Special Benefits for Senior Veterans Planning for the Future

According to CNBC, most Americans need around $1.7 million to retire comfortably. Fortunately, this doesn't all have to be in cash, and, as a veteran and a senior, you may have a few benefits that can help you manage your money. 

Retirement Savings Options

Many veterans pay military pensions available. Unlike most retirement plans, military pensions start on the first day of retirement, no matter the individual's age. 

Military pensions also come with a cost of living adjustment each year. Surviving family members can qualify for some of your pension benefits if they outlive you.

Four military retirement pay programs exist depending on when you entered military service - Computing Retired Military Pay | Military.com.

Many vets have a second career following the military before they finally 'retire' for good. By the time you reach retirement age, you likely already have put aside some money. 

But, if you've yet to pull out of the workforce, it's never too late to start saving. According to Rick Crawford & Associates, there are many retirement planning options, including an IRA and Keogh Plan, which are designed for self-employed individuals. You might also look into a self-employment IRA or use money that you have in cash savings as an annuity to help supplement your income.

Social Interaction and Isolation

Social interaction is vital for seniors, who often suffer greatly from the effects of loneliness and isolation. When making plans for your future, consider rekindling old friendships and restoring connections that may have fallen by the wayside over the years. 

Social interaction is beneficial for seniors who don't have family or whose relatives live miles away. If you want to reconnect with some of your old classmates from, for example, the Wheaton, Illinois area, many websites - like Classfinders, help point you in the right direction. Vet Friends can help you find former military buddies that you can reconnect with that may live near you - VetFriends.com | Military Buddy Finder.

Whatever you choose to do regarding the future, make sure you have good friends by your side who will support you through it all. 

Paying for Home Modifications

As a veteran, you might have some service-related disabilities, such as musculoskeletal injuries that exacerbate age-related mobility issues. These past injuries might make it necessary to retrofit your home to accommodate you as you age. 

While you can use savings or credit to pay for things you need, such as a wheelchair ramp or wider doorways, another option is to refinance and pull some equity out of your home. A cash-out refinance wipes out your existing mortgage and gives you a newer mortgage, often with a lower interest rate, for a higher amount than you actually owe on your home. You are then given the balance in cash at closing. 

Reverse mortgages can also be helpful as a way to eliminate mortgage payments, fund Long-Term Care Insurance - or fund in-home health care services, and even enhance your retirement income - Reverse Mortgages | LTC News.

Health and Geriatric Services

Veterans and other military-related individuals may qualify for TriCare. TRICARE is a health program for:

• Uniformed Service members and their families,
• National Guard/Reserve members - including:
• Army National Guard
• Army Reserve
• Navy Reserve
• Marine Corps Reserve
• Air National Guard
• Air Force Reserve
• U.S. Coast Guard Reserve
•  and their families,
• Survivors,
• Former spouses,
• Medal of Honor recipients and their families, and
• Others registered in the Defense Enrollment Eligibility Reporting System (DEERS).

You may also be eligible for other geriatric services, including adult day health, home-based care, and home hospice. These and other services are provided after an evaluation and only if you qualify for VA benefits, which nearly half of all veterans do. 

However, you will need a service-related need for care services or have limited income and assets. If you qualify, you may enjoy benefits of up to $2295 per month on assisted living and dementia care. This can significantly cut down on the amount of cash that you need to have saved to retire. 

Medicare pays for a limited number of skilled services, and Medicaid pays if you have little or no income and assets.

Long-Term Care Insurance will pay for all types of long-term health care, including in-home care; however, you must have reasonably good health to qualify for coverage usually purchased in your 50s. For vets with savings to protect, private Long-Term Care Insurance will usually be the best option to protect assets and reduce the stress and anxiety that long-term health care places on family members.

Seek help finding appropriate coverage by using a qualified specialist - Work With a Specialist | LTC News.

Burial Benefits

Vets will get funeral honors. Generally, military funeral honors are performed by two uniformed service members. In some situations, in addition to the playing of "Taps," there will be a uniformed rifle detail and color guard. 

At least one uniformed detail member will be from the deceased's military branch. The ceremony consists of folding and presenting the U.S. flag and playing "Taps," either by a high-quality recording or a bugler.

Get details on military honors at funerals - Arranging Military Funerals - VA.org

While burial benefits are limited — a maximum of $2,000 for service-related deaths — it's good to know ahead of time what you might qualify for. 

Veterans may also be eligible for $255 through the Social Security Administration and a free plot at a national cemetery. Considering the average cost of a funeral can top $10,000 or more, any amount you can shave off of this will help you plan and take some burden off of your loved ones.

Veterans have available benefits that those without a military record do not. When it's time to plan for your future, it's wise to know what's available ahead of time.