When you serve in the military you make a lot of sacrifices for your country. In return, there are some significant rewards that are offered to individuals who have been in the armed forces. For one, those who have served for at least 20 years are eligible to receive a retirement pension. As we all know most people who enlist in the service do so when they are young adults. So it is possible to put in those 20 years and then embark on a career as a civilian while you are receiving a military pension.
This can provide you with the opportunity to save and/or invest your military pension checks while you live on your salary and participate in the 401(k) plan that is offered at work. By the time you reach the age of Social Security eligibility, you are likely to find yourself in a very comfortable financial position. You can then enjoy your active retirement years to the fullest with the financial resources to do all the things that you always planned on doing while you were traversing your career path.
Another benefit that is available to many veterans is called the Veterans Aid & Attendance special pension. This benefit is available to veterans who served at least 90 days in total with a minimum of one of those days taking place during a time of war. It is intended to assist those who need help with their day-to-day needs. So a qualified veteran could apply his or her Veterans A & A pension benefit to defray the cost of a stay in a nursing home or assisted living facility or to contribute toward the costs associated with in-home care.
Veterans have some considerable resources to draw from when they are planning for the future. If you would like to explore long-term planning for veterans in detail, take action right now and arrange for a consultation with an experienced legacy planning attorney.
Paul A. Kraft, Estate Planning Attorney
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.
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