Two important things he’s learned in seven years as a regional outreach manager and certified financial instructor with Navy Federal Credit Union are that no two veterans’ cases are the same, and no situation should be considered insurmountable.
“People transition out at different levels and different experience levels, and just different experiences, period,” said Stackhouse, who served 30 years before retiring as a colonel from the Marine Corps. “I think that’s important to keep in mind.”
A sailor with 25 years of service on her resume and a soldier who enlisted fresh out of high school and only served his initial commitment are two very different transition situations.
“A vast majority (of military personnel) are very young when they enlist,” Stackhouse said. “They’re still relatively young (when they separate) and looking for something and go, ‘Wow, where do I go? What kind of profession should I pursue?’
“In transitioning, you have to know your identity, know where you’re going to go, and what you’re going to do. You also have to learn how you are going to manage your finances because it’s different (than a career military person),” who can rely on TRICARE and guaranteed dental care, Stackhouse said.
Some veterans who struggle to find their financial footing after retiring from the service don’t realize that many of the money situations they will face were taken care of while they were serving.
“While they’re in the military, their leaders all continually kind of take care of them,” Stackhouse said. “The military is vested in them being financially secure. They don’t want to deploy a unit with a bunch of people who are worried about their finances and can’t pay bills and things.
“And then once you’re out, you get that slap in the face and say, ‘Wait a minute. I have to do this all on my own?’ ”
When laying out a financial plan for veterans who are leaving the military, Stackhouse emphasizes three important facets of the transition: