Have you recently left the Australian Defence Force (ADF) and received compensation or a pension?
The transition to civilian life is no doubt challenging for some veterans. 46% of those who especially have combat experience describe their readjustment to civilian life as difficult. Furthermore, 35% of all veterans say they had trouble paying their bills in the first few years after leaving the military.
As you adapt to this new chapter in your life, you may encounter varying living expenses and potentially a decrease in income compared to what you received during your time in the ADF. It’s not uncommon for many who have served in the military to face financial challenges during this adjustment period.
Please remember that you’re not alone in navigating these financial changes. We are here to provide you with the support and guidance you need to effectively manage your finances during this transition. Your well-being is our priority, and we are fully committed to assisting you through this period of change with care and understanding.
Why is Financial Planner Important for Veterans?
Financial Planning is highly beneficial to everyday families and also for veterans who are facing retirement or an early discharge. For any veterans dealing with injury or pension income, financial planning will be especially helpful. This is because your financial situation has changed, and you may not have the time or financial experience to build the financial stability you need for the future.
If you have previously served in the ADF, you could be entitled to compensation for any medical conditions connected to your service. These benefits can include a pension, lump sum payments, and other benefits, which can be overwhelming to navigate and apply for.
You may also be eligible to receive assistance from the DVA to help pay for financial advice.
The DVA recognises the importance of ensuring veterans have access to sound financial guidance, especially as they navigate the unique challenges and opportunities that come with their service-related benefits.