If you recently retired from the military or have been in for 15 years or so you may have more Social Security benefits than your income would indicate. If you served in the military in the timeframe of 1957 – 2001 your earnings will be “beefed up”. Now all this assumes that you served honorably and in some cases served a minimum amount (2 years). But here are a couple of the details…
For those who served between 1957 – 1977 your earnings will…
- Be increased by $300 for each quarter in which you receive military base pay
- Social Security will add the benefits when you file (which you probably already did)
For those who served between 1978 – 2001 your earnings will…
- Be increased by $100 for every $300 of military base pay earned up to a maximum of $1,200 per year
- The credits were automatically added to your records (Trust but Verify)
For service after 2001, there are no additional benefits.
A pretty good deal…make sure you check that it is included when you file.
Curt Sheldon is an Independent Fee-only Financial Planner located in Alexandria VA with clients throughout the US.
He specializes in assisting transitioning Senior Military Officers reach their financial goals.