RadioBDC Logo
The Mother We Share | Chvrches Listen Live
 
 
< Back to front page Text size +

Military service may increase your Social Security

Posted by Jill Boynton  April 30, 2010 10:41 AM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Social Security offers an additional retirement benefit for those who were on active duty between January 1957 and December 2001. You paid Social Security on those earnings and therefore are entitled to benefits. Active duty includes active duty for training. Inactive duty training does not qualify.

If you served between 1957 and 1977 you are credited an additional $300 in earnings for each calendar quarter in which you received active duty pay. Service from 1978 to 2001 earns you a $100 credit towards earnings for every $300 you earned of active duty base pay, up to a maximum of $1200 per year. These credits don't translate dollar-for-dollar into your retirement benefit, but will increase what you receive.

If your active duty occurred between 1957 and 1967 the extra credits will be added to your record when you apply for benefits at retirement. However you must ask for the benefit – it isn't automatically applied. Bring your DD-214 with you to the Social Security office. If you served between 1968 and 2001 you don't need to do anything, the benefit is automatically added.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

About the contributors

D. Abraham Ringer is a CERTIFIED FINANCIAL PLANNER practitioner and a Financial Adviser with Morgan Stanley Global Wealth Management in Boston. He is registered in MA, NH, NY and several other states to which his articles are directed. For more information please visit www.morganstanleyfa.com/ringer
Financial Planning Association™ of Massachusetts has 900 members who specialize in the financial planning process. Many of its members engage in philanthropic pro bono work in their communities, recommend legislation, elevate public awareness, promote financial literacy, and advocate for sound economic and tax policies.
Odysseas Papadimitriou is the founder of CardHub.com, a credit card and gift card marketplace, and WalletHub.com, a personal finance site. He has more than 13 years of experience in the personal finance industry, and previously served as senior director at Capital One.

E-mail your question

Name:
E-mail:
Your question/comment:
archives