Transitioning from military service to civilian life is a major milestone, and while it comes with exciting opportunities, it can also bring some financial challenges. Nearly 70% of veterans leave the military with some form of debt, and many face hurdles like unemployment, underemployment, or a lack of financial literacy. 

At Mission Roll Call, we believe financial freedom is within reach and it starts with a solid, step-by-step plan. If you’re preparing for retirement or separation from the military, here are five key financial areas to focus on as you build your civilian future. 

1. Understand Your True Income Needs

Before you jump into a job search or make major financial decisions, take time to map out what you need. 

• What retirement or disability income will you have? 

• How much additional income will your family need to maintain your desired lifestyle? 

• Does your current education and experience support this income level? 

Answering these questions gives you a realistic baseline to work from. If there’s a gap between your expected income and your goals, now is the time to invest in yourself, whether through further education, certifications, or new skill development. 

2. Start Saving and Investing Early

Once you know your income goals, the next step is building a smart savings and investment plan. The earlier you start, the more time your money has to grow. Common tools include: 

• 401(k) accounts, especially those offering employer matching which translates to free money. Be sure to ask about matching requirements and vesting periods. 

• Traditional IRAs and Roth IRAs, which offer different tax advantages depending on your income and retirement strategy. 

Every year, these accounts have contribution caps based on your age and income, so setting up automatic contributions can help you stay consistent without even thinking about it. 

3. Protect Your Family’s Future

One of the most important — but often overlooked — financial moves you can make is protecting your family with insurance. Life insurance, in particular, ensures your loved ones won’t struggle with debt or lost income if something happens to you. 

Here’s a tip: Apply before you leave the military if possible. Many companies offer better rates when you’re still active duty and in good health. 

4. Get Professional Help (and Do Your Research)

Financial planning can feel overwhelming, and that’s okay. You don’t have to do it alone. A reputable financial planner can help you: 

• Develop an investment portfolio 

• Choose the right insurance options 

• Build a savings plan 

• Make smart 401(k) and IRA decisions 

When choosing a planner, do your homework. 

• Look for high reviews and trusted referrals. 

• Ask questions about savings account interest rates, IRA fund strategies, contribution limits, and more. 

• Remember: You’re working hard for your money. Make sure your money works just as hard for you. 

5. Tackle Debt and Expenses Head-On

Finally, a major key to financial freedom is mastering your current expenses. Start by creating a full list of your family’s monthly costs: mortgage or rent, utilities, loans, credit cards, subscriptions, groceries, entertainment — everything. 

(Heads up: This part can be eye-opening. You might be surprised how much you’re spending on streaming services or convenience purchases.) 

Once you see where your money is going: 

• Cut unnecessary expenses. 

• Create realistic budgets for major categories like food, self-care, and recreation. 

• Tackle high-interest debt first, then roll payments toward your next loan in a process often called the debt snowball or debt avalanche method. 

Reducing your monthly obligations not only frees up money for savings and investing, but it also gives you more flexibility and peace of mind. 

Watch the Full MRCU Video on Financial Readiness 

For a deeper dive into these five financial areas — and real-world advice from veterans who have been through the transition — check out our full video below! 

Financial security doesn’t happen overnight but with thoughtful planning, steady action, and a willingness to ask for help when needed, it’s absolutely achievable. 

By identifying your income needs, investing wisely, protecting your family, finding trusted advisors, and managing debt, you can build a strong foundation for your civilian life and beyond. 

And remember, you’re not alone. Every veteran faces challenges in the transition to civilian life, but your service has already proven your ability to meet tough goals head-on. Financial freedom is just another mission and with the right plan, you can absolutely accomplish it. 

Looking for more financial tips and resources? Subscribe to Mission Roll Call University (MRCU) and check out our next video on financial planning strategies for veterans!