Military Retirement Calculator Explained

Military Retirement Calculator Explained

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Military Retirement Calculator Explained
The military retirement calculator is used to help military personnel determine what type of income they can expect at retirement. The calculator uses several factors to determine retirement income, including length of employment, age of retirement and the rank of the individual.
 
The  rank of an individual at the time of retirement, has a large impact on the amount of retirement income they can expect. As individuals rise in rank, they also receive a raise in pay. That raise is reflected in their retirement income.
 
Generally, a rise in rank is related to the length of time that an individual has been serving. The length of time that an individual serves is  a very important factor used to determine the amount of income for military retirement. The longer an individual has served, the higher their retirement pay will be.
 
In addition, the date on which an individual started serving, as well as the date they retire can have an impact on their military retirement pay.  For instance, regulations which govern the military retirement calculator have changed, but the regulations in place at the  time employment began, may apply when determining the retirement pay of a retired service member.
 
Those that use the calculator in advance of retirement can use that information to determine if they should have investments as an additional source of income for retirement. By analyzing these numbers and comparing them to an estimated retirement budget, individuals are better financially prepared for retirement.

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