by John Cooney on Jan 27, 2021
If you are a Reservist or a member of the National Guard, you are familiar with retirement points, or at least you should be. Retirement points determine your eligibility for a retirement pension and the amount you receive for a pension. In this article we will discuss how you earn retirement points, why you should be checking them for accuracy, and how to correct any discrepancies.
If you are a reservist* and have been mobilized onto Active Duty, you may be eligible to take money out of your qualified retirement plan without incurring the normal IRS penalties associated with an early withdrawal.
Everyone knows if you qualify for a retirement as a Military Reservist, your pension payments don’t begin until you turn 60, right? Well, maybe not, if you were mobilized after January 2008, you may qualify for a reduced age retirement, which means that your pension payments can start as early as 50. Included in the 2008 National Defense Authorization Act is a provision to begin payments early based on the number of days spent on Active Duty in support of the Global War on Terror or any of its derivatives on or after January 28th, 2008.
