June 29, 2021
Agency
Saving Money as a Senior Veteran Means Knowing Where to Spend
Guest article provided by: tedknowsmoney.com
As we grow older, we all want to look for ways to keep our retirement accounts intact. Fortunately, as a veteran, you have a few benefits that civilians don’t have access to. And as a senior, there are plenty of other ways to keep your finances in the green. Doing so, however, means knowing how, when, and where to spend your money.
Home Buying Tips
Buying a home is, across the board, one of our greatest expenses. If you’re looking to buy a home to age in place, shop for the right loan, and don’t just settle for a bare-bones insurance policy.
The first tip here is to utilize your VA loan benefits. Rate.com’s loan detail table shows that VA loans are typically low interest and require no down payment. Although you will still have to pay closing costs, even just a fraction of a percent off standard interest rates can save you thousands of dollars over the lifetime of your loan. You’ll also skip PMI, meaning additional savings each month.
Your next job is to shop around for insurance. Wiglesworth-Rindom offers homeowner’s insurance that can fit your needs and budget. A typical homeowner policy covers your dwelling, injuries that might occur on your property, and your personal belongings. You also want to talk to your agent about making sure that your dwelling is covered up to its total replacement cost and that there is some compensation for additional living expenses. This will keep you from depleting your savings in case you have to live out of a rented room should something happen to your home.
Looking Toward the Future
Even if you never think that the time will come when you have to move out of your home, it’s never a bad idea to have a plan in place for your long-term care. As a veteran, you may have access to benefits, including financial assistance, that can help you with quality, long-term care. The US Department of Veterans Affairs offers extensive information on this topic: the site is worth bookmarking so that you can reference information specific to your needs later down the road.
If you haven’t priced assisted, independent, or skilled nursing care lately, you should know that it doesn’t come cheap. Even with benefits, you may still have to tap into your personal resources to cover your entrance and monthly maintenance fees. This is when it’s most tempting to take money out of your investments. Although this is what your money is for, Schwab cautions against pulling out all of your money at once. Instead, plan to make draws over several years to keep your tax bracket low. You might also pre-pay for your care, but keep in mind that you cannot do this in an effort to qualify for Medicaid.
Assorted Veteran Benefits
As a veteran, you’ve served your country, and now many people and businesses want to serve you. The following savings might not be a lot on their own, but when you regularly take advantage of veteran discounts, it can add up to a sizable amount. A few examples include:
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Free tax preparation. Veterans and active-duty military members are eligible for free tax preparation through the IRS. If you have an income of less than $64,000, you should qualify.
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Lowered cell phone bills. You can save $10 per month or more by confirming your veteran status through most major cell phone providers, including AT&T. Depending on where you live and what services are available to you, you may also qualify for discounts on other services, like cable television.
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Discounted vacations. Retirement is a time you want to travel, and your time serving can help you get discounts on everything from rental cars to hotel rooms.
You already put in the work towards saving for your future. Now your future is here and the steps above can help you make the most of your money. From spending on insurance to taking advantage of free services like tax preparation, there are ways to squeeze every last benefit out of your current assets.
Call Wiglesworth-Rindom Insurance Agency and ask about what insurance product may be right for you. For more information or to get a quote, contact 561.637.2424.