Military Retirement

[MaxAnn]

I was just wondering how many people thought it was worth it to do the entire 20 yr stretch in order to get the retirement (pension)? Is it really worth it?

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[jmick101]

Yes, for a couple of reasons. One is that I was enlisted for 3 years before doing ROTC and applying for the HPSP. That is an 8 year active duty commitment. I also plan on doing a AEGD which is another year or two. By the time that I am done with my commitment, I will be well over half-way there. The money is not as good as you would be making in the civilian world, but it is more than enough to raise a family on.

 

[BuckeyeDent]

In addition, you will still be young enough to continue your career in the private sector if you choose. That mean's you'll be getting 2 incomes and raking it in.

 

[Tooth]

Retirement pay is, by far, the most enticing aspect of military denstistry for me. However, I'm not sold on it. There's something to be said about not having to do anything and have the money role in every 2 weeks till the day you die. Retirement accounts start getting drained as soon as you retire. But will they run dry? It just seems that one can make soooo much more in the private sector in 20 years that there's nothing much to worry about.

 

[BKK]

Military retirement pay is not a sure thing. One is eligible for retirement pay after 20 years of honorable service. If you get thrown out for doing something illegal, then you don't receive retire pay.

Plus if you don't complete 20 years then you don't get a partial pension.

That being said, I am 11 years into my AF career and am planning on that portion to augment my retirement savings. Stay out of debt as well as you can, contribute to a Roth and the TSP as much as you can and you will do well in retirement.

BK

 

[natedizzle]

I can't remember, does the time spent in dental school under the HPSP count towards your retirement?

 

[Omahahahaha]

I can't remember, does the time spent in dental school under the HPSP count towards your retirement?

No

 

[BuckeyeDent]

I don't plan on doing anything illegal BKK. Why would you even bring that up?

 

[virginiabeach]

I can't remember, does the time spent in dental school under the HPSP count towards your retirement?

Not under HPSP but it does count towards retirement under HSCP