Infantry Lieutenant Colonel (Retd) Jules Hohnen says many veterans are sitting on financial opportunities they’re not yet aware of. Photo: Michelle Kroll.
Picture yourself and your financial state at 60. Are you thanking 25-year-old you? If ADF members ask themselves one question today, Jules Hohnen hopes it will be this one.
The 46-year-old retired lieutenant colonel is well aware he’s speaking with the benefit of hindsight, but in his current role educating vets on “financial fitness”, he’s hoping you’ll listen anyway — because he gets it.
“When I was 24 and starting in the ADF, all I cared about was having a good night out on the weekend,” he says.
“I guess what I’m saying is knowing the best way to make informed decisions at a younger age – decisions that will shape what your retirement looks like – is hard for many young people to grasp. They see it as an ‘old person problem’.”
Jules went on to serve for almost 18 years in the Army before significant health challenges forced him to medically transition out in 2021. Today, he’s a vocal advocate for financial education and long-term planning among veterans — and one of the many former servicemen and women who’ve found clarity through the Commonwealth Superannuation Corporation’s Vets Hub.
“Financial fitness is similar to physical fitness,” he says. “How you treat your body in your 20s, 30s and 40s can determine how comfortable you are in your 60s and beyond, and the same can be said for your super and finances.”
Jules’ own turning point came when he realised just how valuable his military superannuation was — and how many benefits, from housing to healthcare, are often taken for granted while serving.
He says when he finally did take a closer look at his super contributions from the ADF, they were “exceptional” compared to most civilian packages, presenting an opportunity many vets miss.
“In hindsight, I had no idea how amazing my super was compared to the average Australian’s. When you’re young, that’s the last thing on your mind,” he says.
“My number one piece of advice is, start planning as soon as you join the ADF. Culturally I know it can feel like heresy to plan for a time after service. But the key thing people need to understand is, it’s going to happen. You are going to leave one day; everyone does. This is part of your life — a profound part — but it’s not your whole life.”
Ninety-six per cent of ADF members have their super with Commonwealth Superannuation Corporation.
Launched in 2021, the corporation’s Vets Hub is a centralised online service that offers veterans and transitioning members practical, straightforward access to superannuation information and financial support.
It was the brainchild of Commonwealth Superannuation Corporation Head of Defence and Veterans Liaison David Wilton, who aimed to “break down complexity into simple truths” for vets faced with onerous bureaucracy.
“Vets can be so overwhelmed by the sheer amount of information out there. It’s all there to help, but while any education is good, it can be hard to know where to start,” he says.
“There’s no wrong door, but we want to make sure that when veterans walk through our door, they become part of a collaborative network. Hopefully on Vets Hub, with a click or two, you’re pointed in the right direction.
“A Commonwealth super fund is a lifetime journey, and you can work with them to have a better outcome when the time comes. Because you will transition from the ADF, that’s a guarantee.”
Jules says the Vets Hub is an approachable, convenient first port of call for when you don’t know the answer.
But as with most things, the earlier you engage, the better.
“When it comes to preparing for your retirement, there’s no such thing as too soon,” he says.
“ADF members often take a highly disciplined, informed approach to operations in service of our country, but not for ourselves, and I find that incongruous.
“I was in a good place once I knew that Commonwealth Superannuation Corporation and Department of Veterans’ Affairs were providing such crucial support … It’s about getting your head around those supports that are available to you for the rest of your life, because you have served, and making the best use of them. Sixty-year-old you will be so grateful.”
For more information or to book a consultation with Commonwealth Superannuation Corporation — on or off base — visit the Vets Hub.
