Transitioning to civilian life has far greater financial implications for today’s veterans than ever before, and they are faced with critical decisions that will likely impact their family’s financial security. In the 1970s and 1980s, transitioning veterans found that many employers were ready to take care of them in the same paternal fashion as Uncle Sam. Today’s employers generally provide less valuable benefits while employees shoulder more of the costs, financial risk, and decision-making responsibilities. In many instances, employees also have to cover a greater percentage of their healthcare costs via higher premiums, larger deductibles, and higher co-payments. And, instead of employer-provided retiree health insurance, most workers now have to save money on their own to cover healthcare expenses that won’t be covered by Medicare.
The good news is that financial wellness programs are gaining in popularity and serve a valuable role in helping individuals and families improve their financial health. Recognizing that transitioning to civilian life has far greater implications from a financial perspective than ever before, Prudential has customized a financial wellness program specifically focused on the needs of our military veterans.