I am a retired military regular officer and am currently working for a company, but I might want to get a federal civil-service job instead. When I finally retire from working, will I be able to collect all three pensions without penalty? – Mike


One important tenet of a solid retirement strategy is making sure you have your core expenses covered by guaranteed income sources, such as pensions and Social Security. Sounds like your plan would help to ensure you have coverage on that front. While concealing the smug smile that might sneak to your face as you reap the benefits of being a “triple-dipper,” you’ll learn that there are no penalties for collecting all three pensions.

One cautionary note before you run to the bank: there is a prohibition against receiving multiple retirement benefits for the same service. So you would not be able to “buy back” a portion of your 20-plus years of military service, for which you are receiving a retirement check, to qualify for a civil-service pension without impacting your military retirement. Thank you for your service.