Tips for a smooth military transition

Many soldiers back from Iraq have begin the difficult process of transitioning out of military life - including starting a second career.

Some cities offer military veterans better employment opportunities than others.

In response, USAA and Military.com have commissioned a list of Best Places for Military Retirement: Second Careers. Among the top ranking cities in this year's list are: Oklahoma City, Okla.; Norfolk, Va.; Richmond, Va.; Austin, Texas; and San Antonio, Texas.

In addition to location, there are other factors that can help or hurt a veteran's transition. June Walbert, a certified financial planner practitioner with USAA, offers these helpful tips to ensure a smooth transition.

Deliver the goods: Many military retirees haven't interviewed for a civilian job in decades, if at all. Government programs such as the Transition Assistance Program and Transition Boot Camp are a must.

Know that all paychecks are not created equal: In the military, stacked on top of base salary is an array of allowances including a generous tax-free housing benefit. Military retirees have access to TRICARE, but civilian vets may now have to pay for life, medical, dental and disability insurance.

Get it covered: Life insurance is often overlooked during transition. But it should be evaluated as a component of a financial plan. The military offers a maximum of $400,000 Servicemembers' Group Life Insurance and $100,000 for spouses while serving.

This transition period also is an ideal time to take a retirement snapshot.

Putting a financial plan in place helps everyone understand what their true retirement expenses will be.

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