Here’s some potential good news for boomer veterans who are at or nearing retirement. If you served in the armed forces you could be eligible to receive increased social security benefits as a result.
According to this article on Pal-item.com, “[I]n addition to regular military pay, Social Security adds special earnings credits to an individual’s Social Security record when he or she serves in the military. The extra earnings are for periods of active duty or active duty training” writes author Teresa Brack.
For more information on your eligibility, visit Social Security’s ‘Military Service and Social Security’ fact sheet here. And if you were wounded or became disabled, you may be eligible for additional benefits. For more information, check Social Security’s Wounded Warrior information here.
While social security continues to come under severe pressure due to the current and continuing economic meltdown, make sure you are applying for your full benefits with the Social Security Administration. Every income stream will be critical as you transition from the work force to retirement or more likely to a second career which will include multiple income streams from creative sources.