Retirement Benefits and Privileges
Introduction
In return for years of service, the military offers an array of benefits for retirees, including a pension adjusted every year for inflation, money for college, health-care coverage and more. These days the options for military retirement are even more complex than most any civilian plan. While some benefits are tiny, others are huge, and not everything happens automatically. If you’re retired, retiring or you have a client affected by these issues; RetirdPay.com will be running a special five part series this week. Tune in often.
Here’s the articles planned:
20-year retirement
Eligibility: Twenty years on active duty — or equivalent time spent in what is known as “qualifying service” as a reservist — is the basic eligibility requirement for military retirement. Every service member who reaches the requirement can receive retired pay that increases each year through a cost-of-living adjustment. Runs on Tuesday, 1 August:
Death benefits
Many benfits are provided for a retiring veteran, retired or not retired. All veterans and their families should know about them, abd attirneys may need to know when it involves a client. many divorce disagreements revolves around the smallest of issues. Scheduled to run 2 August
Disability benefits
An individual does not have to be retired from the military to receive disability benefits from the Department of Veterans Affairs. Scheduled to run 3 August
Disability retirement
The Defense Department offers two types of disability retirement. We’ll explore these options on 4 August.
Combat related special compensation
The 2003 National Defense Authorization Act authorized the Combat Related Special Compensation payments (CRSC Program). This is brand new to many of us older “retreads, but very important. I’ll cover it on 7 August.
Spouse benefits
Military spouses are eligible for, and encouraged to take advantage of, many transition services available to their active-duty military partners. This is of especial importance to couples who may be divorcing where one or both partners are military members. We’ll explore the issues on 8 August.
Disclaimer
As always remember that this site, although written by a retiree with substantial experience in the school of hard knocks, it is for personal, lay opinions and informational purposes only. If you have a legal question you should seek help from a legal professional. If you have questions involving current or future values of pensions you need an actuary or competent pension valuation expert. If your questions are tax-related, seek a competent tax advisor. In other cases, I recommend the base chaplain.
