When it comes to retirement planning, people who are serving or have served in the United States armed forces have some very attractive options. Individuals who have served for at least 20 years are entitled to a retirement pension that they receive for the rest of their lives. Since most people who join the military do so at a young age, if you plan intelligently you could take advantage of this pension and set yourself up nicely for retirement.
For example, someone who joins the military at 21 years of age could retire at 41. He or she could then embark on a career in the private sector and be receiving a military pension check every month all the while. If this veteran was to save and invest the pension income while contributing to a 401(k) at his or her civilian job for the next 25 years or so, when it came time to apply for Social Security benefits this individual would be in a very comfortable financial position.
Most people are aware of the fact that veterans are entitled to a retirement pension after 20 years of service. But there is another type of pension that some veterans qualify for that is often overlooked called the Veterans Aid and Attendance special pension. This pension is intended to assist qualified veterans who need help with their day-to-day needs, things like dressing, eating, bathing, etc.
To qualify for this pension you do not need to have served for 20 years. People who have served at least 90 days with a minimum of one of these days taking place during a time of war meet the length of service eligibility requirement.
Qualified single veterans can receive over $1600 per month. To find out all of the details and obtain application information, simply contact the United States Veterans Benefits Administration.