People who have served our country in the military can be eligible for certain benefits that can help them out during their retirement years. This is a small reward considering the extent of the sacrifices that are made by our veterans, but these benefits can make a significant difference in the lives of many former service members.
After 20 years of service, veterans become eligible for a retirement pension. The amount of the pension that will be received goes up as service members continue to serve beyond this 20 year threshold.
Since many people join the service when they are young adults, there are opportunities. If you are a service member who was to retire after 20 years, you could potentially embark on a career in the private sector when you are still relatively young. You may devote 25 or 30 years to your new career, and all the while, your military retirement pension will accumulate if you live on your earnings.
A veteran can also choose to remain in the service until he or she is eligible for Social Security. This can result in a maximum military retirement benefit, and the combination of the two regular direct deposits can provide significant income going the golden years.
Long-Term Care Assistance for Veterans
The retirement pension benefit is not the only pension that can help veterans during their senior years. There is another benefit called the Veterans Aid and Attendance Special Pension.
This pension can potentially be available to veterans who require help with their day-to-day needs. Most senior citizens will require living assistance eventually, and Medicare does not pay for it, so the Veterans Aid and Attendance Special Pension can really come in handy.
There is an asset limit, because the Veterans Aid and Attendance Special Pension is earmarked for veterans with financial need. Generally speaking, the limit on countable assets is $80,000, but decisions are made on an individual basis based on the circumstances. Plus, your home and your vehicle would not be countable assets.
If you are qualified for the Veterans Aid and Attendance Special Pension and you are single, the maximum monthly benefit would be $1788. Under currently existing parameters, the maximum benefit for a married couple would be $2120.
A qualified veteran who is capable of independent living could qualify for this pension if his or her spouse is in need of living assistance. Under these circumstances, a monthly benefit of $1,406 per month could be approved by the Veterans Administration.
The surviving spouse of a qualified veteran could also be qualified for a benefit, and the maximum under these circumstances would be $1149 per month.
Veterans Benefit Planning Consultation
There is a lot to take into consideration if you are a veteran who is looking ahead toward your senior years. If you would like to discuss things with a licensed professional, send us a message through this link to set up a free consultation: Grand Forks ND Veterans Planning.