Planning for Veterans
There are many programs available to help those veterans who have served our country in keeping their homes, securing a secure retirement, or looking after a loved one’s living expenses. There are various veteran centers that provide financial planning services for veterans. Many local VA hospitals also offer financial planning services for their patients. But what are the different types of financial planning services for veterans? How do they differ from regular financial planning?
A few differences are in the nature of compensation received by active duty service members and retired personnel. Active duty personnel are not entitled to the same benefits as retired personnel. In addition, certain disabilities are not considered when awarding Social Security disability benefits to former soldiers and sailors. These include: deployment to a foreign nation, payment of benefits while on active duty, or confinement or death in the service.
In terms of disability compensation, those awarded to former soldiers and sailors receive a monthly disability check equal to 50% of their regular income. This amount is then subtracted from the monthly paycheck to calculate a monthly total. Many veterans find this addition very helpful in meeting unexpected costs such as medical bills. Most of these disability checks are then channeled to personal investment accounts and used for any purpose desired.
Financial Planning for Veterans
Another common service offered to those who served our country is the awarding of a retirement plan known as a VA, which was created by the va internal act for the benefit of veterans. A veteran can choose to take an approved veteran retirement program or elect to go straight to a bank to start an account. Most banks require a financial education for their customers as part of their financial planning services for veterans.
Although most veterans earn a higher than average retirement pension, the process of claiming your pension can be a lengthy one. Veterans who were honorably discharged must wait until seven years pass since the date of discharge from active duty before they can apply for a pension. In some cases, the wait time is only three to five years. Financial education counselors at local VA offices can help veterans with the application process as well as other pension-related issues.
Financial planning for veterans and active duty military personnel is a necessary step in ensuring a well-rounded life after your service. If you are a veteran, contact your nearest U.S. veterans program office today to learn more about financial assistance for your recovery. Many branches of the armed forces offer many beneficial benefits to their veterans and may even be able to make a direct VA claim on your Social Security death benefit.