For military families, Thanksgiving is more than just a time for turkey and pumpkin pie. It’s often a rare opportunity to gather together with your broader family. Growing up, my dad’s family was primarily located in one town in Ohio. While my family didn’t live there, we often traveled to join the festivities. Remembering dozens of family members gathered together still brings a smile to my face. For military families, it’s not always so easy.
The transient nature of military life, with frequent PCS moves, deployments and long stretches apart from family, makes time together during the holidays even more special. But amid the laughter and reflection this holiday season, if you’re lucky enough to spend it with family, consider using the time to tackle some important financial conversations.
Military families face unique financial challenges and enjoy some unique benefits. Thanksgiving could provide an ideal opportunity to address some important topics while everyone is together. Let’s explore.
Navigating Military Benefits and Estate Planning
One of the most significant financial advantages military families have is access to a variety of benefits, such as the Thrift Savings Plan (TSP), Department of Veterans Affairs home loans and pensions. But how often do families sit down together to review these resources and ensure they’re making the most of them? Thanksgiving, when extended family members may also be present, is a great time to talk about how these benefits fit into your overall financial plans. If you have a parent who served, it could provide a chance to ensure they are leveraging their earned benefits. More on that in a moment.
Estate planning is another critical topic. Many military families move frequently, and this can complicate legal matters when it comes to property or wills. Make sure your will, power of attorney, and any beneficiary designations on life insurance policies or retirement accounts reflect your current situation and wishes. Thanksgiving offers a chance for everyone to have this conversation together, ensuring all family members are informed and prepared. It’s also important to “manage up” if you have aging parents. Take the opportunity to better understand their situation and the plan they have in place (or encourage them to do so!).
Deployment Planning: Protecting Your Family’s Finances
Deployments are a reality for many military families, and they can create financial stress if not planned for in advance. Discussing these realities during Thanksgiving can help ensure the family is financially prepared for the next mission. Whether it’s deciding who will handle finances while a spouse is deployed, ensuring that the right accounts are accessible, or setting up automatic payments for bills, planning is key.
Money can be a positive during deployments, with special pays, allowances and tax benefits in play. Sitting down together during Thanksgiving gives you the chance to talk about how to manage this income effectively, whether by creating a deployment-specific budget or putting extra funds toward savings goals or debt.
It’s also a good time to revisit the importance of having a solid emergency fund. Deployments can bring unexpected expenses, from household repairs to unexpected travel needs, and having savings in place can alleviate some of the stress.
VA Benefits and Long-Term Care Planning
Many families that wear or have worn the uniform are fortunate to have access to VA benefits, including health-care services and disability compensation. However, navigating these benefits can be complex, especially when it comes to long-term care for aging veterans or family members. Thanksgiving is a great time to initiate conversations about what these benefits cover and whether additional resources may be needed.
For example, VA Aid and Attendance benefits can help cover the cost of assisted living or in-home care, but not everyone is aware of this program. Similarly, Tricare for Life is available to Medicare eligible retirees, but it’s essential to understand how it integrates with Medicare. Gathering family members during the holiday gives everyone the chance to understand the options available and plan for future care needs.
This conversation can also extend to the younger generation, ensuring that everyone is aware of how military benefits can support education, housing and even the transition into civilian careers. Passing this knowledge on is crucial, especially for children or grandchildren who may be entering military service themselves.
Retirement Planning for Military Families
Thanksgiving can also be a time for military families to discuss retirement. From affordable health care to an inflation-adjusted income stream, there’s a lot for which to be thankful. While this might seem far off during active duty, the decisions you make now, such as contributing to the TSP, will have a lasting impact on your retirement security.
For those nearing retirement, this conversation should include more detailed planning about what life will look like post-service. Where do you plan to live? What will health-care coverage look like under Tricare or other options? What about second careers or educational pursuits? Gathering the family for Thanksgiving offers the perfect moment to align expectations and make sure your financial roadmap supports those future plans.
Additionally, Thanksgiving is a great opportunity to share financial lessons learned along the way. Military life teaches adaptability and resourcefulness, skills that are just as important in managing family finances. By having these discussions, you’re not only preparing for future financial challenges but also passing down valuable knowledge to the next generation.
In military families, where change is constant and the future is sometimes uncertain, Thanksgiving offers a rare and valuable opportunity to have critical financial conversations. By discussing estate planning, deployment preparation, military benefits and retirement, you can ensure that your family’s financial future is as secure as your commitment to one another.
Keep Up With Changes to Your Benefits
Want to know about changes in military benefits as they happen? Subscribe to Military.com to get the latest benefits news delivered directly straight to your inbox.
