As an elder law firm, we offer comprehensive assistance to clients who are looking ahead toward their senior years. This applies everyone, but we are especially proud to work with military veterans that are planning ahead for the future with long-term care in mind.
These brave men and women put it all on the line to keep our country safe, and they make a lot of sacrifices. There is no way that they can be fully repaid for their service, but they do earn benefits that can help pave the way to a comfortable retirement.
Retirement Pension
Pensions are becoming increasingly rare, and you can take advantage of a fantastic opportunity in this regard if you have been in the armed forces. Service members who have served for at least 20 years are eligible for a military retirement pension.
The longer that you serve before you schedule your retirement, the larger your retirement benefit will be. If you retire after 40 years of service, you will receive 100 percent of your base pay for the rest of your life. This is a retirement benefit that is pretty hard to beat.
There is another retirement strategy that can be utilized in light of the military pension that veterans can receive after 20 years of service. To provide an example, let’s say that you join the Army right after high school when you are 18 years of age.
You sign up to pursue the Information Technology Specialist designation. After basic training, you attend a school to learn what you need to know, and you move on to a duty station.
After 20 years of service, you have built a strong resume. At this point, you are an authentic expert in your field, and you are just 38 years of age. While it would be possible to remain in the military, you could decide to retire and accept a higher paying job in the private sector.
As you utilize your salary to maintain your standard of living, your monthly pension benefits can accumulate. You can also contribute into a 401(k) to add to the savings.
When you reach the age of 67, you will qualify your full Social Security benefit. You would receive a monthly Social Security direct deposit along with your military pension for the rest of your life. You would have income and savings, so you would be all set
Veterans Pension With Possible Aid and Attendance
Most people have heard of the retirement pension that comes after two decades of active duty. However, there is another pension that flies under the radar.
The benefit we are referring to is simply called the Veterans Pension. Unlike the aforementioned retirement benefit, you do not have to serve for at least 20 years to qualify. If you started serving before September 8, 1980, you need 90 day of service with a minimum of one wartime day.
For those that began their service on a later date, the wartime stipulation is still in place, and the length of service requirement is 24 months.
In addition to these two requirements, you have to be at least 65 years old or permanently and totally disabled.
Key Figures
This benefit is intended for veterans with financial need, so there is a $155,356 net worth limit right now, but it does not include your home and one motor vehicle.
At the time of this writing in 2024, a single veteran may be eligible for up to $16,551 a year. An eligible veteran that needs help with their activities of daily living can qualify for the Aid and Attendance version. This will provide a maximum $27,609 annual benefit.
For a veteran with one dependent that is eligible for the standard version, the figure is $21,674 annually. It goes up to $32,729 for those that qualify for the Age and Attendance designation.
Attend a Free Webinar!
Attorney S.J. Khalsa conducts live webinars on an ongoing basis, and we also offer an on-demand webinar that you can access at your convenience. This is a great first step before you set up a consultation, and the webinars are offered on a complimentary basis.
To learn more, visit our Manhattan, NY elder law planning webinar page.
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