Veterans have many options not available to the general public when it comes to financial planning for their retirement years. From no-cost healthcare to assisted living benefits, there are a few perks that go along with having served. If you are a veteran, you may not realize just how many options and services you have available. Here are just a few, along with advice on how to make your senior years your best years.
Living at home
Aging in place, or living in your own home once you enter your senior years, has become a popular option among older Americans. As a veteran, you may be eligible for Aid and Attendance benefits. You and your spouse can receive up to $2,120 per month in financial assistance to receive care at home (or an assisted living facility, if you choose). Senior lifestyle blog After55.com explains that Aid and Attendance provides coverage for things such as medication management, dressing, and eating.
In addition to having an extra set of hands, there are many technological advances that make it possible for all seniors to enjoy at-home independence. Smart doorbells, for example, can help you keep up with who comes and goes around your house. Devices like a smart home hub can help you control other electronics, including lights and electrical outlets. HomeAdvisor further notes that health monitoring devices are available that can help your children and grandchildren keep an eye on your sleeping, eating, and activity habits.
Planning with your pension
Investopedia explains that many veterans are eligible for a lifetime pension. This amount varies according to the branch in which you serve and the highest salary you earned while active. Most veterans with at least 20 years of service can expect to receive approximately 50 percent of their base pay, calculated according to the highest rate you received for at least 36 months. So, if you retired with a salary of $5,000 per month, you will receive $2,500 each month in perpetuity. While this might sound like a lot of money, you must also consider that you spent that 20 years likely moving from place to place. You may have not had an opportunity to purchase a home, meaning you’ve missed out on valuable equity. It’s important to calculate how much you will receive so that you know how much you need to make up to cover the entire cost of living, which varies from one state to another.
Health and medical
Senior veterans are eligible for VA healthcare. And, as the VA explains, most enjoy out-of-pocket costs of around $320 per year. This is considerably less expensive than Medicare. (The inpatient hospital deductible for original Medicare is $1,364 for each benefit period.) Sticking with VA healthcare can save your thousands of dollars each year, and you will have access to many benefits, including high-performing VA hospitals, medical equipment, mental health care, and preventative services. However, keep in mind that you can also sign up for Medicare when you turn 65. This, too, has benefits, including having access to a wider selection of healthcare providers. While the VA has 1,250 facilities throughout the country, Medicare and Medicare Advantage plans have many more.
In addition to Aid and Attendance, a pension, and medical care, veterans are also eligible for a number of perks, and these can save you money and make it easier to manage your cash flow during retirement. A few of these include:
● VA loans for purchase or refinance
● Discounted vehicle insurance
You served your country, and it is your country’s turn to serve you. While it would be impossible to properly repay you – and your family – for your sacrifices during your active-duty years, the above benefits can ease your financial worries as you enter your golden years.
This article is written by our guest writer Michael Longsdon . He understands the process and challenges associated with helping seniors downsize, and he’s had first-hand experience helping his in-laws downsize and resettle.
As always, if you need help with your Home Buying and Selling, you can reach out to us. We are your Trusted Real Estate Adviser and we are ready to assist anytime! Call or text me at 561.573.0557 or visit https://www.floridasignatureestates.com/