As a veteran, you were trained to appreciate the value of planning. Whether you developed 5-Paragraph Orders or Unit Contingency Plans, you understand that the details of preparedness are the keys of future success.
If you take this same discipline and insight to the process of retirement planning for your future as a resident of Detroit MI, you’re on a solid path to ensuring a successful and enjoyable retirement. In fact, the lifestyle you are able to enjoy is largely dependent upon making the right decisions today.
The Impact of Military Service on Your Retirement
As a veteran, you may have served for a short term in the military, retired for medical reasons, or retired after a full career with all benefits. Regardless of your situation as a veteran, you should make it a priority to find a Detroit MI financial planner who understands the impact of your service on retirement.
Military service will determine a number of benefits you do or don’t receive after retirement, including:
• Retirement pay
• Survivor benefits
• Certain life insurance benefits
• Medical care and long-term care
• Burial benefits
• Special benefits for former POWs, combat veterans, and special benefits for certain awards, such as the Purple Heart Medal.
Social Security and Medicare
If you served in the military to retirement, you will generally see no reduction in your Social Security benefits due to the military retirement payments you receive. However, certain survivors benefits may be affected under the Department of Defense Survivors Benefit Plan. As with many government programs, these rules and laws change frequently, and your Detroit MI financial planner can help you sort out what current regulations affect your retirement planning.
All veterans qualify for Medicare at age 65 the same as other qualified citizens. However, you may choose to continue to receive care at a Veterans Affairs facility, including regular primary care. You may also qualify for long-term care and other services that are above and beyond what Medicare provides. This is especially the case for former POWs, individuals with combat-related injuries, and those who served for 30 years or more.
If you have Medicare and/or regular medical insurance, you may also choose to have your care in a private facility. Recent changes in VA benefits provide many veterans with private care options, especially for those who live more than a certain number of miles from a VA facility. Again, your financial advisor can help you determine the best planning for medical care based on your personal needs and desires.
Other Factors Affecting Retirement for Veterans
Your status as a veteran, wounded veteran, or retired veteran will play a key role in determining your additional benefits, especially those affecting retirement. Many states also have benefits that you want to take into consideration in your retirement planning. For example, you might want to pursue additional education or buy a home for retirement. You may benefit from special federal, state and local laws the provide benefits in these and other areas for veterans.
As the military says, proper planning prevents future poor performance. This attitude will go a long way to providing the retirement lifestyle you desire and deserve.
If you are a veteran, or you have a loved one who is, and you’re looking for coverage and financial support, USA War Vet is here for you. Call us at 1-800-850-5504 or visit us at www.usawarvet.org to learn more.