There’s no lump sum option for a military pension, at least not in the US, and renouncing citizenship also forfeits any future pension or social security entitlements.
AFAIK, once you qualify for Social Security, you get it even if you stop being a citizen. I looked into it at some point as I plan to renounce once my parents pass (I already live overseas)
If you have a pension worth $1 mil, that trickles in over time, you sell it for $600,000 lump sum and just get pension payments deposited into an account of their choosing. You got some immediate cash. They get more money over time.
Ah, let me clarify: I’ve never heard of being able to sell a military pension like how JGW “buys” them, as they don’t have a buyout option that I’ve ever heard of.
There’s no lump sum option for a military pension, at least not in the US, and renouncing citizenship also forfeits any future pension or social security entitlements.
Edit: VA and healthcare benefits too.
AFAIK, once you qualify for Social Security, you get it even if you stop being a citizen. I looked into it at some point as I plan to renounce once my parents pass (I already live overseas)
Interesting. Wonder why you retain that but lose everything else. Thanks for the correction.
Can you sell your pension to JG Wentworth types?
I’ve never heard of it. Doesn’t that require the pension to have a buy-out value? Military pension doesn’t have that.
If you have a pension worth $1 mil, that trickles in over time, you sell it for $600,000 lump sum and just get pension payments deposited into an account of their choosing. You got some immediate cash. They get more money over time.
Ah, let me clarify: I’ve never heard of being able to sell a military pension like how JGW “buys” them, as they don’t have a buyout option that I’ve ever heard of.