Charleston Chapter – MOAA Charleston Chapter – MOAA
Charleston Chapter – MOAA Charleston Chapter – MOAA
Charleston Chapter – MOAA


Recent News:
(Published in last 30 days)


Charleston Chapter – MOAA
Date Posted:03/19/19
This Story Expires on: 09/30/19
Here's All the Government Programs that Help Vets with Jobs and Benefits

Date Posted:03/19/19
This Story Expires on: 06/30/19
Military Discounts for Major League Baseball Games

Date Posted:03/14/19
This Story Expires on: 05/31/19
Here’s the breakdown of the Pentagon’s budget request

Date Posted:03/14/19
This Story Expires on: 05/31/19
Pentagon Budget Includes Plan to Reduce Military Medical Force

Date Posted:03/14/19
This Story Expires on: 05/31/19
No more ‘luxury’ breast pumps for new moms under Tricare policy change

Date Posted:03/14/19
This Story Expires on: 06/30/19
Marine Corps Removes Tuition Assistance Restrictions

Date Posted:03/14/19
This Story Expires on: 06/30/19
If your school needs a new veterans center, Uncle Sam might chip in

Date Posted:03/12/19
This Story Expires on: 06/30/19
Update to Goose Creek VA Lab Operations

Date Posted:03/12/19
This Story Expires on: 04/30/19
Don't Fall for These Tax Prep Scams

Date Posted:03/11/19
This Story Expires on: 06/30/19
South Carolina State Veteran Benefits

Date Posted:03/11/19
This Story Expires on: 06/30/19
This 2019 Scholarship Gives MilSpouses Free Financial Counselor Accreditation

Date Posted:03/11/19
This Story Expires on: 05/31/19
Pentagon Debuts Draft Tenant Bill of Rights for Troops on Eve of Major Hearing

Date Posted:03/11/19
This Story Expires on: 06/30/19
You Joined the Military. Now, Uncle Sam Wants You to Join the Merchant Marine

Date Posted:03/08/19
This Story Expires on: 06/30/19
Veterans' health records coming to iPhone

Luncheon Meeting

Date Posted:03/07/19
This Story Expires on: 06/30/19
Veterans Receive Golden 'Tickets' Canceling Their Medical Debt

Date Posted:03/07/19
This Story Expires on: 05/31/19
Cheap Lodging for Military Families

Date Posted:03/07/19
This Story Expires on: 06/30/19
Retirees, Civilians, Want to Live in Base Housing? Yes, You Can!

Date Posted:03/07/19
This Story Expires on: 06/30/19
Will the VA Pay for Your Funeral? The Answer May Surprise You

Date Posted:03/07/19
This Story Expires on: 04/10/19
Purple Heart Recipients to Get Claims Priority Starting April 1

Date Posted:02/19/19
This Story Expires on: 04/30/19
Task Force Backs Controversial Merger of Base Store Systems

Date Posted:02/19/19
This Story Expires on: 05/31/19
Transition A Mobile App for Military Transition Planning

Date Posted:02/17/19
This Story Expires on: 04/30/19
VA to Roll Out New Claims Appeals Process Next Week

Date Posted:02/17/19
This Story Expires on: 03/31/19
Remember the rules for SBP coverage

Date Posted:02/13/19
This Story Expires on: 07/31/19
No experience? No problem! Vets can jump start careers in IT with this new, free program

Date Posted:02/12/19
This Story Expires on: 04/30/19
Apple will let military veterans access their health records on the iPhone

Date Posted:02/06/19
This Story Expires on: 04/28/19
6 Steps for Making It as a Career Minded Military Spouse

Date Posted:02/03/19
This Story Expires on: 04/16/19
Here's What the New Military Spouses Residency Rules Mean

Date Posted:02/03/19
This Story Expires on: 04/16/19
Tax Code Changes Could Mean Bigger Returns for Service Members, Families

Date Posted:01/27/19
This Story Expires on: 03/31/19
Traveling Vietnam War Exhibit

Date Posted:01/23/19
This Story Expires on: 03/31/19
Civilian Life 101: Here’s what you need to know before you take off that uniform

Date Posted:01/20/19
This Story Expires on: 04/16/19
Free and Discounted Tax Preparation for Military

Date Posted:01/20/19
This Story Expires on: 03/31/19
Use This 37 Point Checklist to Evaluate a Retirement Community

Date Posted:12/28/18
This Story Expires on: 03/31/19
How to Get Free Supplies to Ship Care Packages

Date Posted:12/17/18
This Story Expires on: 03/31/19
Major Veterans Legislation Winding Through Congress

Date Posted:12/13/18
This Story Expires on: 03/31/19
5 Things Vets Should Never Do at Job Interviews

Date Posted:12/11/18
This Story Expires on: 04/30/19
Free and Discounted Tax Preparation for Military

Date Posted:12/10/18
This Story Expires on: 03/31/19
VA Makes It Easier to Share Your Health Information with Private Doctors

Date Posted:12/10/18
This Story Expires on: 03/31/19
Marine Corps General James Conway and Master Sergeant Blaine Scott. (Photo: Ho Lin, Military.com)

Date Posted:11/21/18
This Story Expires on: 04/30/19
Transitioning to Civilian Life: Navigating the Financial ShiftNo matter why you're leaving the military, a big part of preparing for your civilian lif

Date Posted:05/05/18
This Story Expires on: 09/30/19
Take the VA's New RAMP to a Faster Appeal Decision

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Transitioning to Civilian Life: Navigating the Financial ShiftNo matter why you're leaving the military, a big part of preparing for your civilian lif
Posted on: 11/21/18
This Story Expires on: 04/30/19




No matter why you're leaving the military, a big part of preparing for your civilian life is taking steps to proactively address the financial details of this change. Here are some tips to help ease the transition.

Make a Plan

If you're retiring, separating or being released from a period of at least 180 days of Active Duty, you must participate in Transition GPS to help you prepare. This program, developed by the Department of Defense and other agencies, includes pre-separation resources covering topics such as education and training, employment and career goals, financial management, and VA benefits. You'll also prepare an individual Transition Plan through the DoD Transition Assistance Program (TAP).

 

On your own, make time to do the following before you transition to civilian life:

  • Schedule final physicals and dental appointments for you and your family
  • Update your will and other documents through the legal resources on your installation
  • Review and correct your military records, which can provide access to certain benefits
  • Keep your Active Duty Discharge form safe—you'll need it to access Veterans Affairs programs

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Prepare a Transition Budget

Once you leave the military, your living expenses may rise. You'll no longer be receiving tax-free allowances, and your other day-to-day expenses could increase. Preparing a transition budget that considers both income and expenses will help you stay on track as you adapt to civilian life.

Income

  • Will you be eligible for separation pay or cashing in unused leave?
  • What salary can you expect from your new career?
  • Will your spouse be working?
  • Will you be eligible for any veterans' benefits that provide ongoing income?
  • How will your retirement savings change? If you have a Thrift Savings Plan, know your options and make a plan for what you'll do with the money in that account. Here are your options:
    • Keep your money there. This will allow it to continue accruing interest, and while you can't make additional contributions, you can make inter-fund transfers.
    • Receive a single payment. All or a portion of the account can be transferred to an IRA or employer plan.
    • Request a series of monthly payments based on your dollar amount or life expectancy. All or a portion of the account can be transferred to an IRA or employer plan.
    • Request a TSP annuity. This is only an option if you have at least $3,500 in your account.

Expenses

  • What will the cost of living (e.g., gas, food, utilities) be like in your new location?
  • How will your health expenses change? Are you eligible for continued military health benefits?
  • What will your housing costs include (e.g., rent, mortgage, taxes, insurance)?
  • What are your moving expenses? Are you eligible to have any of them covered by the military?
  • Will you need to purchase and insure a vehicle?
  • Will you have other expenses like commuting, clothing and child care?

Review and Revisit

After your transition is complete and your income and expenses are stable, update your budget to reflect your new circumstances. Then take time to review your financial goals, update your beneficiaries and refocus on your long-term goals in this next phase of your life.

 

Sponsored: Navy Federal offers resources, including financial seminars, to aid in the transition to civilian life. To find out about this and other transition assistance resources, give us a call at 1-888-842-6328.



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Charleston Chapter – MOAA
Charleston Chapter – MOAA

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