Statistics
The table below examines the amount of veterans and their surving spouses actually receiving veterans benefits. Estimates of the number of survivor beneficiaries in the table are based on the percentage of dependents currently receiving Pension benefits over the number of living veterans currently receiving Pension benefits. Data for the table was taken from the 2007 Statistical Abstract of the United States for the most recent years of 2005.
What is surprising about these numbers is that a third of all people -- 33% -- in this country, over the age of 65, have a potential for receiving a Pension benefit. That's how many war veterans or their survivors there are in the US. Although the potential for receiving a benefit is huge, in actuality, only 4.7% of this large population of potential beneficiaries was actually receiving a benefit in 2005.
This is truly astounding and at the same time appalling! So why are less than 5% of all veterans & their surviving spouses receiving a benefit?
Various Statistics representing Veterans age 65 & older & Survivors |
|
| Total Living, Age 65 & Older Veterans of Korea, WWII, Vietnam and Gulf War |
7,091,000 |
| Surviving Spouses & Other Dependents of Deceased War Veterans (estimated) | 4,369,000 |
| Total Elderly Veterans & Surviving Dependents, Potential Pension Beneficiaries | 11,460,000 |
| US Population Over 65 | 34,761,000 |
| Potential Elderly, and Survivor Beneficiaries as a % of Total US Population Over 65 | 33.0% |
| Living Veterans Receiving Pension | 336,000 |
| Eligible Dependents of Deceased Veterans Receiving Pension | 207,000 |
| Total War Veteran Pension Beneficiaries | 543,000 |
| % of Elderly & Survivor Potential Beneficiaries Actually Receiving Pension | 4.7% |
Based on this study, there is an exciting, untapped potential for you as a veterans benefits consultant to help veterans and their families find veterans benefits to help them pay for care and retirement.
Read More Become a Veterans Benefits Consultant What is a Veterans Benefits Consultant?
Types of Clients Attracted to Veterans Benefits Consultants
There are probably three types of people who will come to you for help with veterans benefits.
The first of these are individuals or family members who simply want to obtain the benefit but don't want to pay any money for a consultation fee nor do they have any assets from which you might derive commissions. You need to have a way of dealing with these people and not send them away empty-handed. Otherwise, you will gain a reputation for being unfair in your offer to help people in the community obtain their benefits.
The second type of client you can expect is an individual or household that has assets and there is a desire to reallocate or gift those assets in order to qualify for Pension. These are the people you can help and derive income from fees or commissions.
Occasionally someone will come to you who has significant assets and possibly significant income. This is the third type of potential client. It might be foolish for someone with $800,000 in investments to give that money away in order to qualify for $1,843 a month in additional income. It depends on the circumstances. Also the consequences with Medicaid must be considered as well. It may be also possible that someone with significant income could never meet the income test as well.
Just because you can't help certain high-net-worth clients with Pension, these are just the kinds of people you want to meet with and help with other issues. Your help might include proper asset allocation, wealth preservation and estate planning including trusts and tax issues associated with passing assets to the next generation.
Read more about the Package See the contents of the Veterans Benefits Consultants Package
How will this Package Benefit Me?
How will this package benefit me as a [an]...
Attorney?
Financial Planner?Insurance Agent?SRES Specialist?Care Manager?
Assisted Living Facility?Home Care Provider?Nursing Home?
What is a Veterans Benefits Consultant & when should a family use a veterans benefits consultant.
Who is eligible for the Veterans Aid & Attendance pension benefit?
Using aid & attendance to pay any person for care at home, for professional home care, for assisted living, or to pay for a nursing home.
The application process for aid and attendance Pension.
Why are less than 5% of all veterans & their surviving spouses receiving a benefit?
The National Care Planning Council, we promote and support planning for long term care.
An individual acting as a consultant must be careful not to violate any federal statutes and VA regulations pertaining to representation of veteran claimants. At the NCPC, we recognize our responsibility to assist you regarding these matters & have ensured that this package offers extensive guidance on what we believe constitutes a compliant veterans benefits consulting practice. Intergity & honesty are at the heart of our business. We expect those who purchase this package to maintain high ethical standards in all areas of their consulting practices. Furthermore, we would like to express our gratitude and support for those who display stewardship, compassion, care, & integrity while working with seniors & thier families.
