It’s no secret that enlistments in the military are on the decline.
Many people who would have gone straight from high school to the military are opting to head to college instead.
Thanks to this trend, people are beginning to wonder whether joining the military after high school is the right move for their future.
Maybe you’re wondering too.
As it turns out, enlisting is not simply about serving your country. There are some helpful financial perks.
I know about this topic of the financial benefits of joining the military because I have some clients who told me they were in the military. And some have had kids or family in the military. So I decided to pull together this short article to help others.
After all, I am a Peak Performance Coach – and love to empower people to live at their highest potential.
Read on to learn about the financial benefits of joining the military.
As someone who is graduating from high school or college, retirement planning is probably not on your mind at all. Regardless, financial experts recommend planning for your retirement as soon as you can. One of the biggest military benefits is the fact that you have the option to receive a military pension.
Pensions are available for service members who remain enlisted throughout their careers. A military pension pays a certain percentage of your highest salary when you retire. For example, if you work in the military for 20 years, you’ll receive 50 percent of your salary each year.
A military pension coupled with Social Security and other retirement investments makes for a very comfortable retirement.
One of the biggest reasons that people abstain from enlisting is because of the belief that a college education is critical to success in life. The truth is, you don’t have to choose between enlisting and getting an education. Thanks to the GI Bill, service members are able to attend college for free at the institution of their choice.
Military service also makes your education more valuable. The skills and experience you acquire in the military are incredibly attractive to employers, and they can give you a leg up in the hiring process once you graduate.
One of the biggest barriers to buying a house is coming up with a down payment and qualifying for a mortgage. Thankfully, veterans have the opportunity to buy a home using a VA loan.
VA loans are loans issued to veterans for qualifying homes in their price range. Veterans do not have to have a down payment to qualify, and they are also not required to pay PMI. The only downside is that the inspection process is a bit more stringent, but that is because the VA wants to ensure quality living conditions.
Some veterans use their service benefits as an investment opportunity. This blog article goes over how to make your real estate investment dreams a reality.
Many high schoolers and their parents find themselves wondering, “is joining the military worth it?” While there is definitely some risk involved when you enlist, it also comes with some benefits, including financial ones. If you want a transformative experience that will set you up for success throughout your life, then joining the military might be an option for you.
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