Can I Draw the Full Amount of Veteran Benefits if I Am Also Drawing Retirement From the Government?

Government Benefits

The federal government supplies retirement pay for many citizens. U.S. residents making contributions for the required number of quarters, typically 40, receive Social Security benefits, and retired federal, state and local employees, including members of the military, also receive pension benefits. Qualifying quarterly payments depend on the year of the contribution. Monthly veteran funds and payments to seniors under the Social Security system both take the standard that Americans must have protection against poverty during their retirement years. The money doesn't allow the retired to live handsomely or extravagantly, but instead provide subsistence payments.

The Veterans Administration pays disability benefits to vets with "limited or no income, and who are age 65 or older, or, if under 65, who are permanently and totally disabled." Veteran disability payments also include "aid and attendance or housebound" payments for vets with serious impairments and disabilities. The "full amount of veteran benefits" for retirement depends on the number of years served in the armed forces, rank acquired at the time of retirement. Monthly military and retirement benefits increase when the federal government determines a healthy economy warrants a yearly increase in a cost-of-living addition. Not all years provide retirees a benefit increase. Qualifying vets must have a discharge "under conditions other than dishonorable" and a minimum of 90 service days with at least one during wartime. Soldiers serving after Sept. 7, 1980. generally require a full-time service period of at least 24 months on an assignment.

Even though you've earned veteran benefits through your military service and you've paid enough employment quarters to also receive federal Social Security benefits during your retirement, the federal government limits the amount of federal benefits received each month for some recipients. The cap also applies to retirement benefits from private pension plans. While double-dipping payments are allowed under both retirement systems, the total amount paid to the retiree each month comes under a possible benefit cap, depending on your current age.

If you decide to work part time or earn money from any other source, including passive farming, you risk another reduction in your benefits from both Social Security and veteran retirement or disability payments. Social Security capped the senior income at $14,160 in 2011, for people retiring before the official approved retirement age. The approved age varies between 62 and 67, depending on the birth year of the retiree. Single vets without children earning an annual income of less than $11,830 qualified for disability pensions in 2010.