Good Jobs For Retired Military - On average, veterans earn more than non-veterans in all states except Kentucky. (Crop and resized image courtesy of Hill and Ponton)
A new study from law firm Hill & Ponton says there are benefits to being a veteran.
Good Jobs For Retired Military
The median annual income for veterans was about $65,000 in 2019, according to the study. Those who did not serve bought nearly $11,000 less homes, with an average annual income of $54,000.
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Hill and Ponton's study analyzed the states and occupations where veterans benefited most, using 2019 Census data from the Combined Public Use Microdata Series.
The five highest-paid districts for veterans in 2019 are Washington, D.C. ($102,900), Connecticut ($101,000), New Jersey ($98,000), Massachusetts ($92,000) and Michigan ($82,900).
In Michigan, veterans earn the most, with salaries on average 64.9 percent higher than their regular counterparts.
The only state where veterans earned less than their civilian counterparts was Kentucky, where veterans earned an average of 3.9 percent more per year.
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The five lowest paying states are Arkansas ($48,200), West Virginia ($48,700), Wyoming ($49,000), Vermont ($50,200), and South Carolina ($51,200).
The study measured the highest paying occupations for veterans and the pay gap between veterans and civilians in each industry. For example, the professions with the highest salaries for veterinarians are public administration, medicine, surgery, aircraft piloting, flight engineering; But these careers gave veterans only 17.1 percent, -2.7 percent, and 29.7 percent advantages.
The graph shows the 10 highest paying occupations of the 25 analyzed veterans. More information available at https://www.hillandponton.com/veteran-civilian-pay-statistics/ (Image courtesy of Hill and Ponton, cropped and resized)
Careers such as real estate brokers, agents, first-level auditors of office and administrative staff, and computer technicians are not the highest paying jobs, but veterans have a comparative advantage. Veterans working in the real estate industry earned an average of 56.4 percent more than civilians, while veterans working as inspectors or computer support specialists increased by 41 percent and 40.3 percent, respectively.
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Few professions offer veterans a lower average wage than civilians. These included judges, lawyers (-18.9 percent), wholesale and industrial trade representatives (-6.5%), accountants and auditors (-6.4%).
New Mexico, Delaware, Oklahoma, Florida, and Louisiana are some of the best places to recruit veterans. Meanwhile, Alaska, Oregon, Washington, D.C., Michigan, and Illinois were the worst.
Hill and Ponton found that unemployment statistics differed significantly between veterans and non-veterans. At the time of the study, there were approximately 18 million veterans in the United States, representing about 7% of the adult population.
In 2019, 62 percent of veterans were employed, 34 percent were currently unemployed and about four percent were unemployed. Meanwhile, 49 percent of veterans were employed, 48 percent were out of the workforce, and about three percent were unemployed.
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Those who are not actively employed or not looking for work are considered outside the workforce. This may include retirees, people with family responsibilities, people in prison and people in education.
More than five million veterans report having at least one disability, and 1.2 million veterans live below the subsistence level, according to IPUMS data. About 38,000 former military personnel were homeless at the time of the survey.
Hill and Ponton also found that the gender pay gap among working veterans narrowed somewhat. Among veterans, men earn an average of $18,000 more than women. When comparing veterans' salaries, the gap narrows to $16,000.
Women who served in the military earned the most in Alaska, Maryland, Massachusetts, Georgia, and Virginia. Arizona, Michigan, and Louisiana had the highest pay gaps for veterans, with more than 50 percent difference between male and female veterans.
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A complete survey of the salary gap between veterans and civilians in the United States can be found on Hill and Ponton's website.
Harm Venhuizen is an editorial intern at Military Times. He studies political science and philosophy at Calvin University, where he participates in the Army ROTC program.
Topics: Veterans, Education Transition Service Pre-Service, Employment Veterans, Unemployed, Post-Military Transition
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Did you know that more than 250,000 active-duty military personnel are discharged from the army each year? The transition to civilian life is a big moment for military personnel.
To help them stand on their feet and succeed in their long-term careers, we asked veterans around the country what they value most in a civilian career; This is location, salary, or working in an organization for a purpose. We then partnered with Hire Heroes USA®* to identify industries and career paths that align with the most important values for our employees.
More than 250,000 military personnel serve each year. To help them stand on their feet and succeed in their long-term careers, we asked veterans around the country what they value most in their civilian careers. We then worked with Hire Heroes USA to identify industries that fit veterinarians' goals. Here are the top 10
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Planning your after-service career means having a financial plan. Insurance and retirement savings are different when you leave the military, and your expenses and income may change. Navy Federal Credit Union is proud to offer tools, tips, and resources to help military members succeed in their transition to the civilian world.
In addition to the Best Careers After Service, the Navy Association's "Best Of" series includes "Best Cities After Service", which helps identify the best cities in the United States for recently active duty military personnel.
If you're interested in more resources, check out our Transition to Civil Life package or visit our Military Life page. You'll find articles and tips on everything from the Transition Assistance Program (TAP), to budgeting and debt management, and even finding a home to rent or sell from other service providers.
1Hire Heroes USA is an organization dedicated to helping US military personnel, veterans, and military spouses find new careers. Hire Heroes USA is a registered service mark of Hire Heroes USA.
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This article is intended to provide general information and should not be construed as legal, tax or financial advice. It's a good idea to ask your tax or financial advisor about your finances and how certain laws apply to your situation.
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