Retirement from the military can be a major life event, and it comes with a lot of changes. Fortunately, there are many retirement benefits available to service members after they leave the military. These benefits can provide valuable support to help them transition to civilian life, manage their health and well-being, and build a secure future for themselves and their families. Let's take a closer look at some of the benefits that are available. We can’t give you an exhaustive list of the benefits offered to retirees, but we can give you a good idea of what to expect and where to look.
VA Disability Benefits
For many veterans, the transition to civilian life can be challenging. Retirement often comes with finally dealing with injuries sustained during their service. Fortunately, the Department of Veterans Affairs (VA) has you covered. The VA provides disability benefits to eligible veterans, to help from with everything from medical needs to home loans. The best part? You can apply for benefits online. All you'll need is that oft-coveted DD-214! As if that's not enough, the VA can also hook you up with vocational rehabilitation to help build you skills and find your next career post-military.
The military provides a range of transition benefits to help service members prepare for civilian life. These benefits can include job training, resume writing assistance, and networking opportunities. The military also provides separation pay and other financial benefits to help ease the financial burden of transitioning to civilian life. These benefits are invaluable as you relearn that the rest of the world doesn't get BAH from their jobs. The Transitional Assistance Management Program (TAMP) will cover your healthcare needs while you’re transitioning into retirement.
GI Bills and Education
Retirement doesn’t necessarily mean spending your days on the porch in a rocking chair. For some, it can mean the start of a new career and learning new skills. Qualifying for GI benefits means you could get help paying for your education should you want to pursue a degree. It’s important to note that there are different GI Bills, and you can only benefit from one.
To be eligible for Post-9/11 GI benefits, you need have been on active duty for at least 90 days before 9/11. To receive Montgomery GI Bill benefits, you must have been on active duty for at least two years. The Montgomery GI Bill Selected Reserve is for service member who were in the reserves for at least 6 years.
VA Home Loans
The VA also provides home loan benefits to eligible veterans, which can help them purchase a home or refinance their existing mortgage. These benefits can include low interest rates, no down payment requirements, and no mortgage insurance premiums. The VA home loan program has helped millions of veterans become homeowners, and it can be a valuable resource for those who are looking to buy a home or refinance their existing mortgage. The best part? You don’t have to wait until retirement to take advantage of this benefit!
Support for Your Small Business
For retirement-era veterans who are interested in starting their own business, the Small Business Administration (SBA) provides a range of resources and support. The SBA offers business training, counseling, and funding opportunities, as well as access to government contracts and other resources. These benefits can help veterans start and grow their businesses, create jobs, and more. Entrepreneurs are a big part of what keeps America going. If you decide to start your own business once you separate from the military, you may have advantages when bidding on government contracts. A retired service member must own the majority share of the company (51% or more) and have full control of day-to-day management.
For more information on retirement benefits, visit www.va.gov.