Military Reserve Retirees Approaching Age 60 Need to Take These Financial Steps – Military.com

Military Reserve Retirees Approaching Age 60 Need to Take These Financial Steps  Military.com

Set aside time to ensure that you make the most of these valuable benefits. A retired military reservist approaching age 60 needs to take several steps before starting to receive military retirement pay; needs to review their Survivor Benefit Plan election; and may prepare to switch to “regular” retiree Tricare coverage. Most reserve retirees are eligible to receive military retirement pay at age 60. However, service members with qualifying active-duty service may become eligible earlier. Under the reduced-age retirement rules, each block of 90 qualifying days of active duty in a fiscal year typically moves the pension start date three months earlier. The start of military retirement pay can not be earlier than age 50.

Whenever you are eligible, you will need to apply for military retirement pay to begin. You should submit your retirement pay application six to nine months ahead of your pay eligibility date. That application includes DD Form 108, Application for Retired Pay, and DD Form 2656, Data for Payment of Retired Personnel. Before you send the application, pull your Chronological Statement of Retirement Points and verify that the points line up with your orders and Leave and Earnings Statements. If you find errors, gather documentation and work with your service’s personnel office to correct the record, because inaccurate points could permanently reduce your retired pay.