GI Bill benefits to eligible dependents for their use. Many members don’t realize that they can always change their mind later if they decide they want to use part or all of the benefit themselves in the future. But if they don’t elect to make the transfer before separating, they can’t request a transfer later.

Plan Ahead for Taxes

Apart from the above considerations, it is highly recommended for Veterans to understand the tax ramifications of civilian pay versus military pay. Portions of service member paychecks are not taxed and, depending on one’s rank and duty location, that can add up to a significant savings!

The problem is that military members get used to having tax-free Basic Allowance for Housing (BAH), Basic Allowance for Subsistence (BAS), and Cost of Living Allowance (COLA) if stationed abroad. But those tax breaks go out the window once they’re working as civilians, and sometimes that leads to sticker shock when they get their civilian pay stubs.

By understanding the tax ramifications of having all wages eligible for taxation versus only part of them, Veterans can understand what their “take home” pay will be. This will clearly help them forecast their budget and allow them to make a more informed decision regarding tax withholdings.

Final Thoughts

Transitioning out of the military is one of the most financially vulnerable positions Veterans will ever be in. Military-provided Transitional Assistance Programs help but they are rarely sufficient. This is where organizations dedicated to supporting Veterans can do their part to help smooth the transition process and ensure our Vets are taken care of!

For more great tips, download your free copy of “Guide to Growing Your Business with Veterans” and visit our website to learn about SAVI’s organizational and employer certificate programs.

No matter their size or scope, all educational institutions profit from enrolling Veteran students who receive GI Bill benefits. But many institutions leave it up to the students to determine what they can use their benefits for. The problem is that many students don’t actually know what they qualify unless you tell them!

Before you can explain it to others, you have to understand how different VA educational benefits work yourself. Let’s discuss a few ways VA benefits can increase your GI Bill enrollments.

The Different Types and Uses for GI Bill Benefits

Most Active Duty military members receive and use Tuition Assistance while in the service. But once they separate, they’re considered Veterans. This means they may have qualified for Post-9/11 or Montgomery GI Bill benefits.

Post-9/11 GI Bill

Veteran students who have separated or eligible dependents will commonly use the Post-9/11 GI Bill (Chapter 33). These may be used to pay for a variety of things, including undergraduate and graduate degree courses. But the benefit can also be used to pay for a range of non-degree vocational or technical training, as well, even when not tied to a university program.

This may include apprenticeships, law school, cosmetology school, entrepreneurship training, or even flight training. The VA will also pay for approved licenses or certification test fees and for certain national exams like the SAT and LSAT.

Students receiving the maximum benefit have all of their public, in-state tuition and fees covered, but the VA does cap rates for private schools. They pay tuition and fees directly to the school, and disburse funds for books and housing to the students themselves.

An added bonus to this benefit is that it can be transferred from the military member to their spouse or children (known as “dependents”) if done within a certain window prior to separation.

Montgomery GI Bill Active Duty (MGIB-AD)

Before the Post-9/11 GI Bill, there was the Montgomery GI Bill Active Duty (MGIB-AD) (Chapter 30). This bill pays for the same things as the Post-9/11 GI BIll. Once activated, however, it must be used within 10 years (versus 15 years for the Post-9/11 version). Also, it doesn’t offer a housing allowance and can’t be transferred to dependents.

To get a more detailed view of the differences between the two GI Bills, the VA offers a useful Comparison Tool! It even helps users search for eligible schools.

Montgomery GI Bill Selected Reserve (MGIB-SR)

All Reserve or Guard members use the Montgomery GI Bill Selected Reserve (MGIB-SR), which has most of the same features as the Active Duty version. The main differences are around the eligibility requirements to use it.

Tuition Assistance Top-Up

Sometimes an Active Duty, Reserve, or Guard students will use their Tuition Assistance. Often, the cost of the tuition exceeds the maximum cap paid. In these cases, the student can avoid out of pocket expenses by dipping into their applicable GI Bill in order to pay the difference. This program is known as TOP-UP!

The student’s base of assignment should have an educational office to help them complete the VA Form 22-1990 needed to request this payment.

Final Thoughts

By taking the lead to educate students about their own benefits, schools and training centers stand to maximize enrollments and greatly boost revenue. Also keep in mind that many people joined the military specifically to receive educational benefits, which are a major incentive used by recruiters. That’s why organizations which support Veteran students should understand how to explain and convey the value of GI Bill benefits and help encourage students to sign up for classes!

For more great tips, download your free copy of “Guide to Growing Your Business with Veterans” and visit our website to learn about SAVI’s organizational and employer certificate programs.

There are countless organizations across the country that are giving time, resources, and money to people and communities in need. From nonprofits like St. Jude to The Wounded Warrior Project, there’s a full spectrum of worthy causes to get behind. One thing these organizations have in common is their need for corporate support and sponsorship in order to be successful. Without the support of corporations, for example, SAVI wouldn’t be able to provide free assistance to transitioning Veterans. And if we couldn’t keep our assistance free, we just wouldn’t reach the same level of Veteran support — meaning hundreds more Vets would continue to be underserved and underutilized.

If your company is hoping to show its support to a special cause, here’s how you can become a corporate supporter and make a huge impact.

General Sponsorship

Make general monetary donations that allow an organization to utilize funds however they wish. This no-strings-attached gift lets organizational leaders put this money toward their greatest needs, without guidelines.

Specific Sponsorship

Maybe there’s new research needed that you care deeply about. Or maybe you’d like your donation to go directly toward a specific program within an organization. Nonprofits are always grateful for gifts that go to specific areas of their cause.

Event Engagement

Because most nonprofit organizations rely on outside support, they often host fundraising events to build awareness and garner donations. As a corporation, you can sponsor one of these events or donate company items, such as gift baskets for silent auctions.

In-Kind Donations

Instead of providing money for an organization to use on needed goods or services, your company could donate those goods or services directly. For example, if you’re in the food industry, you could donate food items to a local food bank. Likewise, if you’re in the construction business, you could provide contracting services to organizations who are building orphanages or homes for those living in poverty. 

Corporate Volunteering

Are you a company of employees who would rather offer a physical presence? Consider organizing a group of employees to volunteer at an event put on by your chosen organization
.
The options to give back to causes you admire are endless. And all organizations, even SAVI, are in need of various kinds of donations to continue making a positive impact on those they serve. To learn more about SAVI and how you can become a corporate supporter, contact us today.

As a business professional, you have a certain set of skills that can benefit many. Using your business acumen to support Veterans is one way to use those skills for good. If you’re a business owner, here’s how you can show support to Veterans who are transitioning to the civilian workforce.

Host Entrepreneurial Training For Vets

Entrepreneurship is enticing to military Veterans. In fact, Veterans are 45 percent more likely to start their own business than their civilian peers. This means that as a successful business owner yourself, you have the opportunity to share that good sense with aspiring Vetpreneurs who are ready and willing to take advice from the big leagues. Show your support to Vets by hosting an entrepreneurial training designed specifically for Veterans. There are several ways to showcase your business acumen in this realm: Consider holding a workshop at a Veteran Job Fair or create your own business start-up training program onsite.

Hire Veterans in HR

Understanding all the intricacies of military careers can be tough. Though Veterans are encouraged to translate their resumes into civilian speak when applying for real-world jobs, it’s hardly fair to put all the responsibility on the transitioning Vet. If you’re a company committed to hiring Veterans, consider hiring Vets in your Human Resources department. Many Veterans get passed up for positions because HR is unfamiliar with military jobs and how they can translate to functional, desirable skills in the world of business. By hiring Vets in your HR department, you can help to bridge this disconnect and improve your overall Vet hiring process.

Drive a Veteran Awareness Campaign

Plenty of big organizations have used their brand to spread support for Veterans. The NFL, for instance, created a 2018 Salute to Service program for Veterans Day that donated $5 for every use of #SaluteToService via Twitter. The campaign lasted about a week, and proceeds went to military organizations that provide veterans with professional development opportunities and academic scholarships. This is just one example of how an easy-to-create campaign can make a huge impact. Consider creating your own Veteran Awareness Campaign to show your support to Vets while also associating your brand with a good cause.

Making Veterans feel supported during their military-to-civilian transition is the best way to set them up for a successful life post military. Learn how SAVI can help your business support Veterans by contacting us today.

About SAVI

Since you’ve made the decision to get out of the military, it’s now time to choose an exit path. Maybe you want to go back to school, or start your own company, or retire in style. No matter the road ahead, SAVI has avenues to get you on the right path and stay there.

Here’s what you need to know about SAVI’s FREE Veteran programs for a smooth and simple military transition.

Education Track
SAVI’s Education Track is designed specifically for Veterans who want to pursue an education post military. Going to school, at any stage of life, is a great undertaking. For the military Vet, it can be even more overwhelming. That’s why SAVI provides educational programs that offer academic advising, a breakdown of your individual educational VA benefits, and personalized career path assistance. These programs include the SAVI Student Transition Incubator℠, Student Track Transition Program℠, and Student Benefit Assessment Service℠.

Employment Track
We’ve talked about it before, but finding a fulfilling career after the military isn’t as easy as it sounds. In fact, many Veterans leave their first job out of the military within just a few years. Why? Many reasons, but the point is: transitioning into civilian work life requires preparation in order to be successful. SAVI’s team has put together a track dedicated to helping Veterans plan their post-military employment through various courses on civilian workplace etiquette, the civilian hiring process, understanding job searches, networking, and employment benefits. Through this 12-month program, you’ll also learn how to apply your military skill sets to real-world careers with the help of an assigned SAVI mentor, whose professional guidance you can rely on throughout the course of your career.

Entrepreneurship Track
Starting your own business is a daunting and courageous task. As a military Veteran, you know a thing or two about both. That must have something to do with why military Vets are 45 percent more likely to become entrepreneurs than their average civilian peers. If you’re considering this route after your military service, a little risk doesn’t scare you. Still, we want you to go into your new venture with the right amount of tools and confidence. SAVI’s entrepreneurship track will minimize your risk by leading you through business practices such as value propositions, initial funding, branding, launch strategies, making connections, and so much more.

Retirement Track
If you put the time in to retire from the military, you deserve to live the good life on the other side. Some Vets, however, struggle to acclimate even to retirement. Going from a full-speed-ahead mentality throughout your military career to a nearly dead stop once you’re out can be a hard adjustment for the unprepared Veteran. SAVI strives to ease you into this quieter lifestyle by arming you with the knowledge and prepwork that you need to be a thriving retiree. Your dedication to the military qualifies you for certain VA, healthcare, and financial benefits that are difficult to navigate. SAVI will walk you through each one in the SAVI Retirement Transition Incubator℠ and Retirement Benefit Assessment Service℠, as well as our one-on-one ongoing assistance and assessment services. We’ll even help you determine some of the best places to settle down as a military retiree.

Finding the best path for your life after the military takes a bit of work. Let us do most of the work for you by contacting SAVI today.