Social Security and Pensions in Veterans’ Wealth and Retirement

We propose to address a variety of questions about the differences in wealth accumulated for retirement by veterans and nonveterans, the replacement rates in retirement for their earnings, and the reasons for any differences between veterans and nonveterans in their Social Security, pensions, other forms of wealth, and retirement outcomes. The Health and Retirement Study provides a unique data set for studying Social Security and veterans benefits received by former members of the military at retirement. The HRS enables us to place those benefits in the context of the total wealth accumulated by veterans as they approach retirement. Data for three cohorts will be examined, thereby including veterans from Korea, Vietnam and the first Gulf War. The roles of various government policies affecting the Social Security and pension benefits received by veterans will be documented, and alternative approaches to policy discussed.