Veterans who served during a war are eligible for a veterans pension, which is a monthly payment that varies based on whether you have dependents, such as a spouse or children, and assistance you need living with an illness or disability. A pension is a form of retirement money that can help older adults pay for their living expenses and pad their limited income. 

Who is eligible for a veterans pension?

Veterans applying for a pension must both have a net worth no higher than $159,240 and no dishonorable discharge from their service. Your net worth includes your annual income and certain assets such as owning extra homes outside of where you regularly live, and investments like stocks and bonds.

Once a veteran meets those requirements, then they must meet at least one of the following:

• Be age 65 or older
• Live with a disability
• Live in long-term care or a nursing home due to a disability
• Receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI)

Veterans must also fit into one of the three categories:

1st Category

• Became active duty before Sept. 8, 1980
• Served at least 90 days on active duty
• One day was during wartime

2nd Category

• Became active duty after Sept. 7, 1980
• Served at least two years or your designated period of service
• One day was during wartime

3rd Category

• Became active duty after Oct. 16, 1981
• Served as an officer
• Had not previously been active duty for at least two years

What counts as wartime service for veterans?

According to Veterans Affairs, the wartime periods for eligible surviving veterans include:

• World War II (December 7, 1941 - December 31, 1946)
• Korean conflict (June 27, 1950, to January 31, 1955)
• Vietnam War era for veterans who served in the Republic of Vietnam (November 1, 1955 - May 7, 1975)
• Vietnam War era for veterans who served outside the Republic of Vietnam (August 5, 1964 - May 7, 1975)
• Gulf War (August 2, 1990 - a date not yet chosen) 

How much money do I get each month?

Your monthly pension will ultimately depend on your income and the VA’s limits on the maximum amount of pension a veteran can get based on if they’re single or have dependents like a spouse or children. The maximum amount of pension tends to be higher for older adults with dependents. But you still need to subtract your income to figure out the total monthly pension.

For example: A veteran without dependents has a maximum amount of pension worth $16,965 a year or $1,413.75 a month. If you subtract an annual income of $5,000, that means $11,965 a year, or $997.08 a month.

However, a veteran with at least a spouse or one child starts out with a maximum pension of $22,216 before subtracting income.

Veterans may qualify for more pension money if they qualify for the VA’s Housebound or Aid and Attendance Benefits. Housebound benefits are extra money for veterans who can’t leave their homes due to a permanent disability while veterans who qualify for Aid and Attendance get extra money if they:

• Need help with activities of daily living like bathing and eating
• Live in a nursing home due to a disability
• Have limited vision

How can I apply for a veterans pension?

You can apply online or you can download and fill out your VA Form 21P-527EZ application to upload on AccessVA or print and mail to:

Department of Veterans Affairs
Pension Intake Center
PO Box 5365
Janesville, WI 53547-5365

You can also get help from Veterans Service Organizations or VA-accredited representatives to help you apply for pension or bring your application form to a VA regional office. Search to find the nearest VA regional office or accredited representative near you.

You can also call the VA benefits hotline at 800-827-1000 with any questions.