Individuals who make the sacrifices necessary to serve their country in the armed forces are entitled to certain benefits for their service. When you are creating a comprehensive long-term plan for the future these military benefits can be of great assistance, and we would like to take look at a couple of them here.
There is a particular benefit that a lot of people are not aware of that can help to defray the cost of long-term care should you need such assistance at some point in time. The Veterans Aid & Attendance pension is available to veterans who need assistance with their day to day living needs, things like grooming themselves, eating, taking care of household chores, etc. To meet the length of service eligibility requirements one must have served for a total of at least 90 days with a minimum of one of these days taking place during wartime.
Since seven out of every 10 people who reach the age of 65 are going to need long-term care at some point in their lives budgeting for these costs is something that everyone must consider. This benefit can provide over $1600 per month for single veterans so it can be a big help for those who are qualified.
Military service can be of great value when you’re planning for retirement as well. If you were to serve for 20 years you would be entitled to a military pension for the rest of your life. After 20 years of service you would still be young enough to embark on a career path in civilian life.
During this time you could save your pension checks while contributing into the 401(k) plan at work. By the time you become eligible for Social Security you should be in a comfortable financial position, poised to enjoy your active retirement years to the utmost.
- A Trust Can Facilitate Responsible Pet Ownership - September 13, 2022
- Life Care Planning, Aging in Place, and the Medicaid Waiver - August 30, 2022
- What Is a Stepped-Up Basis? - August 16, 2022