Committing to service for your country is a duty not many people can fulfill. For those who wear the uniform and make the sacrifices, their commitment is honored in the form of lifelong benefits, including financial ones. Discover some of the cost-cutting military benefits you and your family may be entitled to receive for your service.
Property Tax
Upon your separation or retirement, if you decide to purchase a home, you may be able to receive a partial waiver on your property tax bill. In some states, service members who are honorably discharged and meet a predetermined VA disability rating can have a portion of their property tax waived each year. If you happen to own property in a state with a higher tax rate, the extra savings can make a significant difference in your homeowner expenses each year.
Legal Protection
While you were on active duty, you were protected under the Servicemembers Civil Relief Act (SCRA). However, just because you have separated or retired, it doesn't mean that this protection is null and void. For instance, if you recently separated and someone took legal action against you while you were active and on deployment, you could rely on the SCRA for retroactive protection against any legal action they took upon you. You just need proof of your status when the action was first initiated.
Retirement Savings
Active duty servicemembers and federal employees have access to a government-backed form of 401k known as the Thrift Savings Plan (TSP). The TSP functions very similarly to a traditional 401k, but with far less risk and a greater potential for growth. When you separate or retire, you can no longer contribute to the account, but you can keep your money in the account and allow it to continue to grow over time.
College Tuition
Free college tuition is a significant attraction for many people who decide to enlist in the military right after high school. However, if you served and you don't necessarily see college in your forward view, this choice does not mean that your benefit has to go to waste. With an honorable discharge, you can pass on the benefit to your spouse or your child in the future, which can help your family avoid the tremendous burden of funding a college education.
For your service, you deserve every benefit that you and your family are entitled to. Speak with a benefits specialist who can help you learn more about your benefit options.