RETIREMENT PLANNING FOR VETERANS
June 20, 2013
People who serve in the military put it all on the line for the rest of us, and in many cases they must make a lot of sacrifices.
Though the challenges that go along with service are readily apparent, military service is something that can be very rewarding to a young person on a number of different levels. You can learn a skill or trade, develop a resume, gain an understanding of what teamwork is all about, and gain first-hand knowledge of the value of hard work.
In addition, if you were to remain in the military for at least 20 years you would be you eligible to receive a retirement pension for the rest of your life. This can provide veterans with a very clear-cut path toward a comfortable retirement.
Envision a hypothetical case where an 18-year-old woman enters the military after graduating from high school. She spends 20 years in the service and develops a solid resume. At this point she is entitled to a monthly military pension check and is just 38 years of age.
She could then enter into a career in the private sector and pay her way with her earnings throughout her career while saving her military pension checks. This individual could simultaneously contribute into the 401(k) plan at work.
By the time this veteran becomes eligible to receive Social Security she would have saved a considerable nest egg, and she would have monthly income from both her military pension and her Social Security benefit.
Without question, military service can require sacrifices but there are rewards to be had in return. If you are a veteran interested in devising a long-term plan for the future, take action right now to arrange for a consultation with a licensed Redlands CA retirement planning lawyer.