Military Residency and Retirement

[snman31]

I've read a lot on the forums, and understand that in most cases it doesn't make sense financially to stay in for 20yrs (as you'd make more money on the outside than you'd get from the retirement package.)

My situation, though, is less clear. I've a substantial commitment (from grad school, academy, etc.) amounting to 13yrs. I've got 2yrs of active duty time already. What this means is that, when I am eligible to get out, I will have served 15yrs total, 5 years shy of 20 and thus not really financially a good idea to stay in.

However, if I do a military residency of 5yrs duration, it is my understanding that the time would count towards retirement, meaning that when I could get out I could retire with 20yrs in.

Of course money is not everything, but if all things are equal I'd like to make the best choice possible. Therefore, suppose the situation were one were I could choose between a top civilian residency program (which would require an extra 5 yrs of service to retire), and a top Navy residency program (which would not). What would you advise?

Thanks in advance for your help.

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[NavyFP]

Time spent on active duty during residency does count towards retirement.

 

[Milrad]

I've read a lot on the forums, and understand that in most cases it doesn't make sense financially to stay in for 20yrs (as you'd make more money on the outside than you'd get from the retirement package.)

My situation, though, is less clear. I've a substantial commitment (from grad school, academy, etc.) amounting to 13yrs. I've got 2yrs of active duty time already. What this means is that, when I am eligible to get out, I will have served 15yrs total, 5 years shy of 20 and thus not really financially a good idea to stay in.

However, if I do a military residency of 5yrs duration, it is my understanding that the time would count towards retirement, meaning that when I could get out I could retire with 20yrs in.

Of course money is not everything, but if all things are equal I'd like to make the best choice possible. Therefore, suppose the situation were one were I could choose between a top civilian residency program (which would require an extra 5 yrs of service to retire), and a top Navy residency program (which would not). What would you advise?

Thanks in advance for your help.

Be careful when you do residency as you will owe the 5 years back after you graduate. In most cases with military residency you serve back time owed concurrently with other commitments.

 

[snman31]

Time spent on active duty during residency does count towards retirement.

Thanks for the replies so far. I realize that time spent in residency does count, but my question is if, in my above situation, that makes it a better idea to do a military residency over a civilian residency.

Basically, what are your thoughts on the following two scenarios:

2yrs active duty already served + 5 yr military residency + 13yr obligation =
out in 20yrs with retirement

vs.

2yrs active duty already served + 5yr civilian residency + 13yr obligation =
out in 20yrs without retirement or out in 25yrs with retirement

For the latter, assume a top civilian program.

Hope that clears up the situation, and thanks again for your opinions.

 

[NavyFP]

Most posters on this site would agree that the training in the military is good. Considering you are talking 5 years of residency, I'm guessing you are going a surgical route. The consensus from the surgeons on the site is that it is challenging to maintain some of your skills while on AD after residency.

As an FP, it was a no brainer. FP programs in the military are generally better than their civilian counterparts.(my opinion)

My 2 cents would be to do it in service and get the retirement.

 

[DogFaceMedic]

We are in a similar boat: I have 12 years Reserve and 3 active. Military residency in Army as O3 with 18 yrs service with dependents is 2 and 1/2 times the pay of civilian residency, and it counts for retirement. So I will qualify for reserve retirement. Even with reserve years of commissioned or enlisted service you can request earlier date of rank and even qualify as an O4 right out of school.
Also, unlike a noisy few of our colleaques, I like the people I meet in the service (and ignore/bypass the few bad ones.)

 

[IgD]

However, if I do a military residency of 5yrs duration, it is my understanding that the time would count towards retirement, meaning that when I could get out I could retire with 20yrs in.

Are you thinking you could retire immediately after a 5 year residency? The answer is no. You would incur an additional 5 year service obligation for the residency that would have to be paid off before you would be permitted to retire.

The residency time does count towards retirement however.

 

[former military]

many military surgery residencies and other residencies as well, are integrated with civilian programs... you may likely spend more time at the univ then the military hospital...look into how the major navy residencies specifically run their rotations... military, VA, Univ, etc.

 

[snman31]

Are you thinking you could retire immediately after a 5 year residency? The answer is no. You would incur an additional 5 year service obligation for the residency that would have to be paid off before you would be permitted to retire.

The residency time does count towards retirement however.

No, I meant that, after my obligated service was complete, I would have completed 20 years (thus would not need to do any extra service past my obligation to retire with 20yrs).

many military surgery residencies and other residencies as well, are integrated with civilian programs... you may likely spend more time at the univ then the military hospital...look into how the major navy residencies specifically run their rotations... military, VA, Univ, etc.

Very good to know; that's a perspective I hadn't heard before. I appreciate the response.

We are in a similar boat: I have 12 years Reserve and 3 active. Military residency in Army as O3 with 18 yrs service with dependents is 2 and 1/2 times the pay of civilian residency, and it counts for retirement. So I will qualify for reserve retirement. Even with reserve years of commissioned or enlisted service you can request earlier date of rank and even qualify as an O4 right out of school.
Also, unlike a noisy few of our colleaques, I like the people I meet in the service (and ignore/bypass the few bad ones.)

Thanks for the info - it's good to know others are in a similar situation.