Staff Report
What better time than to compare which state is the best for military retirees?
Online research group WalletHub reports that the average officer is 47 years old upon retirement.
So what state is the most conducive for a comfortable military retirement? It depends on what the retiree is looking for, but Alaska ranges first overall, with a number one ranking in Economic Environment Rank, second in Quality of Life Rank, and 25th in Health Care Rank.
Texas comes in 15th overall, placing 7th in Economic Environment Rank, 43rd in Quality of Life Rank, and 10th in Health Care Rank.
Rhode Island comes in dead last, in 51st place (District of Columbia is included in WalletHub’s rankings).
Possibly because of its high ranking, Alaska comes in first in the category of most veterans per capital, with New York having the least veterans per capita.
Texas’ overall rank is increased because of its high Health Care Rank. Texas actually has the most VA Health Facilities per 10,000 veterans, with New York leading that list.
According to experts, there are quite a few benefits that many military retirees simply don’t take advantage of.
Craig Smith, director of Veteran Affairs at Thomas Edison State University, says nearly 50% of veterans eligible for VA educational benefits don’t end up using them.
“Depending on the benefits they qualify for, veterans have 10 to 15 years following separation to cash in on these benefits,” Smith reports.
Another area that many military retirees might underutilitize is legal advice.
According to Richard Meyer, Director of Foreign Master of Law Program at Mississippi College School of Law, retirees tend to focus on the medical benefits gained by retiring close to a military base.
They forget about the legal benefits, Meyer said. “Retirees (and spouses and dependent children) are eligible for free legal advice from active duty military and civilian lawyers. For example, they can get free wills drafted by a licensed attorney.
Closer to home, Brandon Archuleta, National Security Fellow in the Clements Center for History, Strategy & Statecraft at the University of Texas at Austin, says veterans need to consider family and lifestyle, employment opportunities and tax environment when choosing where to retire.
“Many veterans retire without a clear sense of what life’s next advanture will be,” he writes. “That’s why veterans ought to also consider their potential for employment when choosing a place to retire. Certainly, sprawling metropolitan areas will offer a different set of employment options than suburban communities and rural areas. The current military retirement system is understandably generous in comparison to other industries’ standards. So with proper financial planning, veterans can leverage their pension and TRICARE for Life health care to give them time to find the right job, not necessarily the first job that comes along.”
