Depending on your financial capabilities, if you want to be prepared when your retirement years arrive you may have to plan carefully in advance and stick to the plan over a period of decades. This may sound like a stern and dry proclamation, but it can actually be a lot of fun to envision what you want to do in the future and take incremental steps toward attaining that goal. Recognizing the fact that you are getting closer can be an uplifting, life-affirming feeling that reminds you of the fact that there is indeed a pot of gold at the end of the rainbow.
Many people who are serious about enjoying a couple retirement embark on military careers early in life as a way to simultaneously serve their country while aiming toward earning a pension. Military pensions are allotted to veterans who have served at least 20 years on active duty. So it is possible to join the armed services when you are a young adult, retire after 20 years, and draw pension while embarking on a new career as a civilian.
If you are planning for your retirement you could choose to put all of your pension money aside so that you have a fantastic head start. Between your 401(k) plan that you participate in at your new job, your Social Security benefits, and your military pension, you should be able to retire and financial comfort when the time comes.
There is another benefit available to veterans that is often overlooked called the Veterans Aid and Attendance pension. This pension is earmarked for veterans who need assistance with their day-to-day needs, things like bathing, eating, dressing, etc. Unlike the standard military pension qualifying for Veterans A & A doesn’t require 20 years of service. It is available to qualified veterans who served at least 90 days on active duty with the minimum of one of these days taking place during a time of war.
To learn more about retirement planning for veterans, simply arrange for initial consultation with an experienced retirement attorney will evaluate your situation and give you expert, personalized advice.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.