November 11 is Veterans Day, and people around the country are taking some time to remember the contributions that have been made by former service members. In this post we would like to share some thoughts about retirement and estate planning for veterans.
The Basics
Veterans have the same concerns that we all do when it comes to estate planning. You want to make sure that you are taking all the appropriate steps with regard to the transfer of your assets after you pass away. It is also important to be financially prepared for the different stages of life.
When it comes to the latter component, if you are a careerist you have some great opportunities when it comes to retirement planning. The military pension that service members are entitled to after at least 20 years of service can be a fantastic supplement to Social Security income.
In addition, many people embark on careers in the private sector after serving 20 years. If you joined up after college at the age of 22 for example, you would be just 42 when you leave the service.
You would have an extraordinary resume. Your undergraduate education would have been in place before you joined, and you may well have added onto that while you were in the military.
This presents an extraordinary opportunity for wealth building. You could be drawing a significant retirement pension while you are traversing a civilian career path. If you plan ahead effectively, you could potentially accumulate quite a bit of wealth while you enjoy a comfortable lifestyle.
This would all lead to the ability to enjoy your retirement years to the utmost once you decide to put your working years behind you.
Legacy Planning
Service members are inherently involved in history making. When you have served in the Armed Forces, especially during a time of war, you have experienced things that civilians simply cannot fully grasp.
A legacy plan can involve leaving behind autobiographical notes or memoirs. This can be a gift that has a lasting impact that transcends dollars and cents.
Veterans should definitely consider putting their experiences into writing. You can include these memoirs among your estate planning documents. Family members can learn much, and perhaps ancestors yet unborn can learn some history when they read your reminiscences.
There is also the matter of physical mementos. Veterans often retain ownership of items that hold a great deal of significance to them. When you share the stories that are attached to things that you will be leaving behind, you imbue these items with meaning that can be felt over the generations.
Honoring Veterans
We would like to thank all veterans for their service. Without their sacrifices we would not have the freedoms that we enjoy each and every day.
