A Senior Veterans Guide to Financial Planning

A Senior Veterans Guide to Financial Planning

 

 

A Senior Veteran’s Guide to Financial Planning

 

As a senior veteran, handling the challenges you face each day sometimes requires unique financial planning. For aging veterans, this financial planning can look a bit different from any other American senior groups, especially when you factor in VA benefits. Here are some tips from VeteransPlus to make it a little easier for you.

 

Veteran Pension and Insurance

 

You should be aware of a host of resources waiting to assist you after military service. You have a veteran pension available in different forms for seniors: as a supplemental income for wartime veterans, survivor pension, and other monetary benefits. These financial services include housebound financial assistance, A&A (Aid and Attendance) for bedridden veterans, etc. While you may have already determined your life insurance needs by now, you need to be aware of the full extent of coverage available to you and if it offers you what you need.

Access to Better Healthcare

 

Many senior veterans are naturally concerned about increasing healthcare costs and whether their finances will be affected. With high expenses for seniors, worrying about the cost of healthcare makes sense. However, if you wish to leave those worries behind, you can do so by taking a closer look at your healthcare benefits and coverage. For instance, if your VA benefits aren't meeting your needs, look into whether or not expanding your Medicare coverage could help counteract any financial concerns.

 

Another excellent solution for senior veterans is the Humana Medicare Advantage plan, which offers additional care for vision and dental exams, helping you save money. This can be a handy option if you don't have access to VA health centers. Geriatrics and extended care services can also help you age at home or support you financially in a nursing home or other residential settings. ​

 

I​f you sustained or aggravated an injury or disease during your service, you may also be entitled to tax-free disability compensation. This financial relief can help you plan your finances better. Depending on your disability, you can also get extra funding in addition to the regular benefits. You can use this additional funding for any needs, including reducing debts, day-to-day living, moving, etc.​

Best Places to Live

 

For many senior vets, access to VA health facilities is at the top of their list, while for others, tax advantages, living costs, and geography might be more critical. Benefits can differ from one state to the next, but there are a few ideal areas for senior veterans from all these perspectives. Some of these places include Virginia Beach, VA, Colorado Springs, CO, Oklahoma City, OK, and San Antonio, TX.

 

Working from Home

 

Now that you have some spare time, perhaps you’ve given some thought to starting a small business. These days, it’s easier than ever to work from home, as well. Creating a home-based business isn’t necessarily easy, but it might be a great way to earn a little extra money. Also, ZenBusiness suggests fifteen different ideas you could explore — including tutoring, baking, and repairs. Browse their list and see if you can find something that works right for you!

 

Consider Refinancing

 

Paying for monthly expenses can be more difficult for some senior veterans, especially since the average retiree spends around $3,800 each month on costs like food, housing, clothing, etc. Mortgage payments and rent can take most of the monthly expenses for a retired senior veteran, which is why some housing assistance programs can provide some relief. However, if you have a home but struggle to keep pace with the monthly expenses, you should consider refinancing the house.

 

By refinancing, you can replace your current mortgage with a new one, possibly with better terms and lower payments. If you have an existing VA-backed loan, there's a solution known as VA IRRRL (Interest Rate Reduction Refinance Loan​). The alternative lowers your mortgage payment due to its reduced closing time and makes the monthly rate more stable by moving from an adjustable loan to a fixed one.

 

There's much more involved in developing a robust financial plan to support your life quality as a senior veteran. However, the tips above can answer some of the most pressing financial questions and solve a few of the most common sources of concern.

 

VeteransPlus programs were designed by Veterans and are delivered by Veterans to provide practical financial solutions geared to real life circumstances of current and former military personnel. If you would like to enroll or ask a question, please contact us today!