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Military Money Show

Sep 24, 2018

Are you ready to separate or retire from military service? The transition out of military service isn’t something that should be taken lightly or put off until the last minute.

In this episode of MilMoney Movement podcast, Hank Coleman and Lacey Langford talk with Mike Kelly, Assistant Vice President of Military Advocacy at USAA, about many of the challenges Service members and their spouses face when leaving the military. Mike also shares some of the initiatives USAA has taken to help milspouses with un and underemployment.

No matter how many years you have left in, there needs to be some type of planning for your separation or retirement from service. In this episode we discuss:

Separation challenges

Some of the challenges Service members face when separating are long transition times, difficulty finding a job, not having the proper certifications, changes in finances and education challenges.

Separation preparation timeframe

You should allow at least 2 years to prepare for your separation from the military.

Loss of benefits

The of benefits can be a shock to your finances when leaving the military. Remembering to budget for increases in health care, life insurance, dental, housing, and taxes can help your finances on track.

Relocation after service

Many Service members and their spouses do not intend to stay in the local area of their last duty station. If you’ve haven’t done proper planning it could mean staying in an area you don’t like.

Impact of military separation on milspouses

Separation from the military doesn’t just affect the Service member. Military spouses face many of the same challenges as the separating member.  

Veteran and milspouse unemployment initiatives

Great improvements have been made to reduce veteran unemployment. Now the spotlight is shifting to help military spouses with un and underemployment.

Game Time

This week for Game Time we play a new game, PCS Team-Up or Tag Out.

What's on Lacey's Mind

Today, Lacey has her mind on the new changes to how finances will be reviewed for security clearances.

Podcast Links

Connect with Mike Kelly and USAA

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