Putting your unique experiences and skills to work as a military contractor makes sense after transitioning out of the military, but your role as a civilian will bring new opportunities. Fortunately, by focusing on financial planning for military Veterans from AAFMAA Wealth Management & Trust LLC (AWM&T), you can find your balance.
While on active duty, the Department of Defense (DoD) provided you with a steady paycheck and benefits. You also may have felt a strong sense of purpose and pride working as a team to complete missions. As a military contractor, your financial stability may differ based on the length of your contract, and the sense of teamwork may dwindle, depending on your colleagues and objectives. Additionally, you may experience civilian colleagues arriving late, having no clear chain of command, and variances in work ethics. Preparing for new challenges like these can make or break your experience of serving the military instead of serving in the military.
So, how do you manage your new contractor situation and pay? Financial planning for military Veterans focuses on wealth management strategies designed specifically for military Veterans and families. Take a closer look at how AWM&T’s military financial planning can set you up for success as a military contractor.
What Is a Military Contractor?
A military contractor, or defense contractor, is a professional who uses their military experience to provide goods or services individually or through a company to a nation’s military under contract. Often, you may fill a role similar to your previous military job, but now you will provide it as a service to the military and at a significantly higher rate of pay. To win a contract from the Department of Defense (DoD), you must submit a bid indicating your experience and skills and demonstrating the service you can provide at the right price.
There are several roles filled by military contractors, including:
- Safeguarding government installations
- Escorting military supplies through national or international territories
- Mapping safe transportation routes
- Developing defensive procedures
- Guarding government officials, diplomats, and other high-risk personnel
The role of a military contractor encompasses a varied range of responsibilities. Before you take on this work, AWM&T’s military professionals can help you prepare your financial strategy.
Financial Planning for Military Veterans Becoming Contractors
There are several steps to consider if you’re transitioning from active-duty military to civilian life, or if you’re already a Veteran. You may be facing a gulf between the life you experienced in uniform and the nature of the military contract business. This is where military financial planning comes in.
As a military servicemember, you could count on receiving your regular paycheck and benefits; however, military contracting is marked by instability. Government contracts are held for a limited time and eventually come to an end, and big and small contractors downsize. You also might find full benefits with one contractor but not with another, and you may run into many expenses you didn’t have to deal with as an active-duty servicemember.
You can prepare for this life change through proactive financial planning. For instance, AWM&T can help you:
- Assess changes in income
- Budget for new expenses
- Manage debt
- Plan for taxes
- Save and invest
- Plan for retirement
- Understand your Department of Veterans Affairs (VA) benefits
- Take advantage of education benefits
Financial planning for military Veterans involves tailoring your financial plan to get the most from your military benefits and navigate complex tax laws. Having a dedicated financial planner in your corner can go a long way in creating a smooth transition to military contracting.
Find a Financial Planner for Your Transition
If you’re considering becoming a military contractor and looking for guidance, AWM&T offers comprehensive financial planning for military Veterans and their families that can help make that transition seamless. We can support you on the path to wealth creation with effective preservation strategies, always with your best interests at heart.
AWM&T exclusively serves military families just like yours. We’re here to deliver the wealth management solutions and the specialized financial advice you need and deserve. To get in touch, call 1-910-307-3500 or click here to speak to a professional. Learn more about us and your options on our website.
About Us
AWM&T was created in 2012 to meet the financial needs of military families. We provide experienced, trustworthy, long-range financial planning, investment management, and trust administration services to support financial independence and security. We aim to be the premier provider of fiduciary services by always working for AAFMAA Members’ best interests.
We are proud to share the mission, vision, and values of AAFMAA, our parent company, consistently building on AAFMAA’s rich history and tradition to provide Members with a source of compassion, trust, and protection. Through AAFMAA’s long-standing legacy and our financial expertise, AWM&T is honored to provide personalized wealth management services to military families across generations.
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