Financial strain pushes many veterans to the breaking point
“We’ve been below the poverty line, absolutely. I was a watch commander where I had 25 to 30 people working beneath me, in charge of millions of dollars worth of ammunitions, weapons, vehicles, computers. And then when I come home, not only can I not find a job, I can’t take care of my family. If it weren’t for my wife, if she was not supportive the way she was, I really don’t think I’d be here right now.”
According to VeteransPlus, fewer than 20 percent of their clients have stockpiled a six-month savings cushion while serving in Iraq or Afghanistan despite untaxed, hazardous-duty wages that fattened paychecks.
Some returning veterans planned to live off their credit cards until landing civilian work, even though the veteran unemployment rate is two points higher than the civilian rate, Fitzpatrick said. Some expected to support themselves via VA benefits, apparently unaware that average wait time for that money approaches — and sometimes eclipses — one year.
The Pentagon urges military personnel and their families to bank some money while in the service. This year, during “Military Saves Week,” service members were reminded to “set a goal, make a place and save automatically.” Service members also can take advantage of theThrift Savings Plan, a federally sponsored retirement savings and investment program resembling a civilian 401(k).
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