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Social Security Retirement Navy Benefit

Navy personnel contribute to Social Security with entitlement to all its benefits. As a rule, your family may be eligible to receive Social Security Retirement Navy Benefit upon your death. Eligibility for Social Security Retirement Navy Benefit is determined by the number of credits earned while working. The number of credits you need depends on your age upon retirement. Once you have accumulated at least forty credits on active duty, in civilian work, or in a combination of the two, you are insured permanently for Social Security Retirement Navy Benefit.

Social Security Retirement Navy Benefit is based on a complex formula that takes into account lifetime earnings and inflation. For most navy retirees, this means the Social Security Retirement Navy Benefit will be affected by their earnings between the time they leave active duty and the time they begin to collect Social Security. However, Social Security Retirement Navy Benefit is reduced if you start drawing them before reaching your Full Retirement Age. If you are drawing Social Security Retirement Navy Benefit, there are limitations on the amount of money which you may earn from employment up your full retirement age. After your full retirement age, all earnings limitations end. Navy retirement pay is a pension and not considered earned income. Nor is navy retired pay affected when you begin drawing your social security retirement benefit.

In addition to your retirement benefits, Social Security pays survivor benefits to your family when you die and disability benefits to you and your family if you become disabled.

You can retire as early as age sixty-two. But, if you do, your Social Security retirement navy benefit will be reduced permanently. If you decide to apply for benefits before your full retirement age, you can work and still get some Social Security benefits. There are limits on how much you can earn without losing some or all of your retirement benefits. These limits change each year. When you reach your full retirement age, you can earn as much as you are able and still get all of your Social Security Retirement benefits.

Under certain circumstances, special earnings can be credited to your Navy pay record for Social Security purposes. The extra earnings are for periods of active duty or active duty for training. These extra earnings may help you qualify for Social Security or increase the amount of your Social Security Retirement Navy Benefit. Social Security will add these extra earnings to your earnings record when you file for benefits.
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