The former Aston Villa, Wolves, Stockport County and Walsall man is reported to have taken a wage reduction of around £50,000-a-year to stay with The Pilgrims.
He has agreed a one-year deal on terms that fit into the York Street club's new wage structure.
"It wasn't about money for Tom, it was more a big family decision with the travelling and living away from home," manager Steve Evans told BBC Radio Lincolnshire.
"He's a good part of our squad, a big part of our team, and this is good news for every Boston United fan."
Bennett joins team-mates Lee Beevers and Danny Thomas in signing new deals with Boston, with the pair putting pen-to-paper on their new two-year deals.
The club have also started new contract talks with midfielder David Noble.
The 21-year-old midfielder is keen to stay with The Pilgrims for next season and Evans is hopeful a deal can be struck.
