Like many Americans, veterans are looking for work and trying to save for retirement amid the Covid-19 pandemic. Here’s what they need to know.
Military veterans, like many Americans, are struggling to find work as the coronavirus pandemic stretches on.
While vets’ June unemployment rate is lower than the overall number, at 8.6% compared to 11.1% for the general population, it is still at more than double the number reported in March, the Military Times said.
The Labor Department survey was also conducted mid-month, before m anystates paused or rolled back their openings due to a resurgence in cases.
Yet vets may also have other issues to contend with, like a disability they incurred during active duty or trying to find a way to fit their military skills into a civilian job.
« One of the major issues facing veterans today is a sense of uncertainty that they may have not experienced before, » said Tara Falcone, a certified financial planner and founder of the financial education company ReisUP. She is also married to a U. S. naval officer.
During active duty, life is regimented. Service members are told what to wear and when to show up for work. Their moves are coordinated.
Now, they are navigating the pandemic, like all other Americans, trying to make decisions about things like money, work, retirement and buying a home.
Many of those issues were recently addressed in a June virtual town hall for America’s veterans, which was a partnership between Comcast Military and Veteran Affairs, CNBC + Acorns Invest in You and DAV (Disabled American Veterans). Hosted by CNBC correspondent Contessa Brewer, the forum gave an opportunity for veterans to pose questions to financial and military experts.
Here are some of the biggest takeaways.
Tony Hobson, a 55-year-old Army veteran, just earned his degree from the University of Louisville in Kentucky.
Now, like many other recent college graduates, he’s looking for a job, as well as possible entrepreneurship opportunities.
According to Phyllis Winchester Newhouse, an entrepreneur and fellow Army veteran, there are jobs if you know where to look.
« If you can look at a market and an industry that has been disrupted right now, that is where you want to focus and where you want to look at getting additional training, if you don’t have the training already, » said Newhouse, founder and CEO of cybersecurity firm Xtreme Solutions in Atlanta and founder of the nonprofit ShoulderUp, which connects and supports women entrepreneurs.
