Both holidays (Veterans Day and Memorial Day) were established to recognize and honor the men and women who have worn the uniform of the United States Armed Forces.
Memorial Day, which is observed on the last Monday in May, was originally set aside as a day for remembering and honoring military personnel who died in the service of their country, particularly those who died in battle or as a result of wounds sustained in battle.
Veterans Day is intended to thank and honor all those who served honorably in the military—living and dead—whether in wartime or peace. In fact, Veterans Day is largely intended to thank living Veterans for their service, to acknowledge that their contributions to our national security are appreciated, and to underscore the fact that all those who served—not only those who died—have sacrificed and done their duty.