Veterans Pension Benefits
Military Retirement Pay
People typically join the military when they are young adults. To provide an example, let’s say that you enlist when you are 21 years of age. At the age of 41, you would qualify for a minimal pension (40%-50% of your base pay depending on certain circumstances). If you stay in for 40 years, your pension would be equal to 100% of your base pay.If you retire from the military after 20 years when you are 41, you would receive a nice monthly pension benefit. You would have a strong resume, and you could embark on a new career in the private sector.
For the next 25 years, you could build a 401(k) and save your pension benefits as you look ahead toward Social Security eligibility. Ultimately, you could retire with a very significant nest egg and two different sources of ongoing income to draw from for the rest of your life.Another option would be to spend your entire working career in the military. You would receive a hefty pension, and that would be coupled with your Social Security benefit.
Supplemental Income for Wartime Veterans
This benefit is intended for veterans with very limited financial capabilities, so there is a low income limit. The amount of the benefit for a qualified applicant would be calculated by deducting the countable family income from the annual pension limit that is legislatively mandated. A former member of the armed services that is eligible for this Veterans Pension could potentially receive additional benefits. There is an Aid and Attendance increase in the monthly pension for veterans that need assistance with their activities of daily living. A veteran that needs living assistance that is housebound can potentially receive an additional increase.