Far too many people find themselves unprepared for retirement, and if you don’t want to be one of them you would do well to devise an intelligent plan and stick to it. Depending on your resources and the nature of your career path exactly how to go about this is going to vary.
A lot of people who look toward the future at a young age decide to join the military with an eye on retirement. After 20 years of active duty veterans qualify for a retirement pension. They receive this pension for life, and this in itself can go a long way toward feathering your nest for retirement. However, if you embark on a military career when you are a young adult you have plenty of time to move on and into a career position in the private sector after serving 20 years to qualify for the military retirement pension.
Since you will be earning an income via your civilian job, you could choose to save and/or invest your pension benefits until it becomes time to retire from your private sector position. You could also contribute into the 401(k) plan at work and have this retirement savings account to draw from along with your retirement pension and Social Security benefit. This is in addition to the accumulated savings that you have as a result of putting away your military pension checks while you were still working.
Another benefit that people are often unaware of is the Veterans Aid and Attendance special pension. This can augment your incapacity plan because it provides up to $1062 per month for eligible veterans who need help with their day-to-day needs. The length of service requirement for this veterans benefit is modest; you must have served at least one day during wartime and a minimum of 90 days in all.
To learn more about long-term planning for veterans, take a moment to arrange for a consultation with an experienced and savvy legacy planning attorney.