One of the greatest sacrifices that someone can make is joining the armed forces and risking their lives to defend the country. While those that are active in the military may not make a lot of money during their time of service, they do qualify for many financial benefits after they are out of the military.
One of the main financial benefits that are afforded to veterans are more affordable and attainable mortgages. VA mortgage programs are available through pretty much all major mortgage lenders. These interest rates on these are normally a bit less than traditional mortgages, but the qualifications are normally far less restrictive. Debt to income ratio and credit score requirements are normally looser and the down payment needed are normally far less.
One of the main benefits of being in the military is the benefits. Pension benefits are based on years of service, but are available to those that have just ninety days of service. Once you have reached twenty years of service, you will qualify for full pension benefits, which will be available to you after you turn 65.
Another financial benefit is that all veterans will be able to take advantage of VA credit unions. There are many institutions available to provide veterans with affordable rates on a wide range of different financial services. This can include reduced rates on credit cards, home equity loans, and even personal loans. Having access to these could save veterans and their families a lot of money through reduced interest charges. Whether you’re in the Army, Marines, Navy, or Air Force, institutions like the Air Force federal credit union can help you with sorting out your financial needs.
Another benefit that is provided is disability protection. Those that are older than 65 years of age, have a low income, and are disabled and unable to work will qualify for additional disability protection. This pension plan can provide someone with anywhere from $10,000 to $25,000 of extra income each year, which can be on top of any pension that they would be receive already.
Another benefit available to veterans are that they could receive significant reductions in their education expenses. For veterans with just four years of active duty, the vast majority of college expenses are covered, including tuition, housing, and other various expenses.
In conclusion, those that serve in the military generally do not make too much money while they are in the active service. However, once they have retired from the military, they could qualify for a number of financial benefits that are not available to those that were not in the military.