Military veterans take risks and suffer hardships, so embarking on a military career is certainly not an easy road to take. However, people who serve are often fueled by the motivation to serve their country and this can be a reward in and of itself. At the same time, their contributions do not go unnoticed and there are some very useful rewards that go along with military service. These benefits can play a significant role in your long-term planning efforts.
The cost of long-term care is considerable these days, and a lot of people aren’t aware of just how expensive it is to spend some time in a nursing home or a long-term care facility. Using national averages in terms of cost and length of stay, you could well be looking at an expense of around a quarter of a million dollars at the end of your life and perhaps more under certain circumstances. Some 70% of people who reach the age of 65 will need long-term care at some point in time so this is indeed something that could happen to you.
Veterans who served at least one day during a time of war out of a total of a minimum of 90 days of service meet the length of service eligibility requirement for a benefit called the Veterans Aid & Attendance special pension. Single eligible veterans who need living assistance can receive over $1600 per month, and though this is not going to cover everything it can be a big help and it could potentially pay for in-home care in full.
Another benefit that military veterans enjoy is that of a lifetime pension after 20 years of service. Having this income stream in addition to your Social Security benefit can often provide a very comfortable retirement. There are those who begin a new career in the civilian sector after serving 20 years and these individuals have a lot of options when they are planning for the future.
To learn more about long-term planning for veterans, get in touch with an experienced legacy planning attorney to arrange for an informative consultation.