Veterans are an important asset of the country and the U.S. government has always protected veteran's benefits through federal and state laws. Earnings through active duty veterans or under training veterans are taxed and counted the same way as civilians under Social Security. However, the benefits may vary a little depending on their situation.
Social Security and Medicare
Veterans pay almost 6.2% of Social Security taxes and 1.45% on all wages until the maximum limit, $132,900 annually. Any income earned above that amount would not be taxed.
How veterans qualify for social security
Just like civilians, veterans also need to earn up to 40 work-credits to qualify for social security benefits. To earn a maximum of 4 work credits each year, they need to earn a total of $5440 annually, that translates to 4 work-credits; since one work credit translates to $1360 as of 2019.
- Benefits for veterans
Veterans will be able to qualify for social security benefits if they meet the criteria just as civilians. Also the veterans will be paid retirement benefits and the Social Security Administration will also pay survivor benefits to a disabled veteran upon death.
When veterans apply for Social Security benefits, they'll be asked for proof of your military service (DD Form 214) or information about their Reserve or National Guard service.
Although veterans can retire as early as 62 years of age, their benefits will be highly reduced if they retire before that age. However, if an impairment or disability strikes, the veterans can still apply for social security and receive some benefits. Also, if they decide to retire early they won't necessarily be denied social security, but won't be able to receive maximum benefits on their social security claims.
Work and social security claims for veterans
If deciding to apply for social security claims before acquiring full retirement age, the veterans may be able to earn some amount from the social security benefits and continue to work. Though there may be limits on how much a veteran can continue to earn without losing some or all of their retirement benefits. The SSA sets and changes this limit every year, so it might be wise to consult an attorney for more legal guidance.
When they reach full retirement and haven't applied for early benefits, the veterans will be able to receive 100% of their benefits. The retirement age varies between 62 to 66 for people born between 1943 and 1954 ( or maximum 67 for people born after 1960).
Filing for Social Security and help for veterans
The most convenient way to enquire about your social security is to visit www.socialsecurity.gov. There, you can: apply for benefits; open a mySocial Securityaccount, which you can use to review your Social Security Statement, verify your earnings, print a benefit verification letter, change your direct deposit information, request a replacement social security card SSA-1099/1042S.For more detailed guidance on your specific case, you may contact a social security disability attorney