Joining the military is a popular choice for many people across the world, especially in the USA.Whereas many civilians might choose a job based on how much they make or where the office is, that is not how most military personnel decide to join the forces. They do it out of a love for the country and a desire to protect their freedom.
Thankfully, these people are paid a decent amount in terms of total compensation. But in addition to a decent salary and benefits, there are numerous other financial benefits and bonuses that military personnel do indeed get to enjoy. This article will look at a couple of them that you might not have been taking advantage of.
Free College For Yourself or a Family Member
As you may know, the prices to attend college and complete a degree at a university is insanely expensive, and only getting pricier. Once you factor in things like books, room and board and other necessities, you can easily be looking at tens of thousands of dollars a year.
However, if you are active or retired military personnel, you (or your spouse or child) will cover the full cost of in-state tuition and other applicable fees such as books, food and room and board. It can be used for graduate or undergraduate degrees and is something all those in the military should consider.
Mortgages With No Down Payment
Buying a home is an expensive process, but for many people, the biggest issue is trying to save up enough money for an adequate down payment. This can often be tens of thousands of dollars depending on the price and value of your home.
However, military personnel have access to VA home loans. These Veterans Administration home loans let you get a home without having to pay a down payment, and they will also save you from paying mortgage insurance, as well. The requirements and qualifications for this type of loan can be strict so be sure you qualify before expecting to pay zero down on your next home.
A Low-Cost Retirement Savings Plan
When saving and investing for retirement, it is all about saving without paying large fees. This can sometimes be hard for civilians, but not for military personnel. They have access to The Thrift Savings Plan, which has an annual fee of just 0.038%, which is miniscule compared to the 1 or 2% that most 401(k) plans charge customers.
The TSP lets you choose from a list of funds and you can contribute up to $18,500 into the fund, and that number rises even higher if you receive tax-free income. If you want to learn about all the details and how to become a part of the plan, check out their site here.
Special Legal Benefits
Thanks to the Servicemembers Civil Relief Act, military personnel get a few special legal benefits as well as the various financial benefits we have listed. These help them in certain situations that could cost them a lot of money if these special benefits weren’t in place.
For example, this law gives the right for military personnel to terminate an apartment lease if you are deployed to a new station for at least 3 months. The law also features an interest rate cap of 6% on any loans you had taken out before you were called to duty. This is to protect those who have to take a pay cut from their regular job when they are called into action.