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When you speak with any retirement planning attorney he or she is going to advise you to do everything possible to facilitate a retirement income stream to supplement your Social Security benefit.
Retirement Planning for Military Service Veterans When you speak with any retirement planning attorney he or she is going to advise you to do everything possible to facilitate a retirement income stream to supplement your Social Security benefit. Many people rely almost exclusively on Social Security. Given the fact that the average payout is only a bit over $1200 per month as of this writing you can see why additional income is needed. With the above in mind people who serve in the military for extended periods of time have a very clear- cut path toward a comfortable retirement. If you were to serve for at least 20 years you are entitled to a retirement pension that is based on a percentage of what you were earning at the time of your retirement. To present an example, let's say that you enter the military when you are 21 years of age. After 20 years of service you would be just 41 and fully capable of embarking on a career as a civilian as you enjoy a retirement pension for the rest of your life. If you contribute into the 401(k) plan at work and save or invest all or most of your pension as you live on your earnings you would be in a very comfortable position when you became eligible to receive your Social Security benefit. Another option for people who serve is to simply remain in the military throughout their working careers. If you serve for at least 40 years you are entitled to a retirement pension benefit that is equal to the entirety the pay you were receiving as an active duty service member. Without question members of our Armed Forces make a lot of sacrifices, but they are rewarded with the opportunity to truly enjoy their golden years with a significant amount of financial freedom. Experienced estate planning attorneys Cleveland OH of The O'Brien Law Firm LLC offers estate planning and business planning resources to residents of Cleveland OH. To learn more about these free resources, please visit www.obrienlaw.net/ today.
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