Have you ever thought about joining the US Military? If the answer is yes, then read on. These benefits of joining the military may be enough to persuade you to take the leap. If you have n’t considered joining the military, then treat this article as a primer for some of the benefits which may be available to you if you decide to take that next step. And the benefits can last a life time!
10 Reasons to Consider Joining the Armed Forces
Whether you are considering the military out of a sense of Patriotism or duty, for action and adventure, or for a steady job in a depressed economy, there is something for everyone. Here are 10 reasons the military may be a good fit for you.
1. Jobs in a down economy. The US has experienced a difficult economy over the last few years, including high levels of unemployment, rising costs, and the outsourcing of many jobs. If you are looking for employment, consider the military, which continues to offer jobs for those who are qualified medically and academically, and who do not have an extensive criminal record.
2. Pay and benefits. A new second lieutenant starts at over $36,000 a year plus full benefits, not including added monthly allowances of up to $3,000, depending on where he or she is stationed. An enlisted person starts at around $20,000 a year plus full benefits, not including added monthly allowances of up to $1,500 depending on where he or she is stationed. Enlistment and re-enlistment bonuses can be over $20,000. After serving only 3 years, some nuclear trained enlisted members in the Navy receive bonuses of $90,000 for re-enlisting. Student loans can be relieved by up to $65,000. The military is also one of the few places where you can get a full pension after serving 20 years or more. Military retirement can reach 50-75% of the average of your final three years base salary. In some instances, you can receive more than 75% of your base pay in retirement.
3. Full medical coverage for you and your family. Military members are immediately eligible for full health care benefits for themselves and their immediate family members as soon as they enter the service, and if you stay through until retirement, you and your family can take these benefits with you when you leave the military. These health benefits extend to immediate family (e.g. spouses and children, and sometimes dependent parents). You may also be eligible for temporary military healthcare benefits after you leave the service.
4. Skills and training. The military provides advanced technical training in a variety of career fields and also offers opportunities for additional training when you are off-duty. Many military members are able to attend college that is often paid for by tuition assistance. You can use your training opportunities to advance within your career field, earn certifications or degrees, or prepare yourself to transition back into civilian life.
5. Leadership opportunities. Military leadership is a great way to get your resume on top of the pile for your next career. If you were to hire someone, would you want to hire someone with proven skills and experience and a degree, or someone right out of high school/college? Give me the experienced professional any day of the week! (More tips for creating your post-military resume).
6. Travel opportunities and vacation time. The military has installations all around the world and pays for you and your family to get there and back. Your off duty time is yours and you are free to travel and see the world. The military gives you 30 days of paid leave per year, not including weekends and federal holidays, depending on your job.
7. A lifetime of benefits for your survivors. One major reason many students don’t consider the military is the perception of a high mortality rate. This is primarily caused by the media. In the unlikely event of a service member’s death, the surviving family is given an immediate $100,000 death gratuity benefit, a $400,000 lump sum (if elected) life insurance benefit, social security and indemnity monthly pays for years, and the transferability of many VA benefits. The military member’s time served is not taken for granted.
Benefits After Leaving the Service
8. Education opportunities after you leave the military. The new GI Bill pays veterans who served at least 36 months a monthly living stipend and full tuition to pay for college, after they leave the military. Depending on how long the service member commits, this GI Bill can be transferred to spouses and children.
9. Buy a home with no money down with a VA Loan. The Veterans Affairs office offers veterans a way to purchase a home with no money down through the VA Loan. This makes it easier to purchase a home while you are serving, or after you have left the service.
10. A military retirement is worth millions. An officer with 20 years of service, who earns over $100,000 per year, could retire with a pension of over $48,000 per year for life in his or her 40′s and start a second career. Imagine earning over $4000 per month for the rest of one’s life, starting at age 42. This equates to an accumulative pay of $480,000, $960,000, $1.4 million in 10, 20, and 30 years, respectively, in addition to having full health care coverage and an income from a second job, if desired. (Oh, and those numbers don’t account for annual cost of living adjustments which increase your monthly pension).
Membership into one of the world’s oldest clubs. Being a military veteran makes you an automatic member in one of the world’s oldest clubs. It is easy to share stories and recollections with other members of this special group of people, and can help you gain acceptance, join clubs, find employment, and gain other benefits. Being a veteran is something no one can ever take away from you.
About the author: Romeo Clayton has served as enlisted and officer in the US Navy. He is the author of How We Prevent Wealth: A Personal Finance Reflection, a free online book that details his theory of why so many people lose out on the opportunity to build wealth. He is also active on his own personal finance blog, www.romeoclayton.com.
Photo credit: United States Forces – Iraq (Inactive)