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YOUR SOCIAL SECURITY Davenport, Iowa Office

By Karen Cole
Social Security District Manager
Davenport, Iowa

VETERANS DAY REMINDER: MILITARY SERVICE AND SOCIAL SECURITY

Each year, on November 11, America observes Veterans Day and honors the men and women who have served in our nation’s Armed Forces. Many of our Vietnam era veterans are now nearing retirement age, or already there. It is important that they — and other American service personnel — know just what retirement benefits they can count on from Social Security as they make their future financial plans.

Like most of the civilian workforce, all current military personnel pay Social Security taxes and earn Social Security coverage. Earnings for active duty military service or active duty training have been covered under Social Security since 1957. Also, earnings for inactive duty service in the reserves (such as weekend drills) have had Social Security coverage since 1988.

In 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. If, for example, a person served in the military between 1957 and 1977, he or she has been credited with $300 in additional earnings for each calendar quarter in which active duty basic pay was earned. These extra earnings may help someone qualify for Social Security or increase the amount of the Social Security benefit.

The number of credits an individual needs to qualify for Social Security depends on his or her age and the type of benefit. Any future Social Security benefit payment depends on a person’s earnings, averaged over a working lifetime. Generally, the higher a person’s earnings, the higher his or her Social Security benefit will be.

And, remember that Social Security is more than retirement. If a worker becomes disabled before reaching retirement age, he or she may be eligible for Social Security disability benefits. A disabled worker’s spouse and dependent children also may be eligible for benefits. If a worker dies, the widow or widower and dependent children may be eligible for Social Security survivors benefits.

If you, or someone you know, were wounded while on active duty in the military, find out more about what Social Security can do by visiting our website designed specifically for wounded warriors: www.socialsecurity.gov/woundedwarriors. There, you will find answers to a number of commonly asked questions, as well as other useful information about disability benefits and Supplemental Security Income (SSI).

Veterans and others who are within 10 years of retirement age should begin planning for retirement. A good place to start is with Social Security’s Retirement Estimator at www.socialsecurity.gov/estimator.

For more information, you can read our fact sheet, Military Service and Social Security, which is available on our website at www.socialsecurity.gov/pubs/10017.html.

AUTUMN OFFERS LESSONS FOR RETIREMENT

In autumn, animals know winter is coming and take the steps to prepare. Bears grow thicker fur and settle in for peaceful hibernation. Squirrels collect and store acorns and other nuts. Birds, favoring warmer weather and having the means to make it possible, fly south for the winter.

When it comes to preparing for retirement, we can learn from the animals — making sure the transition into the later years of our lives is as smooth and comfortable as possible. The best place to start is a visit to www.socialsecurity.gov.

You can get an instant, personalized estimate of your future Social Security benefits at www.socialsecurity.gov/estimator.

To prepare for a comfortable retirement, you should start saving as early as possible. Social Security is the foundation for a secure retirement, but was never meant to be the sole-source of income for retirees. In addition to Social Security, you also will need savings, investments, pensions or retirement accounts to make sure you have enough money to live comfortably when you retire. Learn about retirement planning and how to save at www.socialsecurity.gov/retire2/other2.htm. But wait, there’s more.

If you decide you’re going to be a “snowbird” when retirement comes, and go to warmer climates during winter weather, make sure that your Social Security payment goes with you. The best way to do that is to use direct deposit. You never have to worry about where your monthly payment will be delivered — it will show up in your bank account whether you’re in the Dakotas or the Florida Keys. Learn all about electronic payments at www.socialsecurity.gov/deposit.

Whether you’re in the spring, summer, or entering the autumn of your life, the best time to start preparing for retirement is always the present. A good place to start is at www.socialsecurity.gov. Even the animals know they can’t wait until the last minute to prepare for a comfortable winter. Take a lesson from our furry and feathered friends and prepare for your own comfortable retirement.

FEAST ON THE INFORMATION AND SERVICES WE OFFER ONLINE

As the Thanksgiving holiday approaches, families everywhere will be traveling to reunite with one another. Generations will gather around dinner tables across the nation. And certainly some people are already coming up with conversation topics to season the festivities.

If some of the folks in your family like to talk about Social Security, make sure you’re ready with a visit to www.socialsecurity.gov. After table time, sit down for some online time with anyone in your family who needs information. In fact, right on your tablet or laptop, you can even help a loved one apply for retirement benefits in as little as 15 minutes, or Medicare in as little as 10.

There are a number of other things you can help your loved ones do online. Use the Benefit Eligibility Screening Tool to see whether they qualify for benefits. Or use the Retirement Estimator for an instant and personalized estimate of their retirement benefits. You can learn about these and many other online services available by visiting www.socialsecurity.gov/onlineservices.

If you’re in a conversation about Social Security, use your smart phone or mobile device to visit our mobile-friendly frequently asked questions at www.socialsecurity.gov/faq.

If you end up talking about Social Security between turkey and pumpkin pie, rest assured that the authority on the subject is as close as your laptop, tablet, or smart phone. Feast on the food at the table, and then take advantage of the feast of information and services available online at www.socialsecurity.gov.