Financial Planning for Military Families

Members of the military and their families have very different financial challenges than civilians. You have to manage your personal finances when you may:

Be transferred to many different stateside locations
Serve multiple tours of duty throughout your career
Need to plan for the future when your job requires you to focus on the here and now

Partnering with a financial advisor experienced working with military families can help alleviate many of your financial burdens.

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Key questions about financial planning for military families a financial advisor can answer

Will our monthly income be enough to pay for living expenses for each location we’re likely to be transferred to during my career?
How can my family access my banking and investments if they need extra money when I’m deployed overseas?
Do I need to purchase additional life insurance?
How much will my military pension benefits be? And how much additional money will I need to save for retirement?
Should I invest in real estate when my family won’t be stationed anywhere long enough to live in a home we purchase?
What special financial benefits are available for military members?

Military Families’ Financial Planning Challenges

How a financial advisor in their Wealthramp network can address military families’ financial planning challenges

Serving as your financial advocate, your financial advisor in the Wealthramp network works directly for you. They’re strongly committed to helping military families address the complexities of your financial challenges.

Working with you one-on-one or in partnership with your tax advisor and attorney, your financial advisor can:

Create a comprehensive financial plan that addresses your family’s unique financial and investment objectives

Design budgets for managing income and expenses for every location you’re transferred to

Recommend online banks, brokerage companies and apps that allow you to conduct financial transactions anywhere in the country—and overseas

Estimate if the income you’ll likely receive from Social Security, your BRS or High 3 pension plan, your Thrift Savings Plan account and other savings and investment accounts will let you live the way you want to when you retire

Set up automatic contribution plans for your IRA or military retirement accounts

Help you set up automated plans through your bank to make monthly payments for mortgages, college loans, auto loans and credit cards

Evaluate your current military life insurance coverage to determine whether supplemental insurance is needed

Provide ongoing asset management for some or all of your investments

Help you choose appropriate Medicare coverage that complements your Veterans Administration healthcare benefits

Guide your estate planning for passing your assets on to your heirs.

Assist your spouse with handling your family’s financial obligations when you’re on active duty.

Adjust your financial priorities if and when you transition to civilian life.

Choose appropriate college saving plan options for your children and identify scholarships and grants they may be entitled to as children of military families

Protect your family’s financial future

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.

Protect your family’s financial future

The biggest financial planning mistakes made by military members

Choosing online banks and brokerage companies that don’t provide access where you’ll be stationed

Assuming your military pension benefits will cover your living expenses during retirement

Managing all of your financial activities yourself instead of empowering your spouse to manage them when you’re posted overseas

Failing to take advantage of special financial discounts and benefits for military members offered by banks, retailers, brokerage companies and credit card companies

Neglecting to diversify the mix of stocks, bonds and cash in each of your investment accounts to align with your financial goals

Underestimating how much life insurance coverage your family will need to remain financially secure in the event of your death

Damaging your creditworthiness by missing credit card and loan payments when you’re deployed

Failing to create an estate plan that specifies how you want your assets to be passed on to your heirs

Not considering how your financial situation will change after you leave the service

Work with an expert to create a more secure financial picture for your family.

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.

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