Military service can be very challenging and it requires certain sacrifices. Perhaps the biggest benefit that goes along with spending some time in the armed forces is the fact that you are giving of yourself to protect your country. But at the same time, there are some monetary benefits that can be of great use as well.

If you want to be able to retire and do so in relative comfort you have to make plans in advance. A comfortable retirement is not just going to drop into your lap. Social Security is a basic safety net but it is not going to be enough to finance the type of retirement that you have probably always dreamed about.

With the above in mind, spending at least 20 years in the military can set you up for a very comfortable retirement because you get a pension after 20 years. You could choose to embark on a career in the public sector after these 20 years or spend your entire career in the military. If you stay in the military beyond 20 years your pension will be greater when you do in fact retire.

There is also a military benefit called the Veterans Aid & Attendance special pension that provides qualified veterans with a monthly payment that can be utilized to defray living assistance costs and this benefit is available to veterans who have served for as few as 90 days as long as one of those days was during a time of war.

If you are interested in devising a plan for the future as a veteran or someone who is currently serving, the intelligent first step is to sit down and discuss your situation with a licensed, experienced Sarasota retirement planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Long-term planning is important if you want to be prepared for all the eventualities of aging. However, as a layperson it can be difficult to have a comprehensive understanding of what to expect with regard to future expenses. In addition, you may not be aware of all the resources that are available to you, and this is especially true of veterans.

Americans who have served in the Armed Forces earn certain benefits that can really come in handy as they reach the latter portion of their lives. Of course there is the retirement pension that people who have served for at least 20 years are entitled to receive. This can be part of a strong foundational income stream when added to Social Security benefits.

In addition, individuals who have served for at least 90 days with even just one of them taking place during a war may be entitled to the benefit called the Veterans Aid & Attendance special pension. This provides a monthly check to qualified veterans who need assistance with their day-to-day needs.

Many veterans are also eligible for medical benefits, educational benefits and mortgage loan guarantees.

The best way to put it all together is to sit down and discuss your unique situation with an expert who has a comprehensive understanding of VA benefits planning. If you are interested in doing so, right now would be a good time to pick up the phone to set up an appointment to speak with a licensed and experienced Sarasota financial planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

We are all aware of just how expensive medical treatment has become during our current era. Even as a senior citizen who is receiving Social Security there are out-of-pocket expenses to take into account. And, if you were to need living assistance at some point in time this is another hefty expense to take into consideration when you are budgeting for the future.

Being cognizant of the potential expenses that you may face during the latter stages of your life is important, but at the same time different people are going to face different situations.

Everyone is aware of the value of good health, but people sometimes do not consider the financial ramifications. According to the Centers for Disease Control and Prevention, 70% of the deaths that take place in America are the result of chronic diseases such as diabetes, heart disease, cancer and stroke.

The fact is that chronic diseases are preventable in many instances. Long-term obesity and a lack of exercise is at the root of many of them, and of course smoking is an enormous contributor as well.

Positive lifestyle choices can not only improve your quality of life, they can also limit your need for medical treatment and as a result your expenses will be minimized.

If you work with a good Sarasota retirement planning lawyer to develop a solid financial plan and make intelligent choices with regard to your health, you should be able to enjoy your golden years in the Sunshine State to the fullest.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

It is important to recognize the fact that whether you agree with it or not, retirement is not an entitlement. Yes, we all do pay into the Social Security program and if you contribute into it sufficiently, you will be receiving a benefit at some point in time. Because of this a lot of people make no particular preparations for retirement because they assume that Social Security will take care of everything.

These individuals are sometimes surprised when they find out that the average Social Security payout is less than $1100 and even if your benefit winds up being more than the average, Social Security alone is tough to live on.

If you want to enjoy your retirement you are going to need sufficient financial resources. Obtaining them is going to require goal setting and intelligent planning, and with this in mind individuals who serve in the military are provided with a leg up that can lead to a truly comfortable retirement.

People who have served in the United States armed forces make certain sacrifices for their country, but they are afforded some nice benefits in return. One of these is a retirement pension after 20 years of service.

Most people who join the military do so at a young age. Therefore, it is quite possible to put in 20 years and then retire with a pension with plenty of time ahead of you to embark on a career in the private sector. You could then save your pension as a retirement nest egg while paying your way with your income from your civilian job.

By the time you qualify for Social Security your savings should be significant. The income stream that you get from your military retirement pension coupled with your Social Security benefit should be enough to live on, and you should have no trouble enjoying your golden years to the fullest.

If you are an active member of the military or a veteran looking for some retirement planning advice, don’t hesitate to pick up the phone to arrange for a consultation with a good Sarasota retirement planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Imagine a scenario where a man is pacing the floor worrying about his financial future. He has been sitting down crunching numbers all evening and projecting possible medical expenses and long-term care costs. After a while he stops pacing and lights up a cigarette while downing a cocktail in an effort to relax. He breaks out the potato chips and dip and starts to eat nervously.

He may not recognize it, but this individual is actually impacting his future financial situation through his lifestyle choices.

Doing everything that is possible to accumulate assets in an effort to be prepared for the eventualities of aging is a responsible course of action and no one is suggesting otherwise. However, there is such a thing as addition by subtraction. You can take steps to make it less likely that you will run into a steady succession of medical problems as you get older.

These days we are all well aware of the risky behaviors that exist, and it is not hard to find information about how to live a healthy lifestyle. If you take good care of yourself along the way without making excuses it becomes much less likely that you are going to incur a lot of medical bills. They say an ounce of prevention is worth a pound of cure and this saying is quite true.

Working with a good Sarasota Retirement Planning attorney to devise an intelligent financial plan is key. But at the same time, taking care of yourself physically is extremely important as well and it is something to consider if you want to be able to enjoy your elder years to the fullest.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Veterans do our country a great service and we are all grateful for the sacrifices that they make to see to it that the world is a safer place. People who choose to make a long-term commitment to the military do get certain rewards in return for their service, and one of these is a retirement pension. If you were to serve at least 20 years in the armed forces you become eligible for this pension.

This creates a very clear path toward a comfortable retirement. Most people join the military when they are young adults. So let’s assume that you joined the service when you were 20 years old. You serve for 20 years and retire when you are 40 and you start to receive a military pension at that time.

Presumably you would have gained valuable experience while you served in the military, so you then go forth and utilize this experience to gain a career position in the private sector. You could contribute into the 401(k) plan at your new job and save or invest the military pension that you receive each month while you pay your way with your earnings from your job.

At the present time the maximum age at which an individual becomes eligible for Social Security is 67. So let’s assume that you retire when you are 67 years of age. You have been saving your military pension for 27 years while contributing into a 401(k) for that period of time. This is going to provide you with a very healthy nest egg for your retirement years. Your ongoing income should be sufficient between your military pension and your Social Security benefit and you’re probably going to be able to enjoy your golden years the utmost.

If you are interested in learning more about long-term planning for veterans, take a moment to pick up the phone and contact an experienced retirement planning attorney to arrange for an informative consultation.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Retirement planning involves making long-term projections, and this can be quite challenging. You never know exactly what the future holds, and there is a Catch-22 of sorts inherent in the process of retirement planning.

Yes, you do want to get started early so that you have enough time to accumulate sufficient assets to enable a comfortable retirement. But on the other hand, trying to see into the distant future with absolute clarity is difficult to say the least.

A lot of people found out about this when the financial crisis of 2008 struck. The Wall Street debacle and real estate meltdown derailed many a retirement plan, but 10 years before the collapse took place it would be hard to predict that such an event would occur.

The best way to proceed in light of the uncertainties that we all face is to educate yourself and gain an understanding of all the resources that are available to you. For senior citizens in need of liquidity who own their own homes, one option that exists is a home equity conversion mortgage.

These are reverse mortgages that are backed by the United States Department of Housing and Urban Development. As you probably know, a reverse mortgage provides a homeowner with payments and in return the lender gets equity in the home.

There are no income or credit requirements because the homeowner is not expected to make payments. You just have to be 62 years of age or older and own your home outright or at least have significant equity in it.

The loan becomes due after you die or choose to move from the home voluntarily. You or your heirs could then sell the house, pay off the loan with part of that money, and keep the rest.

Of course there are costs associated with home equity conversion mortgages and this is something to take into consideration. However, these reverse mortgages can provide a solution if you are in need of cash late your life.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Too many people are under the impression that retirement is lying in wait at the end of the rainbow like the proverbial pot of gold. The truth is that if you want that pot of gold to be sitting there waiting for you you’re going to have to fill it up yourself. And for many people, doing this is going to take some very careful long-term advance planning.

What happens if you don’t make retirement plans in advance? Well, simply put, you may not be able to retire at all. To underscore how many people are entering their retirement years unprepared, let’s look at some of the results of a recent poll that was conducted by the Associated Press in partnership with LifeGoes Strong.com.

They polled members of the baby boomer generation to get an idea of how prepared they are for retirement. Because of the fact that the baby boomers are reaching retirement age, there are some 10,000 people applying for Social Security every day, so this is a matter of great concern within the elder law community.

Some 44% of the people who responded to the poll said that they are not confident that they will be able to retire comfortably. 24% of poll respondents stated that they did not have any retirement savings at all. 35% of the people who responded to the poll said that they would continue working after they reached retirement age to make ends meet.

The Social Security Administration tells us that one third of the people who receive Social Security say that it comprises over 90% of their income. When you consider the fact that the average Social Security check at the present time is $1072, this is not a very pretty picture.

The bottom line is this: If you want to be able to retire with some modicum of comfort, you’re probably going to have to plan ahead intelligently. The best way of doing this is with the assistance of a licensed, savvy retirement planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Saving enough money and having enough invested to provide for retirement is not nearly as easy as it once was. Today, fewer people have pensions that provide them with enough income to retire on, along with good health care benefits. The result is that a smaller percentage of people can maintain their current lifestyle after retirement.

There are a some valuable tools that are available to people trying to prepare for retirement, such as 401k retirement plans, IRA accounts, Medicare, etc. Another retirement tool that many people are finding useful is the reverse mortgage.

The reverse mortgage is a private loan that you can get through a financial institution that lets older people convert the equity they have built in their home, into the cash that they need during retirement. Unlike the conventional mortgage where you are paying the lender monthly payments, the lender pays you. You can choose to take your money on a monthly basis, or in a lump sum payment. You can also use it as a line of credit. Many people choose to combine all three forms of payment.

Unlike conventional mortgages, the reverse mortgage is usually fairly easy to qualify for. If you and your spouse are at least 62 years old and you own your home, you will probably qualify for a reverse mortgage.

When you get a reverse mortgage, the loan is not due until your home is no longer your primary residence. For example, once you and your spouse are no longer living, the bank will sell your home to recover the loan, and what is left will be given to your heirs. If you decide to sell your home or move, the loan will be due.

Of course the reverse mortgage may not be a good option for everyone. If you would like to leave your home to your children, they would have to repay the loan at the time of your death, or the mortgage company has the right to sell it to recover the loan. You may also encounter a problem if you or your spouse must enter a nursing faculty after the other spouse is deceased. The mortgage company would sell the home and what remains after the loan is paid, would go to the surviving spouse. This could cause problems for Medicaid eligibility.

To decide if the reverse mortgage is a good option for you, it is important to contact a financial planner to see if this retirement tool would work for your situation.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.