Military service members represent a unique segment of our population and are often unaware of what their options are when they separate from service. Some are enlisted personnel who might have joined the military right out of high school and are now entering civilian life for the first time as adults. Some will be carrying substantial debt — credit cards, car payments and other consumer loans — and very few of them will have received any education around managing their finances or how to budget for their monthly living expenses. They may not know their credit scores and may be unaware of how a credit score can impact their civilian job search.
Officers and senior enlisted personnel retiring on a military pension also face financial planning choices. They may have tax issues, may not be able to make direct contributions to a Roth IRA if their pension, combined with the income they’re earning in their civilians jobs, puts them beyond qualifying limits. They may need to understand how their military benefits can be protected and leveraged to work within their overall retirement savings plan.
Jim Byrd and the team of financial advisors at Safe Harbor Financial have worked closely with veterans of all ages to help them meet financial goals. Don’t fall prey to unscrupulous financial advisors making promises that they can’t keep. We have a fiduciary responsibility to our clients, which means that we have a legal and moral obligation to protect their assets and work in their best financial interests.