When you are preparing for the latter stages of your life it can be challenging because there are so many variables involved. How you position your assets is going to vary depending on your liquidity needs and other factors. Since you can’t peer into the future all you can really do is keep yourself informed, know your options, make intelligent projections, and act accordingly.
One of the things that you need to keep your eye on is the rising cost of long term care. The MetLife market research statistics for 2010 told a profound tale that is required reading for those who are making plans for their twilight years. The national average cost for a year in an assisted living community rose by 5.2% to $39,516. A year in a private room in a nursing home would run you $83,585 on average, and this is a 4.6% increase over 2009 numbers. Of course as you might imagine the costs in Connecticut are even higher than the national averages.
These costs are attention getting and the upward trending is expected to continue, but the good news is that there is help available for some veterans. The VA offers something called the Veterans Aid & Attendance Pension, and many people who are eligible for this benefit are not aware of it. Qualified single veterans who need help meeting their day to day needs can receive up to $1,632 per month to help with these assisted living costs; married couples may be eligible to receive $1,949 a month; and surviving spouse benefits can reach $1,055 each month.
Anyone who has served at least 90 days on active duty with even just one of them taking place during a time of war meets the length of service requirement. If you think that you may qualify, the best course of action would be to contact the United States Veterans Benefits Administration.