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Old 04-30-2010, 08:53 AM
 
Location: On our boat!
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Went to a Job Fair this week and talked to a guy that was in the Navy during approx. the same years I was, enlisting in the late 60's. He told me, due to the economy/unemployment, he was forced into applying for Social Security at age 62. Now,what he also told me is that military veterans get additional money (credits) each month for each year they spent on active duty, but this does not include retired military (because they already get military retirement money). I looked this up under the Social Security Admin and did see a paragraph about extra credits (money) to military veterans of certain years (including Viet Nam era). It says that these credits most likely will not show up with the estimated Social Security that a person will get starting at age 62.
Anyone here know anything about this?
Thanks
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Old 04-30-2010, 09:03 AM
 
Location: New Mexico U.S.A.
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I was aware of it, but just vaguely, Military Veterans and Social Security which has other explanations, briefly:
Quote:
Military personnel have been covered under Social Security since 1957, and those who served in 2001 or earlier receive special credits that augment their earnings for the purpose of computing Social Security benefits. For those who served between 1957 and 1977, credits equal $300 for each quarter of active-duty pay. Those serving between 1978 and 2001 receive credits equal to an additional $100 in earnings for each $300 they receive in active-duty pay (total credits may not exceed $1,200 a year).

Earnings in 2002 and later are not supplemented with credits. Congress originally enacted these special credits because some military compensation, such as the value of food, shelter, and medical care, was not used in determining average earnings for the purpose of computing Social Security benefits. By 2002, Congress believed that eliminating these credits, which were funded through the Department of Defense, would allow funds to be reapplied to other essential military pay and retirement initiatives with minimal impact on future Social Security benefit amounts received by persons serving in the military.
I hope that helps...

Rich
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Old 05-03-2010, 09:49 AM
 
Location: On our boat!
5,682 posts, read 10,508,616 times
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Any Veterans in this Forum collecting Social Security AND the additional Veteran's pay?
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Old 05-03-2010, 10:16 AM
 
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I'm collecting SS.

It was my understanding that they don't add extra money to my SS check.

What they did do-------they gave me extra credit for those 2 years I earned military pay( 1965-1967)

However, since your SS benefits are calculated by using your 35 highest earning years, I doubt those 2 years made any difference in my case.

I believe the benefit, for most, is so small it is undetected.

I appreciate the " cosmetic" effect because at least I didn't get penalized for the 2 years I served.

That very low military pay in the 60's was enough of a penalty.
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