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Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 355
Experience:  Former IRS Revenue Agent
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How do I know if I'm getting the correct amount

Customer Question

How do I know if I'm getting the correct amount
Submitted: 4 months ago.
Category: Social Security
Expert:  Dr. Fiona Chen replied 4 months ago.

Dear Military Service and Social Security,

You can get both Social Security benefits and military retirement. Generally, there is no reduction of Social Security benefits because of your military retirement benefits. You'll get your full Social Security benefit based on your earnings.

Below quotation is from Social Security Administration publication, website link enclosed.

"Earnings for active duty military service or active duty training have been covered under Social Security since 1957. Social Security has covered inactive duty service in the armed forces reserves (such as weekend drills) since 1988. If you served in the military before 1957, you didn’t pay Social Security taxes, but we gave you special credit for some of your service. You can get both Social Security benefits and military retirement. Generally, there

is no reduction of Social Security benefits because of your military retirement benefits. You’ll get your full Social Security benefit based on your earnings. While you’re in military service, you pay Social Security taxes just as civilian employees do. You currently pay a 6.2 percent Social Security tax on up to $118,500 of your earnings.

The Medicare tax rate is 1.45 percent on all wages, and high-income earners also pay an additional 0.9 percent on earnings above certain amounts."

Enclosed is a link to a social security administration publication on the subject. https://www.ssa.gov/pubs/EN-05-10017.pdf

"Generally, there is no reduction of Social Security benefits because of your military retirement benefits. You'll get your full Social Security benefit based on your earnings. Check with the Department of Defense or your military retirement advisor for more information. If you have health care protection from the Department of Veterans Affairs (VA) or under the TRICARE (formerly CHAMPUS) or CHAMPVA program, your health benefits may change or end when you become eligible for Medicare. You should contact the VA, the Department of Defense or a military health benefits advisor for more information." This quotation is from the social security administration website of https://www.ssa.gov/planners/retire/veterans.html.

How much exactly you get for both services depends on when you were in service and how much was your earnings. Eventually, you need to check with both the Department of Defense and Social Security Administration to make sure that your amount of retirement you get is correct. Sometimes, even for the regular W-2 and/or self employed workers, the social security may not be correct because they might have missed one or two years of contributions. So be patient to verify with both agencies is necessary.

Please feel free to follow up with any further question. Otherwise, I am ready to be evaluated by you for your satisfaction with my answer to your question.

Regards,

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP

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