The number of veterans continues to increase yearly. There are over 9.3 million individuals who served in the armed forces and are now officially retired. The burden of this generation’s veterans is mainly due to the war in Vietnam. Out of these, 4.8 million are officially retired.

Some of these individuals will be able to retire in six years. Regardless of the length of their service, there is still a chance that they took advantage of the various education and training programs available to them. If you are a veteran approaching retirement age, you should have the necessary resources to start looking for a new job.

Veteran Pension

Supplemental Income for Wartime Veterans

The Department of Veterans Affairs provides an extra income for wartime veterans using the pension benefit. To qualify for this qualification, you must have served at least 90 days of being active in duty. If you join the active duty phase after September 7, 1980, this requirement extends to 24 months.

Sometimes, it may require you to be active with at least a day being productive during wartime. You should have attained 65 years or be a registered member receiving Social Security Disability Insurance or Supplemental Security Income. Another qualification is that you should receive skilled care in a nursing home or be disabled.

Survivors Pension

If you have a parent or a spouse that served during wartime, you qualify to be in the survivor’s qualification pension. This compensation is for unmarried children, widowers, and widows who have not remarried. If you are the deceased, you should have been a discharged veteran that served at least 90days of active service, with a day during wartime. For children,

• You must be below 18 years.
• Under 23 when attending a VA-approved school.
• A child should be permanently incapable of self-sustenance due to childhood disability.

The pensions are based on an annual family income under the required amount Congress has to determine for you to qualify.

Additional Monetary Benefits for Veterans

If you’re a veteran and are eligible for the veteran’s pension, you might also qualify for additional housing benefits. This help boosts your retirement income and provides for the needs of those in nursing homes or other facilities. The Aid and Attendance pension provides financial assistance to help those who are unable to care for themselves.

Life Insurance Policies For Veterans

After assessing your life insurance, you should know the coverage breadth you need and what is available. The assessment will help you choose the insurance company that suits your needs perfectly.

Service Members’ Group Life Insurance

The Servicemembers’ Group Life Insurance (SGLI) is a cost-effective insurance term that is automatic for the majority of active-duty servicemembers and for veterans that have performed for a year with the National Guard or Ready Reserve. For this coverage, you can extend it to the point that is convenient for you. If you are incredibly disabled during separation, you can extend this coverage.

Veterans’ Group Life Insurance (VGLI)

With the Veterans’ Group Life Insurance, your SGLI can be easily converted to a civilian program of lifetime renewable term coverage after being separated from the service.

Assisted Living Costs

Assisted living costs are different, and they depend on the following factors.

• Size of the apartment, whether a studio or an apartment.
• Type of residence
• The geographical location of the community
• Types of services you need

The charge rate is mostly determined by the amount that covers all the services, together with the additional fee for special services.