My father is 95. He is a Navy vet and I am pretty sure he was on active duty in 1946. Therefore I believe he qualifies for a Supplemental Income for Wartime Veterans pension. My questions are about the income limits and the value of the pension, so I am hoping there are some experts here who can help me out.
Dad and Mom have a about $32k in annual annuity income with ~85% of that coming from their Social Security payments (they each have their own.) The remainder is from Dad's work pension, which does not have a COLA. They also have a small nest egg, but I had been assuming that I would not apply for the veterans pension until their savings were nearly exhausted.
I did some more research on the pension recently and, if I am understanding the rules correctly, my parents have too much annual income to qualify. And even if they did quality, the pension would only bring them up to the current limit for their situation, which I believe is $26,036. Before giving up on this I thought I'd ask the experts here to make sure I am not misinterpreting the rules. Basically I am searching for another annuity stream that will help make my parents more attractive financially to an assisted living facility.
Dad and Mom have a about $32k in annual annuity income with ~85% of that coming from their Social Security payments (they each have their own.) The remainder is from Dad's work pension, which does not have a COLA. They also have a small nest egg, but I had been assuming that I would not apply for the veterans pension until their savings were nearly exhausted.
I did some more research on the pension recently and, if I am understanding the rules correctly, my parents have too much annual income to qualify. And even if they did quality, the pension would only bring them up to the current limit for their situation, which I believe is $26,036. Before giving up on this I thought I'd ask the experts here to make sure I am not misinterpreting the rules. Basically I am searching for another annuity stream that will help make my parents more attractive financially to an assisted living facility.