When A Military Pension Buyout Makes Sense
If you're like most service members, you're not planning on actually retiring when you retire from the military
. Military members generally start their careers between the ages of 18 and 25, and can retire after as little as 20 years' service. Few serve longer than 30 years and the vast majority retire by the time they are in their early 50s.Who wants to retire to an easy chair after spending 20-30 years defending their country? Most want to start second careers of one sort or another. As you already know, this often means going back to school or seeking some kind of job training-at least if you want to find a desirable job. For many, taking a military pension buyout is the perfect way to work towards the goal of a second career.
Of course, taking a pension buyout is a major decision, and not one which should be entered into on a whim. You worked hard, faced danger, and gave twenty or more years of your blood, sweat, and toil to earn your pension. You should never give it up lightly. Still, if you have plans to go on to do something else with the rest of your life and need cash to get you there, a pension buy out can help.
One important thing to note is that taking an Army pension buyoutdoesn't necessarily mean you have to give up your entire pension. Most companies that buy pensions will work with you to give you a lump sum for a percentage of your military pension.
Most veterans qualify for a certain amount of free education, of course. Still, if you've been trying to complete your education with the G.I. Bill or other military education programs, you know that the funding just isn't enough. On top of that, by the time most soldiers, sailors, airmen and Marines retire, they have families to think about. No one wants to make their family do without for the time it takes to complete school.
Of course, there are plenty of other reasons why a retired service member might consider a military pension buy out. Some of the most common include:
Starting a new business
Paying off a home or other large investment
Money needed for an emergency
Money needed to actually enjoy the retirement you worked so hard to earn
Whatever your reason, if you find yourself needing a lump sum payout more than you need your military pension, it's a good idea to do your homework regarding how to sell pensions.
Depending on where you live, you may need to have a judge sign off on your plan. In other states, you are free to take a military pension buy out without going through as many legal hoops. In any case, companies which buy pensions will be able to show you how to sell pensions in your state of residence.
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