Rationale for the DUSL Act
Veterans' injuries are not always seen. Sometimes the injury doesn't present itself for many years later. It is hard enough to navigate the VA system let alone maintain employment when your service-connected disability interferes with your ability to live life. What if your service-connected disability was terminal but not immediate? Would you like to spend more time with your family to make lasting memories, take a dream vacation or do some renovations to your home to make life a little easier? Many of the life-threatening illness for Vets don't show up until later in life because of exposures to burn pits or other toxins. You worked hard all your life and have saved up money for retirement to find out you may never live to enjoy the fruits of your labor. What if you were granted access to your retirement savings without penalty or tax repercussions to be able to enjoy the remaining days GOD gives you. What if your spouse needs that additional income after your passing to help with your kids and or their expenses?
This is the purpose of the DUSL Act. To allow Service-Disabled Veterans and their spouses to access their own money to live. Please share your story below to show your support in allowing the DUSL Act to be heard and passed by congress.
The Proposed DUSL Act*
WHEREAS Veterans with any service-connected disability adding up to a total of 100% or TDIU shall have access to retirement savings such as, 401K, IRAs, and so forth, without penalty, and tax free. The accounts eligible for withdrawal will include the service member’s AND their spouse’s. Eligibility for the spouse must meet the following criteria: must be married to the Veteran AND filed jointly for a minimum of 5 years. The MAXIMUM allowable limit of withdrawals shall not exceed $180,000 per calendar year starting the year enacted. The yearly MAXIMUM withdrawal amount shall increase an additional 2.2 percent per year to account for inflation. The following year, the new MAXIMUM withdrawal amount shall be $183,960 and so forth. Upon the death of the of the veteran, the spouse may continue to utilize this act until remarried or upon their death.
*The proposed language will probably change to be in accordance with the laws and requirements to pass the house and senate. The overall idea shall remain the same.
