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Maximizing Military Retirement Benefits

By Kirtland Financial Services

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Retiring from the military is a profound accomplishment. For many, this retirement will provide you with positive things, including the time and geographic stability you need to start a new career or simply enjoy leisure activities with your loved ones.

But if you’re worried about your post-retirement income or just aren’t quite sure what your finances will look like once you’re no longer an active member of the military, you are not alone. Speaking with a financial professional before you retire can help put your mind at ease, by clarifying which options are available to you—and there may be more than you think!

Here, we highlight some of the benefits you can take advantage of after you retire from the military.

Military Retirement Benefits

After you’ve spent 20 years in military service, you may qualify for the following:[1]

  • Military retirement pay. This pay is calculated based on the number of years you served and when you enlisted.1
  • Veterans Group Life Insurance, Service-Disabled Veteran Insurance, and Veterans Mortgage Life Insurance. These life insurance options allow you to protect your family at a lower monthly cost than you’d find if you were purchasing this insurance as a civilian.
  • VA home loans. These loans offer competitive interest rates, low down payments, and other advantages over conventional loans. VA loans are also transferable — a surviving spouse can still take advantage of the loan even if the military member passes away.
  • VA health and dental care. Even after you retire from the military, you and your dependents should have access to low- or no-cost medical and dental care through the VA.
  • GI Bill. This provides education benefits for eligible veterans or their family members. For those who want some retraining or higher education before embarking on their second career, the GI Bill can provide an inexpensive way to get there.


You may also qualify for disability pay if you submit a claim to the VA after your retirement.[2] It can sometimes take some time for these claims to be processed; but in many situations, back pay will be available.

How Can You Maximize Your Retirement Benefits?

Before you apply for benefits, you’ll want to obtain your veterans ID card. This ID card can make it easier to essentially fast-track your application process by certifying your years of service.[3]

You’ll also want to talk to a financial professional or a VA representative to ensure that you’ve learned about all the benefits that are available to you—and your loved ones, since some veterans benefits extend to family.[4]

It is also important to ensure that your family will be protected no matter what happens. Though it can be tough to think of your own mortality—especially once you are no longer serving in combat—there are many life insurance options offered to military veterans. By taking advantage of them, you can help keep your family from struggling to pay the bills if something happens to you.[5]

[1] Planning for Military Retirement | Military OneSource

[2] Types Of VA Disability Claims And When To File | Veterans Affairs

[3] Types Of Veteran ID Cards | Veterans Affairs (va.gov)

[4] VA Benefits For Spouses, Survivors, And Dependents | Veterans Affairs

[5] VA Life Insurance | Veterans Affairs

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

Content Provider: WriterAccess

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Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

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Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

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