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Must Know Facts About Military Retirement Pay

Must Know Facts About Military Retirement Pay

Military retirement pay includes a pension plan which begins on
the day of retirement from the military, regardless of the age of the
individual. In fact, individuals can begin collecting from the pension
at age thirty seven. Retired military also receive a cost of living
adjustment to the pension plan payments each year.
Pensions
can vary in payments and the amount of an individuals payments can be
determined by looking at the Military retirement chart. The rank of the
individual, as well as  deployment and their speciality in the
military, may influence the amount of pay. The Military retirement
chart is not always definitive and the amount may differ slightly from
that which is listed.
There have been some
recent changes to military retirement pay, including the elimination of
the seventy five percent cap on the amount of payments received. The
amount of payments is calculated according to the years of service and
those that retire now, receive payments based on a higher percentage of
years served.  Whereas in the past, payments were calculated at seventy
five percent of service. The cap has only been lifted for those that
had more than thirty years of service and retired after 2006.
Retired
military members are often aware of the amount of payments they will
receive, based on their chosen time of retirement. There can be changes
to that amount, including a possible yearly cost of living increase. 

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