Service branches offer campaigns and educational programs to service members and their families. The Air Force, Navy, and Army each require that respective members receive financial education, training, and counseling. Also, the Department of Defense established MilitarySaves.org to help service members and their families plan for their financial futures. Special Savings Program If you’re deployed in a designated combat zone or in support of a contingency operation, you have a unique chance to earn a high interest rate by participating in the Defense Department’s Savings Deposit Program (SDP). The SDP pays 10% annual interest on account balances up to $10,000. Contact your local military office for more details. Other survivor benefits Death Gratuity pays a one-time lump sum to eligible beneficiaries of a service member who dies within 120 days of retirement, or as a result of non-hostile action, or as a result of hostile action in a designated combat zone...
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Healthcare in Retirement
What health care benefits are available in retirement? Health care in retirement is available from many sources. Government programs (such as Medicaid and Medicare) offer numerous health care benefits. However, you may need to purchase supplemental health insurance or Medigap, as well. Most Americans are eligible to begin receiving Medicare benefits at age 65, but qualifying for Medicaid may require some planning on your part. In addition to these resources, you may also be entitled to military health care benefits if you are a veteran, retired servicemember, or the spouse or widow of a veteran or retired servicemember. Continuing care retirement communities and nursing homes also offer health care services for older individuals. Depending on your specific needs and circumstances, you may use any number of these resources during your retirement years. Medicare In general Medicare is a federal health insurance program created in 1965. Medicare primarily assists those who...
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