Military service can be challenging and it is not for everyone. Those who do serve are entitled to benefits that can be very useful when you are planning for the future. One of these benefits helps eligible veterans pay for long-term care, and long-term care has become very expensive in the United States. Around 70% of people who reach senior citizen status will need long-term care at some point in their lifetime. So, if you want to budget responsibly, it is a good idea to take these expenses seriously.
There is a military benefit called the Veterans Aid & Attendance program. It is a special pension that can be used to great advantage as a way to defray the costs associated with long-term care. To qualify for this benefit, which is intended to assist veterans who need help with their day-to-day needs, you must have served in the military for at least 90 days with at least one of these days taking place during a time of war.
Single veterans who qualify for this benefit can receive over $1,600 per month which can be a big help if you are forced to pay for long-term care during the latter portion of your life.
Another thing to consider is the fact that veterans who have served for at least 20 years are entitled to a retirement pension. So an individual could spend two decades in the military, retire with a pension, and then embark on a career in the private sector.
If you were to go this route, by the time you reach full retirement age as defined by the Social Security Administration, you would probably have been able to save all or most of your pension earnings as you supported yourself with your wages. This nest egg and your 401(k) account coupled with your Social Security benefit and ongoing military pension checks should put you in a good position for retirement.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
- Incentives Can Be Part of Your Estate Plan - May 30, 2023
- Straight Answers From an Estate Planning Lawyer - May 25, 2023
- How Can You Leave an Inheritance to a Dog? - May 23, 2023
