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Some federal jobs allow you to buy your active duty time back, and apply it towards your federal retirement?
How exactly does this work, and did anyone do this? How has it worked out?
If you're already retired can you defer retirement and take it at a later time for more money like delaying Social Security benefits?
What is the fee associated with buying back your military time? If you don't mind sharing....
How exactly does this work, and did anyone do this? How has it worked out?
If you're already retired can you defer retirement and take it at a later time for more money like delaying Social Security benefits?
What is the fee associated with buying back your military time? If you don't mind sharing....
Posted >1 y ago
Responses: 6
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SSG(P) (Join to see) , the first question I would ask you is, do you plan on retiring from the Army?
The reason I ask is because military retirees are actually at a disadvantage when it comes to federal and other government jobs that "buy back" military time. In other words military retirees cannot sell back their military time since they're already collecting 1 retirement.
That is all I really know, since that is my situation. If I were to get a government job (I currently work as a defense contractor) I could not sell back my Navy time.
The reason I ask is because military retirees are actually at a disadvantage when it comes to federal and other government jobs that "buy back" military time. In other words military retirees cannot sell back their military time since they're already collecting 1 retirement.
That is all I really know, since that is my situation. If I were to get a government job (I currently work as a defense contractor) I could not sell back my Navy time.
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If you plan to stay in the Military, it would depend on your pay grade when you separate from Federal service. What your grade will be in the military and what retirement package you fall under in both the Fed and Military.
It is sone simple math with sone research, nothing anyone hear came say without many questions. So, speak to your HR, read the Federal policy and understand the military side.
I have seen active duty but back because they left the military at such a junior grade with higher expectations for promotion as a Fed.
For anyone E8/ Major or above who entered service during or before Hi 3 it would be a loss. Unless you are Federal Law Enforcement, the pension/savings plan can’t touch the Military Service.
As I stated it will take research and math to decide. I only give a brief example as to sone related situations.
Not claiming this is 100 accurate as it would require me to refresh on all the associated policies.
It is sone simple math with sone research, nothing anyone hear came say without many questions. So, speak to your HR, read the Federal policy and understand the military side.
I have seen active duty but back because they left the military at such a junior grade with higher expectations for promotion as a Fed.
For anyone E8/ Major or above who entered service during or before Hi 3 it would be a loss. Unless you are Federal Law Enforcement, the pension/savings plan can’t touch the Military Service.
As I stated it will take research and math to decide. I only give a brief example as to sone related situations.
Not claiming this is 100 accurate as it would require me to refresh on all the associated policies.
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Had to do it when I retired from the Postal Service. Ended up paying more in interest from my tour in Vietnam ('69-70) than the Corps pay me in salary for the lovely vacation. The charge is figured on the tax applicable at the time (which is not much) but then they add in the interest for the amount not paid from then until now - that sucks.
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