Additional Coverage:
- 8 Social Security Facts Veterans and Service Members Need to Know (financebuzz.com)
Planning for retirement? Understanding Social Security is crucial, especially for veterans.
Military service can significantly impact your benefits. Here’s what you need to know:
Service before 1957? You likely earned credits toward Social Security, even though military pay wasn’t taxed then. This can boost your retirement income.
Served on active duty between 1957 and 1977? You get extra earnings credits, adding to your Social Security record and potentially increasing your benefits. These are applied automatically.
Active duty from 1978 to 2001? Similar credits apply, with an annual cap. This also helps increase your eventual benefits.
Like civilian retirees, claiming Social Security early reduces your benefits. Waiting until full retirement age, or later, maximizes your monthly payments.
You can receive both military retirement and Social Security. These are separate programs, providing a significant combined income.
Social Security also covers disabled veterans. You might qualify for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).
It’s possible to receive both SSDI and VA disability benefits. These programs are independent, so applying for one doesn’t affect the other.
Veterans with a 100% permanent and total disability rating from the VA may qualify for expedited Social Security benefit processing.
Understanding how your service impacts Social Security is key to maximizing your retirement income. It helps determine if you’re on track or need to supplement your benefits.
Even if you’re already retired, there are ways to improve your finances. Consider paying off debt faster with tools like balance transfers or debt counseling.
Earning extra income can also provide financial breathing room. A part-time job can be a good option if a new career isn’t feasible.
Finally, cutting expenses can make a big difference. Look at major expenses like insurance and travel for potential savings.
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- 8 Social Security Facts Veterans and Service Members Need to Know (financebuzz.com)