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- Use a Military Retirement Calculator to Forecast Savings
June 27, 2009 | 8:04 pmDuring the first few years of service, retirement income may not be high on everyone’s list of concerns. However, as their career in the military advances, figuring out retirement income with a military retirement calculator can help a person plan for the future. Retirement income for retired military is similar to civilian calculations, and they [...]
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Archive for Retirement Articles »
- Is a Retirement Income Calculator the Tool to Use?
June 29, 2009 | 6:17 pmIn order to understand the value of money, estimates made using a retirement income calculator always have to be projected back from the future to current day dollars as if you were receiving income as of today.
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Archive
- Retirement Gag Gifts
June 28, 2009 | 12:32 pmMany individuals purchase retirement gag gifts that are funny or that make the individual feel light and emphasize on the funny side of retiring. Although such a gift might make somebody smile, you need to realize that it is not very special.
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Archive
The Online Military Retirement Calculator
| Military Pay, Benefits, and Retirement |
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| Retail Price: $89.00 |
| Amazon Price: $53.30 |
There are three types of retirement systems available for retiring military personnel and are available to those who have been on active duty for 20 years or more.
Which retirement system is applicable to an individual, is determined by what date that individual joined military service. The start date also determines whether a choice can be made or not on which retirement system applies.
Each of the following retirement systems use a military retirement calculator that is specific to that system -
* Final Pay
* High-3 Year Average
* REDUX
Each military retirement calculator estimates eligible pay during retirement years. Information input can be varied according to different retirement expectations and current economic information.
Final Pay Calculator
This system is applicable to personnel who entered service before September 8, 1980.
The following information can be input – expected retirement grade, years of service and age, which then estimates retirement pay. Some variation of the results can be achieved by applying different economic assumptions such as inflation, annual active duty pay raise and tax rate.
High-3 Year Calculator
The High-3 year average retirement system applies to personnel who entered service on or after September 8, 1980 and before August 1, 1986 or to personnel who entered service on or after August 1, 1986 and chose this plan without accepting a ‘career status bonus’.
The same kinds of information and variation options used in the Final Pay calculator can be entered into this calculator
REDUX Calculator
This system applies only to personnel who join the service after July 31, 1986 and offers a lump sum career status bonus in exchange for a reduced pension.
Eligible personnel are able to make a choice between this system and the High-3 year system and a military retirement calculator is available to help make the choice between the two systems.
Expected income payable under the Final Pay and High 3 systems are annually increased according to the value of the consumer price index. The Redux system is also cost of living protected but at a percentage slightly lower than that available with the other two systems.
Each online military retirement calculator has the ability to print or save information that is generated during an online session. This is useful when reviewing the information at a later date.