Posted on Mar 26, 2021
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A former student from many years back came to see me and asked me this question. I don't know the answer. He wants to know if he does ten years with another government agency if he will be able to retire and collect. I told him to call the V. A. and ask and he said he did but nobody could, or would answer the question.
Posted >1 y ago
Responses: 15
Answer up front: Yes. (1)The buy back is calculated based on how much money you made during the active duty time. For recent military service with higher pay the buy back amount can be substantial. For an old timer like myself who served in the 70s and 80s the amount was much lower. (2) You may retire from federal civil service after only five years employment but won't start the getting the monthly check until age 55. (3) From my own experience military retirement checks are much better than civil service!
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Yes you can buy back your service years towards your civilian retirement and should, but it won’t impact getting a full military pension when he reaches a combined 20 years using his service time and federal service time. Doesn’t work that way.
Several folks leave after doing their retirement in the military, then they switch over to VA and buy back those years, collect a portion of their military retirement while also collecting their civilian paycheck and then when they hit their years in federal service they can retire and collect that retirement.
Then there is the other route. Many finish out military service with less than their required retirement time. Then they get their service connection completed and draw their disability tax free while drawing their VA paycheck.
Several folks leave after doing their retirement in the military, then they switch over to VA and buy back those years, collect a portion of their military retirement while also collecting their civilian paycheck and then when they hit their years in federal service they can retire and collect that retirement.
Then there is the other route. Many finish out military service with less than their required retirement time. Then they get their service connection completed and draw their disability tax free while drawing their VA paycheck.
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Thanks for a lot of answers on here! When I started teaching in Tennessee they gave me step pay increases for my four years of service as well as allowing me to retire four years early (age 56) if I wanted to without the early retirement penalty even though I wouldn't have the full thirty years in. Well, I didn't take advantage of the early retirement without penalty because I enjoy teaching and want to continue on. I could go on Social Security and retire with my teacher retirement but I am waiting until I can get the full amount at age 70. Heck, it is only a couple years now so why not get all I can?! I don't plan on dying anytime soon!
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