3 Benefits Every Veteran Should Know About

Veterans have earned benefits that honor them for their service. Some of these benefits include free tax preparation services and burial services. These benefits are a thank you to retired service members for their years of dedicated service. Here are three benefits every veteran should know about than can help them and their families save on expenses. 

  1. Free tax preparation.

Each year, Americans file their taxes in hopes of receiving an income tax refund. Often times, there is a cost associated with filing taxes. Veterans and members of their family qualify for free tax preparation. Utilizing this free service is a great way to save money during tax season.

Free tax preparation is available to veterans through Volunteer Income Tax Assistance (VITA) offices at military installations. VITA tax preparers provide veterans with optimal customer service and can answer financial questions or provide advice. These tax preparers are also very knowledgeable about tax credits and deductions and can help veterans determine their eligibility.

  1. Disability compensation.

Veterans who have disabilities, medical conditions or injuries that occurred during active military service, regardless of when they served, may qualify for disability compensation. Disability compensation is a monetary, monthly benefit. The money earned through disability compensation is tax free.

In order to claim this benefit, veterans must provide proof that they have a physical or mental disability and that they’ve had an injury or disease while in service or at an event in service. Veterans must also provide discharge or separation papers, service treatment records and supporting statements, and private medical provider records if applicable.

To apply for disability compensation, veterans can submit all supporting document online in a Fully Developed Claim (FDC) at eBenefits.va.gov. Veterans can also apply by mail.

  1. Death and memorial benefits.

Veterans and their families may be entitled to benefits at the time of their death. Military families can request a U.S. flag to place on top of their loved one’s casket from the Department of Veterans Affairs. Families can also request a Presidential Memorial Certificate, headstone or marker. 

These benefits are available through the department of Veterans Affairs and can be accessed at one of 136 national cemeteries for veterans. >> Learn more about burial benefits.


Let Military Saves help you save money so you can feel confident about your finances. It all starts when you make a commitment to yourself to save. Take the first step today and take the Military Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. Military Saves will keep you motivated with information, advice, tips and text message reminders to help you reach your goal. Think of us as your own personal support system.

TAKE THE PLEDGE


We'd like to thank all retired service members for their dedication to our country. Here are three benefits every veteran should know about. v/@MilitarySaves! http://bit.ly/2AWbJcx  

  Tweet this now

Tip of the Day

  • Written by Guest Blogger | April 29, 2014

    It's important to know your #credit score and what's on your credit report. Find out why it matters: http://ow.ly/whNQl 

Saver Stories View all »

A Disciplined Approach to Saving

Written by Super User | November 26, 2010

I just recently retired after 30 years of service with the Marine Corps. I truly enjoyed my time serving the Corps and I flourished in the disciplined environment. I also took a disciplined approach to saving. Here are some of the tactics I used-they are very low to moderate risk.

Read more...

A Plan for Success

Written by Super User | April 26, 2012

I’m Staff Sergeant Robert Zuniga and I have been an active duty Air Force medic for eight years. I plan on staying in long enough so that I can retire at 20 years. I have always been interested in personal finance and would like to share how it IS possible for me and my stay-at-home wife and two kids to not only save and invest a ton of money but also have a lot of responsible fun as well on 'low' enlisted pay. You CAN do it too!

First off, we write down our goals and separate wants from needs.

Read more...

Regular Savings is the Key to Success

Written by Super User | November 26, 2010

My name is Chris Strong. I joined the Air Force on 25 March, 1985. On that day, my financial life changed forever. I was introduced to saving bonds in Basic Training. Savings bonds were the big thing back then just like the Thrift Savings Plan is today. A Colonel gave us a briefing. I cannot remember his name but I can remember the 100 savings bonds he had posted to a piece of card board. He gave us a speech on the importance of saving money and how it can change your life. He inspired me to save.

Read more...