Many people that have served in the United States military make considerable sacrifices. At the same time, they are rewarded with some solid benefits. One of them is the retirement pension that is available after 20 years of service, and there is another pension that flies under the radar.
Military Pension for Wartime Veterans
This pension is simply called the Veterans Pension; the “retirement” qualifier is reserved for the long-term service benefit. In fact, the length of service requirement for the Veterans Pension is quite modest.
Veterans that started active duty before September 8, 1980, need at least 90 days of service with one day beginning or ending when the country was at war. For those that that started serving at a later date, the requirement is 24 months (or the full required active duty period) with one wartime day.
With regard to the nature of the discharge, veterans that were not discharged dishonorably can qualify. For the most part, this pension is reserved for senior veterans that are 65 years of age and older. However, younger veterans that are totally and permanently disabled can qualify as well.
Financial Need
The other requirement is a financial need stipulation. Until November of 2022, the net worth ceiling is $138,489. A home, one motor vehicle, and items around your house that would not go along if you were to move are not counted. However, your annual income is added to your net worth.
There is also a three-year look back period. You cannot divest yourself of assets today and gain eligibility tomorrow. After you transfer assets out of your name for less than reasonable value, you are ineligible for the pension for three years.
Aid and Attendance and Housebound Veterans Pension
In addition to the standard benefit for veterans that do not have any special circumstances, there are a couple of other designations. Qualified veterans that need help with their activities of daily living can receive an Aid and Attendance benefit. There is also a Housebound designation, and this is self-explanatory.
2022 Veterans Pension Monthly Benefits
A single veteran with no dependents that is eligible for the standard pension can receive a maximum benefit of $1473 per year. For a housebound eligible single vet, the figure is $18,029 annually, and it is $24,610 for the Aid and Attendance version.
If you are an eligible veteran with one dependent, the standard benefit can go as high as $19,320 a year. It is $22,596 for Housebound, and it goes up to $29,175 annually for a veteran with a dependent that qualifies for Aid and Attendance. These figures go up by $2523 per year for each additional dependent.
Attend a Complimentary Seminar!
We are conducting some seminars over the coming weeks that are being held at nice locations in our service areas. They cover key elder care planning and estate planning topics, and they are being offered on a complimentary basis.
You can visit our seminar schedule page to see the dates and obtain more information.
Need Help Now?
It is important to learn all you can about the estate planning process, but at some point, action is required. If you are there, you can give us a call at 860-548-1000 to schedule a consultation at our Glastonbury or Westport, CT estate planning offices. There is also a contact form on this site you can use if you would rather send us a message.
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