The last chunk of my military service credit purchase will be complete on Aug 31, 2017. In broad terms I purchased 1 year of military service credit in 2016 and will be purchasing the other three years in 2017.
The amount due is $10,139.78. I am funding this with pre-tax dollars at $1,200/month and rolling over $1,770 from an old 457. This puts me about $500 ahead of the target on Aug 1, plenty of time to make the Aug 31st cutoff. It also gets me to retirement two years earlier than I would otherwise.
After that is taken care of there are more opportunities to purchase service credit and moving that retirement date forward. Because extra service credit
purchase the first 4 months of employment before we were eligible to contribute. This moves retirement 2 months closer.
purchase up to three years Additional Service Credit (flat out buy it) at a much higher rate than the others. This is 1.5 years closer.
That puts my new estimated retirement date as May 15th, 2025.