Veterans May be Losing Out on Social Security
A recent survey of United States Veterans has revealed that many veterans are losing out on Social Security benefits. As a recent article explains, the problems seem to be that veterans do not know how to access an estimation of their social security benefits, and do not understand the impact of taking benefits early or delaying the start of these benefits.
Importantly, the social security benefits received by a veteran who begins withdrawing funds at the age of 62 are vastly different then the benefits received by a veteran who delays taking withdrawals until the age of 66 (the benefit a veteran receives at 62 is 75 percent of the benefit he or she would receive at 66). Additionally, between the ages of 66 and 70, the benefits a veteran will receive will rise by 8 percent per year that the veteran does not make a claim.
Unfortunately, as the survey indicates, many veterans are simply unaware of these rules. Therefore, approximately 80 percent of veterans who were collecting benefits at the time of the survey reported that they began collecting benefits at the age of 62. This is troubling to editor in chief of Kiplinger publications, Knight Kiplinger, who commented, “This knowledge gap must be filled . . . doing so will enhance the financial security of the men and women who serve to protect our freedom.”