Financial Planning For Soldiers

Four years ago, Army Sergeant Angelo Stevens almost took his own life in the wake of severe debts.  Although his survival inspired the passage of planning related legislation in the House intending to reduce military suicides, his family faced a new threat earlier this summer.

Stevens emailed his congressmen in June, “I am desperate.  I want nothing more than to stay where my family receives their care.”  Stevens’ landlords called to tell him that his house in Arlington, Virginia was headed into foreclosure, as the expense had grown too high.  Stevens needed to find a new home in sixty days, a difficult task for the sole provider of his family.

Stevens’ struggles are illustrative of the complex financial issues that many soldiers and veterans are facing.  Many soldiers experience costly divorces, legal troubles, problems at work, as well as many other challenges, which drive them to commit suicide.  

Financial planners who provide pro bono care work alongside other experts over a matter of years.  Lawyers and other experts in social services are generally brought in to assist in planning.  “There is a need for the team approach for sure . . . The lead person has to have a holistic approach to the problem . . . It has to be one person who takes a sincere total interest in this person.” 

See Ann Marsh, Team Planning Needed for Soldiers With Suicide Risk, Financial Planning, Sept. 16, 2014.