You must have a thorough understanding of the benefits that are available to you when you are planning for retirement as a military veteran.
Most people are aware of the fact that you are entitled to a retirement pension after 20 years of service. If you do retire after serving 20 years your pension benefit will be based on a percentage of your base pay. The longer you stay in the higher the percentage will be when you do begin to draw your pension benefit.
After 40 years of service you would be eligible to receive your entire base pay as your pension benefit, and if you combine this with your Social Security benefit you would find yourself in a rather comfortable situation during your golden years.
It is important to recognize the fact that your surviving spouse would not continue to receive your pension benefit after you pass away. However, the military gives you the ability to provide ongoing income to your husband or wife through the Survivor Benefit Plan.
Once you retire you must pay premiums monthly to participate in the plan. If you choose the maximum amount of coverage your spouse would receive a benefit equal to 55% of the benefit that you were receiving while you were still alive.
The best way to proceed as a a veteran looking forward toward the future is to sit down and discuss your situation with a licensed and experienced South Carolina financial planning lawyer. Your attorney will answer all of your questions and help you devise a plan that leads to a truly comfortable retirement.
- Preparing for Coronavirus - March 10, 2020
- Incapacity Planning - December 20, 2018
- Special Accounts for People with Special Needs - December 17, 2018
