If you’ve served in the military, your military retirement calculator is produced from two main factors. The length of your service and the percentage of disability as occurred from service. Other important factors that determine your military retirement calculator is what year you retired from the military, as the calculators have changed throughout the years.
If you served in the military any time before 1980, the Final Pay military retirement calculator applies to you. This calculator basically allows you to choose a payment according to your lifestyle, and needs. If you served your quota of 20 years before 1980, and continued service, your final pay would have increased by 2.5% for every additional year. At 40 years you would receive a total of 100% of your basic pay. You’re pay is also derived from any injuries or disabilities that you might have received during your service period, which may increase the basic pay you receive.
If you served anytime between 1980 and 1986 the military retirement calculator that would apply to you is the High-3 retirement system. This calculator, like the previous is based a lot off of your service time and injuries or disabilities acquired during service. Another factor to this military retirement calculator is the pay grade at which you retired, as well as the actually year you retire in.
As for anyone who begun service any time after 1986 to current day, the most common military retirement calculator is the CSB/REDUX calculator system although you can also take in the High-3 system. The CSB/REDUX military retirement calculator can be both good and bad. If you have served 20 years, your REDUX calculator would be something like: 20*2.5-10. Simply, under REDUX you receive 2.5% of your average basic pay for every year of service, but for every year short of 30 total years, you lost 1%. So if you served 24 years, your calculator would be something like: 24*2.5-6 since at 24 years you would be 6 years short of 30 total years, and be losing 6% of your basic pay. If you serve 30 years, you’d get 75%, and if you served 40 years you’d get 100%.
For REDUX military retirement calculator, the annual cost of living adjustment (COLA) lags behind the other two retirement systems by 1% each year. Even so, REDUX is very common and preferred as a military retirement calculator mostly because it takes into account your CSB (Career Status Bonus) and calculates your retirement pay accordingly.
If you’ve served in the military or are currently serving, look deeper into the military retirement calculator that best suits your history of service, and would best benefit you to get the most out of your hard military work.