Retirement planning as a member of the United States Armed Forces can be a rather pleasant experience because you have a very clear-cut path to financial security. This is largely because of the fact that veterans are entitled to a retirement pension after a minimum of 20 years of service.
One could retire from the military at a relatively young age and then work in the private sector for a couple of decades while still receiving a military pension every month. These pension payments could all be saved in anticipation of retirement as you lived off of your earnings from your career position.
If you were to pay into the 401(k) plan that is offered at work all the while you would be in an ideal position when you eventually reach the age of Social Security eligibility.
One question that arises with regard to military retirement benefits involves a surviving spouse. Does your husband or wife continue to receive your pension benefits after you pass away?
The answer is no, and this is a very important factor to keep in mind when you are planning ahead for the future as a veteran. There is however a Survivor Benefit Plan. You pay into the program as a form of insurance, and in the event of your death your spouse will receive 55% of a base amount that you choose when you enroll in the program.
If you want to learn more about veterans benefits planning and have all your questions answered don’t hesitate to pick up the phone to set up a consultation with a good Hartford estate planning lawyer who has a background assisting former service members.