Military buy-back options are available for United States armed service members who did not serve long enough to qualify for a military pension but want to apply that time in the military to a civilian pension.
The military buy-back program allows former service members to “buy back” their military service time, which can then be added to their civilian pension eligibility. By doing so, service members can receive credit for their military service when it comes to retirement benefits, even if they did not serve long enough to qualify for a military pension.
Dugan Brown understands how the military buy-back program works, and as civilian retirement professionals, we are ready to help you through the ins and outs of the process.
How Do Military Buy-Back Options Work?
The process of buying back military service time can be complex and typically involves working with both the military and civilian retirement systems. To be eligible, former service members must have served in the military for at least 180 days, be eligible for a civilian pension, and have left the military under honorable conditions without receiving a dishonorable discharge.
The cost of buying back military service time will depend on various factors, including the length of time served, the amount of civilian pension benefits at stake, and other factors unique to the individual’s situation. Calculating costs and determining the best path forward are among the things Dugan Brown’s civilian retirement professionals can help you with.
What Are The Benefits of Military Buy-Back Choices?
Military buyback choices can significantly increase a service member’s retirement benefits, as military service time is often treated as “creditable service” when it comes to calculating civilian pensions.
This can result in a significant increase in the amount of monthly retirement benefits a service member will receive. Military buy-back options allow service members to acknowledge their military service while securing the retirement benefits they need.
Our civilian retirement professionals at Dugan Brown can help former United States service members understand the military buy-back program and its benefits. They can also provide guidance on how to initiate the buy-back process, including providing documentation of military service, completing additional paperwork, and working with both the military and civilian retirement systems.
Why Choose Dugan Brown As Your Civilian Retirement Professionals?
The military buy-back program provides military service members with an opportunity to apply their military service time to a civilian pension, but how does that factor into your overall retirement plan? Is there a point where a military buy-back isn’t worth it? What else do you need to supplement your federal worker retirement plan?
Dugan Brown has professionals experts specifically in the field of federal worker retirement, and we are uniquely able to answer these questions. Our expertise in retirement options that are available exclusively to military service members and civilian federal workers sets us apart from typical financial advisors, as we can help you determine the best overall plan for you with both the public and private benefits available to you.
Contact Dugan Brown today and let us help you start building your federal worker retirement plan today.