As always, the best benefits of joining the US Military are loyalty, devotion to duty, and serving your Country. Those are the constant intangible benefits of joining. This list will focus on the tangible benefits (things that you can see).
1 Stability: 2020 is a hard year for the working class. Jobs are being shed left and right. Having a steady job is more important than ever. The military will keep you for as long as you perform well. It is a great place to travel and earn a decent wage.
2 Pay: Military pay has come a long way since 1999 when I joined. Now the pay is very competitive with civilian pay. After 21 years on active duty, my total compensation was $120,000. Not to bad for a broke kid from San Diego. Of course, some jobs in the civilian world would pay more. However, I am making this much in the Florida panhandle. To maintain my same standard of living in San Fransico I would need to make $245,000. Location, location, location.
3 Housing Allowance: The housing allowance is one of the best perks of being in the military. Everyone in the military has a base pay. On top of that, once you move off base, you will receive a housing allowance. The allowance is based on your location. Best of all, it is completely tax-free. You cannot beat that. My current housing allowance in Florida is $1638. In San Diego, I would receive $3348.
4 Health Care: Wow, health care in the civilian world is super expensive. The military has free (or almost free) health care. Seriously, with a wife and 2 kids, I have only paid for my son’s braces. The service is great, and when I retire, my health care costs will also remain lower than almost everyone.
5 Travel: Travel may not be the most important consideration to everyone during 2020, however, it is still a great option to have. Traveling the world is one of the best perks of the military. Not only do you get to travel, but you get paid to do it.
6 Retirement/401k: I still maintain that the military has one of the best pension plans in America. You can literally retire at age 38. It is even easier to retire if you move overseas. They changed the retirement up a little bit now for new joins. The defined pension is a little less but they do 401K (called TSP) matching now. So the combination of both should make it a little better.
7 Tuition Assistance: A lot of people join the military so they don’t have to go to college right after high school. However, once they get in, they discover tuition assistance. The military will pay 100% of your college tuition up to a certain amount per year. It is a great way to get an associate’s, bachelor’s, and/or a master’s degree. I know multiple enlisted people that have Master’s degrees through this program.
8 GI BILL: My new favorite benefit. The GI BILL was updated after the September 11, 2001 tragedy. Now, once you get out of the military, you can use this benefit. It pays for your full public college costs plus gives you a nice sized monthly allowance on top of that. It makes it very appealing to go to college.
9 VA Loan: Another great benefit. This allows you to buy a home without a down payment. The VA is the guarantor of the loan. This saves you the hassle of trying to save up for a down payment. Using the VA Loan put me head and shoulders above my peers when it came to owning a home. I now own 3 houses thanks to this program.
10 Tax benefits: The military has some of the best tax breaks you can get. Basically, only your basic pay is taxed. So your food allowance, housing allowance, family separation allowance, combat pay, sea duty pay, etc. are not taxed. It is truly a great way to start to save and invest.
The military is not for everyone, but for those that can hack it, it can be quite lucrative. If you are thinking of joining, learn the ends and outs of all of the benefits, so you can take advantage of them early on. Also, have a financial plan before entering. In order for the 401k to be effective, you need to start saving from day one.
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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