Your financial situation will almost certainly change when your soldier leaves the Armed Forces. Whichever route they take to civvy street, there’ll be consequences for their pension, resettlement and finances. The MoneyForce website has some great tools to help you make the right choices as you plan for your future…
THE Leaving Service section is a good place to start before your soldier hangs up their uniform for the final time. It covers:
- Voluntary or compulsory termination
- Medical discharge
- Redundancy
- Retirement
- Early Service Leavers (less than four years’ service)
- Foreign and Commonwealth leavers.
Whatever your stage of life or career, it’s important to check your entitlements and make the most of what’s on offer for the whole family. Your spending is likely to change so it’s a good time to revisit your family budget and get your finances ready for your new life.
MoneyForce’s budget planner helps you measure how your new income will cover your commitments, while the MoneyFit Challenge gives you an action plan so you can focus on the important things you need to tackle.
Pension prep
You can use the useful Armed Forces pension calculator to get a forecast, or your soldier can ask for a free, written pension projection once a year from Veterans UK. Getting a lump sum is exciting, but you’ll need to think about the best way to maximise it.
If you’d like professional advice, there’s a section on choosing a financial adviser, or contact the Forces Pension Society, which offers information and guidance for a small membership fee.
If either you or your partner face unemployment or have long-term ill health and/or a disability, you can find out what state benefits and entitlements you may be eligible for by clicking grants and state benefits.