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Research on Aging
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The Effect of Military Service on Wealth Accumulation

Kelly G. Fitzgerald

University of Massachusetts Boston

This study examines the association between serving active military duty and wealth accumulation. It was expected that those who served active duty would be more likely to accumulate less wealth than nonveterans. Using data from the first wave of the Health and Retirement Study, a sample of 5,800 men was analyzed to determine the relationship between the length of time spent on active military duty and net worth. Multiple regressions suggest that factors commonly associated with wealth accumulation significantly affect net worth. More important, the total number of years served was very significant in that additional years of service decreased net worth. The results were insignificant for respondents who served more than 20 years but suggest that extended military service may positively affect net worth. Overall, the results show that there is an economic disincentive to serve in the military, which may affect the ability of veterans to accumulate wealth and future military recruitment.

Key Words: wealth accumulation • military service • retirement • net worth

Research on Aging, Vol. 28, No. 1, 56-83 (2006)
DOI: 10.1177/0164027505281574
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