4 Tips for Advising Military Veterans in Retirement

3. Realize that retirement can look like a lot of things for veterans.

Most veterans qualify for retirement with a government pension or hybrid retirement plan after just 20 years. Depending on their age when they joined, that could mean starting retirement as early as 37 years old. For many veterans in this scenario, it involves starting a second career or working towards goals that they have put on the back burner during service.

Currently, I am attending Belmont University in my hometown of Nashville, TN, for my MBA. During this time, I've met veterans in their 40s, 50s, and even their 60s working toward a degree. Some are working toward the goal of achieving higher levels of education, while others are taking college courses for the first time in their lives.

I have also seen clients that graduated from military universities with multiple degrees start taking trade courses because they have always had a passion for working on cars or fixing up homes. Whatever it might be, veterans are unique in the fact that they have a lot of options for what they are going to do after they hang up their boots. As a result, no two financial or retirement plans will ever look the same with veterans.

4. Understand this is more than just retirement for a veteran.

Leaving a career after 30 or 40 years can be difficult for anyone. However, for veterans, it can be the hardest thing they've ever had to do. For most, it's more than a career. Being a soldier, Marine, sailor or airman is part of their identity. So, putting the uniform up can be a difficult transition for some.

For others, however, this is something they have been looking forward to for years. Some veterans have spent a good portion of their careers away from family and friends for long periods of time. Retirement can be a chance to reconnect and spend more time with spouses, kids, grandkids, family members and friends.

So, you can never think of this as them walking away from a 9-5 job to start fishing, for example, like a stereotypical civilian retirement. For most veterans, this is what they sacrificed for, and as their advisor, you should keep this in mind when you discuss their goals and long-term plans.

Working with veterans can be an enriching opportunity. These are the men and women who have volunteered to sacrifice and live as most people could never imagine. Hearing the stories of these veterans is always a reminder of how significant a burden they carried so we can enjoy the freedoms we have every day. This can be a chance to give back and serve those that have served us for so long. Keeping these considerations in mind can help ensure you provide the best possible planning opportunities for veterans.

Garrett Sorensen is a Relationship Manager at AAFMAA Wealth Management & Trust. He served in the active-duty Army for almost ten years as an Airborne Artilleryman and has deployed to the Paktika and Ghazni provinces of Afghanistan. He also continues to serve in the Tennessee National Guard.