When you think about the sacrifices that veterans make on a day-to-day basis, it can be mind-boggling. This is true for every veteran, but those who served during times of war take unimaginable risks to keep our country safe.
How can you repay someone who makes this type of commitment for the common good? There really is no reward that is truly adequate, but veterans can reap some important benefits that can help them during their senior years.
One of them is the retirement pension that veterans can qualify for when they have served for at least 20 years. There are those who leave the service after 20 years, and they then embark on second careers. They utilize the experience that they gained during their years of service to get good jobs, and all the while, they draw a monthly retirement benefit.
There is another path that many veterans take that leads to a comfortable retirement. They stay in the service until they are ready to put their working careers completely behind them, and they get a maximum military pension. These veterans also receive Social Security benefits, so they can be quite comfortable during their elder years.
Long-Term Care
Many senior citizens require help with their activities of daily living at some point in time. In fact, most elders someday need help with their day-to-day needs. Long-term care is extremely expensive, and Medicare will not pick up the tab for custodial care.
Veterans who have served during a time of war may be entitled to a very valuable government benefit that exists apart from the retirement pension. The benefit that we are referring to is the Veterans Aid and Attendance Special Pension.
To qualify for this special pension, you must be able to prove that you have some level of financial need. Each individual case is decided on its own merit, but in general, the limit on countable assets is no more $80,000. In some cases, it is much lower. However, your vehicle, your home, and your personal belongings are not counted.
There is a length of service requirement, but it is surprisingly modest. If you have served one day during a time of war out of a total of 90 days of service, you meet this requirement.
A veteran who is eligible can be qualified for a monthly benefit of as much as $1,788, and the surviving spouse of a veteran who was eligible can qualify for up to $1,149 per month per month. Married couples who qualify for the Veterans Aid and Attendance Special Pension can potentially receive the maximum benefit of $2120 each month.
Special Report on Veterans Planning
We have prepared an in-depth special report that will provide you with more detailed information about the Veterans Aid and Attendance Special Pension. The report is free, and you can click this link to obtain access to your copy: Veterans Planning Report.
We also regularly assist clients with planning to qualify for VA benefits. For assistance, simply call our office.
- The Importance of Updating Your Estate Plan as You Age - March 29, 2023
- Protecting Your Assets in Retirement: Estate Planning Tips - March 27, 2023
- Estate Planning for Small Business Owners - March 25, 2023
Leave a Reply
You must be logged in to post a comment.