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Military Retirement Calculator Explained

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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