Information on Veteran's Retirement Benefits
If you are a military veteran or the spouse or dependent of a veteran, living or deceased, you may be eligible for retirement compensation benefits from the Veteran's Administration, your state government and/or the Department of Defense. Calculation of the total benefit will be based on length of military service, combat exposure, disability rating and other income. Assistance is available to help you to determine what your full benefit is and how to apply.
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History
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Federally allocated compensation for American military veterans is older than the Constitution. The First Continental Congress legislated support for disabled veterans of the Revolutionary War. In the beginning, state allocations were required to meet the minimum allocations. By 1808, however, the national tax base had grown to fully support the Federal Bureau of Pensions and by 1818, retirement compensation was available for all veterans regardless of disability rating.
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Retirement from Career Service
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The Armed Forces offers an excellent retirement pension program for service of 20 or more years. Over the past 25 years, however, the government has made some important changes in how retirement benefits are calculated. There are currently four plans, all adjusted annually for cost of living and all based on the date you entered service. If you joined after August 1986, pay close attention to the details as you will need to make critical, irreversible decisions in your 15th year.
Other Pensions
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Today, the Veteran's Administration provides a monthly compensation to honorably discharged veterans who are at least 10 percent disabled as a result of military service. Pensions are also available to wartime veterans with limited incomes who are permanently and totally disabled or who are at least 65 years old. Compensation is available to some spouses and/or children of service members who died during active service or from service-related disabilities. There is no deadline for application for these benefits if you are eligible.
State Options
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Most of the state veteran's benefits programs that were started during the Revolutionary War era are still in place today, and many include compensation to assist retired and/or honorably discharged service members (see Resources). Before applying for these funds, however, be sure that you have reviewed the requirements of other retirement benefits you may be eligible for. Duplication of some types of payments is not allowed, and acceptance of duplicated benefit creates costly complications.
Department of Defense Programs
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One drawback to the current military retirement benefits program is that payments can be reduced to veterans receiving disability compensation from the Veteran's Administration. The Department of Defense has two programs in place to help offset this reduction. You may be eligible for enrollment in the Concurrent Retirement and Disability Payments program and/or the Combat-Related Special Compensation program. Be sure to learn about all of your options before making a permanent commitment to your retirement plan (see Resources).
References
Resources
- Photo Credit Image by Flickr.com, courtesy of Photos by Micky
