Financial Planning for Senior Veterans: Tips for the Future

Nov 11, 2019  |     |   General

Financial planning can be a stressful undertaking; for seniors, it means figuring out the best ways to ensure their comfort and safety for the future, and sometimes this includes making changes to the home, some of which can be costly. If you’re a veteran, however, there may be resources at your disposal that other seniors don’t have, such as special loans and grants that will help you make sure that your future is set. At the same time, you’ll be able to take steps to ensure that your family and loved ones are taken care of after you’re gone.

Financial planning can take some work, and it can also be confusing, so it’s important to get help from a professional when you need it. It’s also a good idea to keep communication open with your loved ones so that they can assist you in making any difficult decisions. Not only will this allow you to make informed choices about also keep your family informed of your decisions. Here are a few tips on how to plan for the future as a senior your future, but it will veteran.

Share Your Wishes: Sharing your end-of-life plans with your family is important, although it can be a difficult and emotional conversation to have. Let them know about your final arrangements and fill them in on where to find important paperwork, such as insurance information. If you don’t already have life insurance, you can protect your family financially by investing in a small burial policy. Before picking an amount, know what type of service you would like, and look ahead to whether or not your family will need extra money for unpaid debts. Any cash left over after paying for your funeral can go toward medical bills, personal loans and other outstanding balances.

Figure Out Your Living Situation:  Many senior veterans have limited options when it comes to housing, so do some research on what is available and use any benefits to your advantage. You may be eligible to receive nursing home care or to stay in a senior living community for veterans, along with your spouse if necessary. Find out exactly what your options are and decide which one will be best for you should you need to find long-term care or if you are unable to live on your own.

Plan for Retirement: If you don’t, or can’t go back to work after you retire, it’s important to know what your options are. According to Investopedia, “Service members who have participated in the Thrift Savings Plan (TSP) are often unaware of what their options are once they separate from service, and many don’t realize that there can be advantages to rolling their plans over into an IRA or retirement plan of the company they go to work in the private sector after they leave.” Do some research to find out what the best option is for your retirement fund and how best to put your money to use once you’re separated from the military.

Make Sure You Have the Health Insurance You Need: Veterans have access to a wide variety of health insurance options through the Department of Veterans Affairs, including help with daily functions if you have limited mobility or are bedridden. However, it’s imperative to get familiar with everything that is covered and understand where to go in the event that you need care. Look online to find the closest veterans’ hospital, and make sure you have easy access to the care you need. Financial planning can be a stressful task for anyone, but you may have access to many more resources than the average senior as a veteran. Do your homework to find out exactly what benefits you can claim and how you can stay safe, healthy, and comfortable for years to come while remaining financially independent.

 

 

 

 

Kelli Brewer
Guest Blogger