People in the elder law community are talking about the fact that many individuals who are approaching retirement age are simply not prepared. About a fourth of baby boomers who recently responded to an AP-LifeGoesStrong.com poll have no retirement savings at all, and over 60% of them expect Social Security to be their primary source of retirement income. This is a rather “imperfect storm” when you consider the fact that the federal budget deficit has many of us – even a few serious legislators in Washington – finally realizing that it is likely we will have to trim entitlement programs for senior citizens.
Depending on the extent of your resources, it may take careful planning to be prepared for retirement. Reaching the point where you are able pay your bills without working is not something that is a given. Many people have this in mind when they join the military. Those who have served in the Armed Forces for 20 years or more are entitled to a pension. This military pension coupled with Social Security can often be enough for a veteran to retire in reasonable comfort.
And of course there are those who continue working after retiring from the military, receiving a pension all the while. These veterans may participate in a 401(k) plan on-the-job while saving and investing their pension income. This strategy can certainly lead to a more comfortable financial position during retirement.
After your active retirement years come to a close you may need assistance with your day-to-day living needs. Veterans who have served at least 90 days in the armed forces with a minimum of one of these days taking place during a time of war may qualify for a military benefit called the Veterans Aid and Attendance pension. Single veterans who are qualified can receive over $1600 per month as of this writing, and this amount of money can go a long way toward defraying your long-term care costs.
Veterans earn certain opportunities that can help them enjoy their retirement years to the fullest. If you’d like to gain a more in-depth understanding of retirement planning for veterans, simply contact an experienced retirement planning attorney.
- Understanding IRA Inheritance Planning: Key Considerations - September 14, 2023
- Irrevocable Trust Decanting Provides Flexibility - September 12, 2023
- Inheritance Planning Solution for a Spendthrift Heir - September 7, 2023