VETERANS' CORNER: UNDERSTANDING VA ELIGIBILTY AND WHAT THE VA OFFERS TO VETERANS

By Sheila Farr

According to the US Department of Veterans Affairs, the term "veteran" means a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable. A minimum service requirement exists to be considered a veteran Service members must have served a minimum of 24 months of active duty to be considered a veteran. If the service member becomes disabled because of their time in the service, there is no minimum length of service to qualify for VA benefits.

You may be eligible for VA health care benefits if you served in the active military, naval, or air service and didn't receive a dishonorable discharge. Even if you have other forms of health care coverage (like a private insurance plan, Medicare, Medicaid, or TRICARE), you can use VA health care benefits along with these plans.

Aside from healthcare benefits, the VA's website also indicates that the following services and assistance is available to our veterans:

Beneficiary Financial Counseling

The VA's Insurance Service provides beneficiaries with free, professional financial advice from FinancialPoint, an independent company whose team of professionals are experts in handling a wide range of financial matters Beneficiaries can access this service online 24/7 to request a financial plan.

Career Center

The Career Center on eBenefits offers Service members in transition and Veterans with opportunities to translate their military skills into careers in the public and private sectors The tools and resources available in the Career Center allow Service members and Veterans the ability to search for jobs, identify professional strengths, and create and post resumes

Educational and Vocational Counseling

VA's Veteran Readiness and Employment Service provides educational-vocational counseling for veterans and certain dependents. This service can provide a wide range of educational and vocational counseling services to Service members still on active duty, as well as Veterans and dependents who are eligible for one of VA's educational benefit programs These services are designed to help an individual choose a vocational direction and determine the course needed to achieve the chosen goal.

Fiduciary Program

The VA's Fiduciary Program was established to protect Veterans and other beneficiaries who, due to injury, disease, or due to age, are unable to manage their financial affairs. The fiduciary is responsible to the beneficiary and oversees financial management of VA benefit payments Generally, family members or friends serve as fiduciaries for beneficiaries; however, when friends and family are not able to serve, VA looks for qualified individuals or organizations to serve as a fiduciary

Independent Living

The Independent Living program is designed to make sure that each eligible Veteran is able, to the maximum extent possible, to live independently and participate in family and community life increasing their potential to return to work Those who may qualify are Veteran's whose service connected disabilities are so severe that they are currently unable to pursue an employment goal.

Mortgage Delinquency Assistance

In cases where loan servicers are unable to help Veteran borrowers, VA's Loan Guaranty Service has Loan Technicians in eight regional loan centers and a special servicing center who take an active role in interceding with the servicer to explore all options to avoid foreclosure Service members or Veterans with VA-guaranteed home loans can call (877) 827-3702 to reach the nearest Loan Guaranty office where Loan Specialists are prepared to discuss potential ways to help save the loan find the right employment fit as they transition to civilian employment

Reach out to your local VA for more info on any of these programs.

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Dear Dr. BizBuzz:

I used to work in the oil field for 10 years where I invested a percentage to my 401K. It has been 8 years since I have worked there or in a similar industry. Shortly afterward, I ended up working in a different field that offered 403's. So, I opened another account to be able to keep my previous investment available in hopes that I would return to the oil industry. I am currently working in an industry that has IRA plan that I have agreed to contribute bimonthly. I also have a personal investment account where I can buy, sell, or trade if I wanted. Each of these accounts has proved to be beneficial and profitable. I don't mind keeping track of these accounts.

My question is, "Is it better to stay diversified with 401K, 403, and IRA accounts being that each one of these investments has its own perks in the long run, or should I consolidate so that I can manage gains and losses from the 401K that I don't have any financial control over or can't contribute to purchasing more shares in the oilfield? If it is better to consolidate, which account would be best for future financial security?"

Thank you for taking my question. I look forward to wise counsel.

Gloria N., Texas

Dear Gloria, https://www.schwab.com/learn/story/7-important-questions-financial-plan-can-help-youanswer

Thank you for your question regarding financial planning. This is an area that is not in my wheelhouse of expertise. As a business consultant, I recommend that individuals get at least 2 referrals from financial planners in their area. However, I have been going through a similar financial planning endeavor, so I will share with you the steps I took and hope this helps.

Here are some questions I have to consider as I go through this journey. My first step was to get a notebook and pen and answer the questions in writing about my financial future What does it look like? Whom will it impact? How much longer do I want to be involved in a career? What experiences would I like to pursue once I change the course of my retirement? Do you have long-term healthcare? Do you have all of your paperwork done including your will and end-of-life documents completed? What is paid for? What do I want to invest in?

A favorite article that helped me is “7 Important Questions a Financial Plan Can Help You Answer “written by Carrie Schwab-Pomerantz in October 2020. Below is a link to the article that really makes me consider things I hadn’t thought about. A portion of that article is included within this reply.

“1) How realistic is it to reach all of my dreams and goals?

The only way to make any of that happen is to get specific A financial plan starts with helping you zero in on what you own and what you owe and clarifies how your income can cover essentials as well as savings and discretionary expenses It will help you focus on your goals, put a dollar amount on each and create a realistic timeline for achieving them

2) What should I do first?

Trying to save, invest and pay off debt all at once can be overwhelming. A basic plan helps you prioritize, whether you're creating a savings strategy, trying to reduce debt or both. It can give you a blueprint for acting; for example, getting a 401(k) match first, next paying off nondeductible high-interest debt, then contributing to your child's education. These aren't high finance issues; these are everyday issues.

3) How should I invest for retirement as well as shorter-term goals like a down payment or kids' education?

How you invest has a lot to do with when you need the money The longer the timeframe, the more risk you can afford to take, depending on your own feelings about risk Generally speaking, the money you'll need within the next six-to-eighteen months, like an emergency fund or a vacation, should be in cash Money for intermediate goals that you may need in two-to-four years, like a home down payment, might be conservatively invested in bonds.

Savings for longer-term goals more than five-to-seven years out, for instance, retirement or college, could reasonably be invested in stocks Once you've answered questions one and two, you'll more easily be able to pinpoint how to invest for your various goals

4) What's the best way to protect my family and me?

A financial plan can also help you focus on crucial issues like emergency preparation and insurance. Do you have enough cash to cover at least three-to-six months' essential living expenses? When was the last time you reviewed your health insurance coverage? Do you need life or disability insurance and how much? These are the deeper questions a plan can help you answer to protect your family from the unexpected.

5) When will I be able to retire and how much will I need?

As you prioritize your savings goals, retirement should be high on your list, because the earlier you start planning the better But planning for when you'll be able to retire isn't about saving blindly; it's about projecting your needs with some degree of accuracy So back to question one Your current expenses provide a reasonable starting point to estimate a retirement budget This will give you an idea of how much you need to save when you can realistically retire, and if you're on track

6) What if something should happen to me?

This is the key reason for estate planning another concept that many people feel doesn't apply to them. But we all need to think about who will take care of our children, who will make financial and medical decisions if we can't do it for ourselves, and how we want our assets and personal property distributed. Again, it's not about "how much," but rather about "how" we want these decisions to be made. A financial plan helps keep you in charge, so someone else doesn't make decisions for you.

7)

What am I overlooking?

There are a lot of pieces to our financial lives And sometimes it's hard to see them all, let alone how they fit together A financial plan lays them out for you so you can see if something is missing If you can work with a financial planning professional, so much the better A set of trained eyes can help you address any savings shortfalls, improve your budget, and save on taxes.

Answers that go beyond money:

The process of creating a financial plan can be just as important as the plan itself It can help you think through and more confidently make life decisions; it can give you the assurance that your family is covered in the face of an uncertain world; and it can help couples be on the same page as they deal with present worries and future hopes. In other words, financial planning can be liberating not just for you personally, but for your entire family as well.”

The more that you learn and the more you visualize what type of life you want to create, the better the foundation for it happening. Finding a financial planner will be the challenge. Ask for recommendations. and Interview them with your questions.

Good luck

Dr

Bizbuzz

Sher Graham is CEO/EVP, NeuroBehavior for OSBI/Synergy Solutions Collab, Mobile, AL, an international mindset transformation speaker and best-selling author, journalist and behavioral health advocate. She may be reached at synergytosoar@gmail.com.

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