Former military service members who have served for at least 20 years earn a pension that can help pave the way to a comfortable retirement.
There are other less publicized benefits to tap into as well, such as the Veterans Aid & Attendance special pension. You would do well to gain a full understanding of everything that is available to you as you are making plans for the future.
Effective veterans benefits planning is something that requires expert advice. It can be difficult to gain a comprehensive understanding of everything that you are entitled to as a veteran.
An added level of complexity arises when you try to figure out how your veterans benefits interface with benefits that you are entitled to as an American citizen.
When you work with a good financial planning attorney to develop a solid long-term plan you can be certain that you are taking full advantage of everything that you have earned. It is very possible for former service members to enjoy a totally comfortable retirement, and it is a much deserved reward for years of selfless service.
Retirement planning lawyers are often asked about spousal benefits. If you retire from the military with a pension after at least 20 years of service, will your spouse continue to receive that pension after you pass away?
In fact your spouse would not receive your pension. However, you can provide for your husband or wife by paying into the Survivor Benefit Plan after you retire.
Full coverage would result in your spouse receiving 55% of the amount of your retirement pension every month upon your passing. You have the option of signing up for lesser coverage as well if this is your choice. The costs of the premiums are set relative to the amount of the benefit that your spouse would receive.
Latest posts by Alan Augulis, Estate Planning Attorney (see all)
- Trust Administration 101 for the First-Time Trustee - August 23, 2018
- Do I Need a Medicaid Planning Attorney? - June 11, 2018
- Can an Incapacity Planning Attorney Help Me Plan for the Possibility of Alzheimer’s? - May 1, 2018