MyFEDBenefits Launches Military Buy Back Calculator

Feds Buying Back Their Time in Military Service

Approximately one-third of all civilian federal employees have previously served in the Armed Forces. Many of these feds have heard of a buy back option that allows them to have their time in active-duty count towards retirement eligibility and pension benefits in the civil service, but most are unsure about the details regarding cost and the process involved.

Getting credit for your time in military service is referred to as a military buy back, and it can offer several benefits; increasing your monthly annuity payment at retirement, increasing your leave accrual per pay period, faster vesting of your thrift savings plan, and enhanced seniority benefits in your current appointment.

Essentially, to have your time applied towards your civil service career and retirement, you must “buy back” your time by making a military service deposit. This part is relatively simple to understand, but unfortunately calculating the cost your deposit is not. Beyond just calculating the cost, you’ll need to figure out exactly how much in additional benefits you’ll receive from buying back your time, which will then allow you to determine whether buying back your time makes sense.

Calculating Your Buy Back Amount

To help make the buy back process simple, MyFEDBenefits has launched a Military Time Buy Back Calculator. By entering just a few simple pieces of information, the calculator can quickly find the estimated; total earnings for a specific period in a military career, the military service deposit (with interest) needed to buy back your time, and even an estimated bi-weekly payroll deduction should you decide to have your buy back automatically deducted from your paycheck over the number of years you have until retirement.

Why Would You Want to “Buy Back” Your Time

This is a great question, and one we love to answer. The benefits of buying back your time are significant. Beyond just the adding a significant amount to your pension at retirement, it can have some additional immediate benefits like; increasing your leave accrual per pay period, faster vesting of your thrift savings plan, the option to retire early with full benefits, and enhance the seniority benefits in your current appointment. You really have a lot to gain from buying back your time.

Military Buy Back Made Simple

In addition to the calculator, we’re also introducing the Military Buyback Blueprint™. This is a personalized packet containing everything you would need to complete and official military service deposit (your buy back). It simplifies a very complex process by breaking it down into the basics:

  • How much your buy back will cost
  • How much it will add to your pension
  • The buy back value (cost vs. time, helping you determine if a buy back makes sense)
  • Help filing all the necessary forms
  • Access to a dedicated Buyback Specialists (to answer any questions along the way)
  • And personal benefits workbook to make sure you’re taking advantage of any other benefits you might have available to you before, and after, retirement

The Buyback Blueprint™ is truly the simplest to get the information you need to buy back your time. And getting access to a Buyback Specialists is a definite bonus; these are experts in the field – folks who know the buy back process inside and out and can help guide you to getting all the additional pension dollars you deserve.

Cost to Have MyFEDBenefits Help You Complete Your Buy Back

MyFEDBenefits is a free resource for all federal employees. We help you with benefits and retirement questions and challenges. It’s what we do. Included with this is the Buyback Blueprint™, which we’re providing at no charge to help veterans of the Armed Forces who are now serving our country in the civilian federal workforce. It’s our way of saying thank you for your service.

If you, a family member, or colleague need help buying back your military time to apply towards your career and retirement benefits, take the first step today: use the military buy back calculator to calculate the cost of your military service deposit, and then request a Buyback Blueprint™. It will almost definitely be the smartest decision you make in planning for your career and your retirement.

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