Broker Check
Financial Planning for Veterans is Different

Financial Planning for Veterans is Different

November 01, 2021

Every Veteran is unique and requires personalized financial advice

According to the most recent data from the U.S. Census, there are over 17 million Veterans in the United States and more than nine million of these Veterans are served by the Department of Veterans Affairs.

Ironically, serving your country sometimes brings tough economic times to you and your family. And while the VA can offer some wonderful programs – like the Aid and Attendance benefits and Household allowances – the VA does not offer financial planning.

So, where is a Veteran to turn?

A Financial Professional

A financial plan needs to look at every bit of your life, not just your investments. A financial professional will look at your whole financial picture.

Financial professionals essentially come in one of two types:

  1. Commission-based, which means they earn money based on your investments and planning choices; or
  2. Fee-only, which means they work for a flat rate or a percent of your assets and earn nothing extra based on your decisions.

A financial professional will ask you very specific questions about your financial goals, but will also spend time asking you how you got to the present.

 Many questions will be about your service too:

  • Where did you serve?
  • Which branch?
  • For how long?
  • Were you wounded?
  • What was your rank?
  • Are you receiving VA benefits now?
  • Are you aware of various VA benefits?

These questions will be interspersed with others like:

  • Do you want to save for retirement or a child’s college education?
  • How is your health?
  • Who else depends on you?
  • Retire early or later?
  • Sell or buy a retirement home?
  • Are you risk-averse?
  • Do you plan to work in retirement?

Planning for Veterans is Different

That one big question: “did you serve your country?” will lead to dozens of other questions and inform your planning roadmap towards retirement.

By definition, everyone’s investment and financial planning needs cannot work with a one-size-fits-all planning strategy. Every financial situation is unique and requires personalized advice. And this is especially true when working with Veterans.

The truth is that Veterans require specific planning strategies due to certain VA benefits, unique insurance needs, debt management and retirement income strategies.

Professional financial advice targeted toward you – a Veteran – your life and your goals is what you deserve.

Thank you for your service.


Important Disclosures

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.

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

This article was prepared by FMeX.


Tracking Number 1-0507993