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.
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:
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