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Early Retirement Need Help Lots of Questions
Old 01-29-2009, 08:37 AM   #1
Confused about dryer sheets
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Early Retirement Need Help Lots of Questions

Hi there guys, I'm very new to this forum with a huge dilemma. I worked for nine years with a company who set up a pension for me. I was told when I left that job that I could not touch that pension until I retired at the age of 55 at the earliest. Well to make a long story short, I'm 28 years old, I haven't been able to find a job for the past 8 months and I'm so far behind on all of my bills that I have no choice other than to file for bankruptcy. If I could access my pension money it would enable me to catch up all of my bills and get me out of the current situation that I'm in. Can I retire at the age of 28 and if I do, what are the effects that it will have on me in the future? Will I not be able to get a job or join the military if I retire at 28? I know that these are probably some pretty petty questions, but I really don't know what else to do right now. Please help me out guys, and thanks so much.

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Old 01-29-2009, 08:43 AM   #2
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Very unlikely you can get your hands on any of your pension money before age 55. Have you tried contacting whoever administers your pension fund to see what they have to say about your request?

As to your other question regarding 'retiring' at 28, it will have no effect on your ability to join the military or work for anyone.

Numbers is hard.

Retired in 2005 at age 58, no pension

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Old 01-29-2009, 08:48 AM   #3
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Originally Posted by REWahoo View Post
As to your other question regarding 'retiring' at 28, it will have no effect on your ability to join the military or work for anyone.
Agreed. Filing for bankruptcy, on the other hand, could have more of an effect. As for the military, my understanding is that a bankruptcy won't disqualify you, except that you're not likely to have access to anything requiring a security clearance.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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Old 01-29-2009, 09:11 AM   #4
Confused about dryer sheets
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Thanks a ton guys, I have tried and tried to contact the office of the company that holds my pension funds, but they won't talk to me if I don't have my password. My now ex wife has all that information at her (my old House) and I can't get her to retrieve it for me. It is just a sloppy situation all the way around. I am planning on joining the army in a couple of months, but I didn't realize that a bankruptcy would have that impact on a security clearance, my recruiter told me to just keep the bankruptcy under my hat if you know what I mean.

Thanks a ton for the speedy replies, I was just really shooting in the wind trying to think of a way to access that pension money to bail me out. Thanks a ton again.

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Old 01-29-2009, 09:31 AM   #5
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Wrong time, reason, and situation for joining the military.

Your situation is prime for a failed military career. Here's why:

Failed marriage that's not resolved. You don't even have access to financial information that you need. You need to resolve these issues before enlisting; they will interview your ex-spouse when you apply for a clearance.

Bankruptcy. You're a bad risk if you do this. Keeping it under your hat isn't going to be possible, the military will do a credit check right off the bat. The recruiter you talked with is an idiot, and is on the wrong side of the UCMJ.

When you are new in the military, if you're going to succeed, you have to have your personal life squared away. You can't be messing with messy divorces, bankruptcy proceedings, and all the rest. Plenty of people try, and plenty of people fail and get out after their first enlistment no further along than when they started, if they're lucky.

More often, they're burdens on their chain of command who establish themselves rapidly as problem children. Compounding that fact is that you're 28 years old. Do you have the stamina, drive, and acceptance of an 18 yo? No. Would you be able to put up with bs from Sergeants 8 years younger than you? Who you may or may not respect? No.

You'd be smarter going to school, getting your act together, and then, IF you're still interested for the right reasons, join the military.
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Old 01-29-2009, 10:26 AM   #6
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deepc gave some pretty good advice. My little brother joined the military and I make more money than he does working at wal-mart. I don't get health care, free living, food allowances, or money for education, but the reasons you want to join the military don't seem to be for the right reasons. Get divorced (if thats what needs to be done), down grade on your car, get a studio appartment and get things straightened out. Work 2 or 3 jobs if you have to.
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Old 01-30-2009, 10:29 PM   #7
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Originally Posted by diggs25413 View Post
...... I didn't realize that a bankruptcy would have that impact on a security clearance, my recruiter told me to just keep the bankruptcy under my hat if you know what I mean.
Very, very bad advice -

I have 29 years govt service (military & civilian) & I can promise you that keeping a bankruptcy "under your hat" will come back to bite you in the b*tt if you ever try to make any kind of long term military or civil service career.

You will have to complete an SF-86 & probably other questionnaires - lying on an official document is grounds for discharge/firing from military or civilian service - and also a criminal offense, though not always prosecuted (though it might be pursued in my agency).

I suppose one might get away with it for a one time 3 or 4 year enlistment in a non-sensitive position where they don't get much of a clearance - but surely not for a career where you will eventually move to/through positions requiring higher clearances. Security clearances have to be re-done every 5 years anyway.

When it comes to military or govt service - one will usually get in more trouble (discharged/fired) for lying or trying to cover something up, than about the information or mistake itself.
Retired 2009!
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Old 01-30-2009, 11:51 PM   #8
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It's obvious that your recruiter's priorities are not in line with your best interests. Your financial history (as well as a local check of law enforcement records) is the easiest thing to check, and will be part of any screening for a security clearance.

The Army probably sounds like the "least bad" option to you at this point, but I agree with the others here--it's not likely to work with the foundation you've got. If I knew you were coming to my command with this plate of issues (including falsifying your security clearance application), we'd have a long talk on day one--about whether there was going to be a day 2.

You say that you have to declare bankruptcy--have you thoroughly explored all the options? With professional assistance?

"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
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