Many military veterans might not know this, but there are additional social security benefits for those who have served active duty, according to the VFW website.
This is an extra Social Security Administration (SSA) benefit for those with active duty status between January 1957 to December 31, 2001 with plans for retirement (and for those already retired).
A military veteran (during the before mentioned dates) qualifies for a higher social security payment because of their military service. Veterans can qualify up to $1,200 per year of earnings credit credited at time of application, which can make a substantial difference in social security monthly payments upon retirement. To apply, you must bring your DD 214 to the Social Security Office and you must ask for this benefit to receive it.
Unfortunately this program from January 2002 forward, the Defense Appropriations Act stopped the special extra earnings that have been credited to military service personnel.
This is something to put in your files when you apply for Social Security down the road. It is NOT just for retirees, but for anyone who has served on active duty during the qualifying dates.
Again, this benefit is not automatic. You must ask for it.
Claiming Social Security Benefits
You can retire as early as age 62. But if you do, your Social Security benefits will be permanently reduced. If you decide to apply for benefits before your full retirement age, you can work and still get some Social Security benefits. There are limits on how much you can earn without losing some or all of your retirement benefits. These limits change each year. When you apply for benefits, SSA will tell you what the limits are at that time and whether work will affect your monthly benefits. In 2021, that limit increased to $18,960. Once your income exceeds that point, you’ll have $1 in Social Security withheld for every $2 you earn.
When you reach your full retirement age, SSA will not withhold your Social Security benefits, no matter how much you earn. If some of your retirement benefits were withheld due to your earnings, SSA will recalculate your benefit amount to give you credit for the months we reduced or withheld benefits due to your excess earnings.
You can receive both Social Security benefits and military retirement. Generally, there is no reduction of Social Security benefits because of your military retirement benefits. You’ll get your Social Security benefit based on your earnings and age you choose to start receiving benefits
For more information go to Social Security Administration website here: https://www.ssa.gov/planners/retire/military.html
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