Comments on: Do you continue to receive money and benefits after retiring from the military? http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/ Issues concerns retirement and retired living Mon, 21 May 2012 11:02:53 +0000 http://wordpress.org/?v=2.6.3 By: ET1 (SS) USN retired http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-178 ET1 (SS) USN retired Wed, 08 Apr 2009 19:41:09 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-178 At 20 years you only get 50% of your base pay. So it is like 1/4 of your regular pay. As an Active duty retiree, you get your pension immediately. As a reserve-retiree you wait until you rutnr 60 then you may get your pension. At 20 years you only get 50% of your base pay.

So it is like 1/4 of your regular pay.

As an Active duty retiree, you get your pension immediately.

As a reserve-retiree you wait until you rutnr 60 then you may get your pension.

]]> By: NWIP http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-177 NWIP Tue, 07 Apr 2009 07:28:55 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-177 You will receive up to 50% of your Basic Pay as Retirement Pay (for some it is 40%). You can then receive up to 100% disability Pay as well depending on what you are considered. You will receive up to 50% of your Basic Pay as Retirement Pay (for some it is 40%). You can then receive up to 100% disability Pay as well depending on what you are considered.

]]> By: desertviking_00 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-176 desertviking_00 Sun, 05 Apr 2009 00:51:05 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-176 Retiring from the active force will get you 50% of your basic pay, with an additional 2.5% for every year thereafter to a maximum of 75% at 30 years. You also receive a military ID for base access, all base shopping privileges, free medical care at military treatment facilities on a space available basis and a low cost health plan for treatment in civilian facilities. Retiring from the active force will get you 50% of your basic pay, with an additional 2.5% for every year thereafter to a maximum of 75% at 30 years. You also receive a military ID for base access, all base shopping privileges, free medical care at military treatment facilities on a space available basis and a low cost health plan for treatment in civilian facilities.

]]> By: Fred K http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-175 Fred K Sat, 04 Apr 2009 03:18:36 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-175 Its more like 50% at twenty it goes up every year after that and the Benefits are good if you live close to a base the PX/BX is nice to have Its more like 50% at twenty it goes up every year after that and the Benefits are good if you live close to a base the PX/BX is nice to have

]]> By: Chief http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-174 Chief Fri, 03 Apr 2009 14:03:00 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-174 Upon retirement you get a pension which amounts to 50% of your last monthly basic pay, plus 2.5% for each additional year over 20 years. Each year thereafter you receive a cost of living raise (COLA) the same as social security recipients receive. Additionally you receive lifetime medical insurance which covers 75% of medical expenses. It is advisable to purchase a secondary insurance to cover the remaining cost. Prescription drug coverage is also provided. Military pharmacies provide many drugs free of charge, if available. If not available, prescriptions may be obtained at civilian pharmacies for a copay of between $3 and $9, with more expensive ones having a higher copay of $22. A great option for prescriptions not available at military facilities is the Express-Scripts mail-in program from which you can get a 90 day prescription supply for a one month copay. Chief Petty Officer U.S. Navy, Retired Upon retirement you get a pension which amounts to 50% of your last monthly basic pay, plus 2.5% for each additional year over 20 years. Each year thereafter you receive a cost of living raise (COLA) the same as social security recipients receive. Additionally you receive lifetime medical insurance which covers 75% of medical expenses. It is advisable to purchase a secondary insurance to cover the remaining cost. Prescription drug coverage is also provided. Military pharmacies provide many drugs free of charge, if available. If not available, prescriptions may be obtained at civilian pharmacies for a copay of between $3 and $9, with more expensive ones having a higher copay of $22. A great option for prescriptions not available at military facilities is the Express-Scripts mail-in program from which you can get a 90 day prescription supply for a one month copay.

Chief Petty Officer
U.S. Navy, Retired

]]> By: gman http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-173 gman Tue, 31 Mar 2009 17:48:32 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-173 No. There are three different systems for calculating your retirement, depending upon when you enlisted. None of these will get you 70% after 20 years. To simplify it, you can get 50% of your base pay after 20 years. This goes up by 2.5% for each additional year you stay on active duty. The difference being how your base pay is calculated. Military retirement pay is a nice bonus, but it's not gonna make you rich. No. There are three different systems for calculating your retirement, depending upon when you enlisted. None of these will get you 70% after 20 years.

To simplify it, you can get 50% of your base pay after 20 years. This goes up by 2.5% for each additional year you stay on active duty. The difference being how your base pay is calculated.

Military retirement pay is a nice bonus, but it’s not gonna make you rich.

]]> By: Chris http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-172 Chris Tue, 31 Mar 2009 01:28:13 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-172 A military person will recieve a retention referred to as retirement pay which is anywhere from 30-50% at the 20 year mark. Keep in mind a typical miltiary member recieves more than half their paycheck from benefits such as housing and cost of living that are not calculated in this. Not everyone can retire!!! A military person will recieve a retention referred to as retirement pay which is anywhere from 30-50% at the 20 year mark. Keep in mind a typical miltiary member recieves more than half their paycheck from benefits such as housing and cost of living that are not calculated in this. Not everyone can retire!!!

]]> By: stonehands http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-171 stonehands Mon, 30 Mar 2009 09:54:32 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-171 Hi, Yes. If you can do 20 years of active service, then you can expect 50% of your base pay as retirement . With the High-3, your retirement will be based on the 50% of the highest base pay in the last three years. For each extra year you stay in the military after 20, the percentage of retirement goes up 2.5%. If you do retire after 22 years, you can expect approx 55%. As for the base privileges, you still have that access to the BX and commissary and clubs, etc. For the medical and dental, it depends on what you select at retirement to either keep Tricare or move onto something else...but you will have to pay a small premium to maintain it after retirement...much smaller than out in the civilian health care system. Hope this helps. I'm was going to retire next year (24) but am staying in a little bit longer to wait out this economic mess. Hi,

Yes. If you can do 20 years of active service, then you can expect 50% of your base pay as retirement . With the High-3, your retirement will be based on the 50% of the highest base pay in the last three years. For each extra year you stay in the military after 20, the percentage of retirement goes up 2.5%. If you do retire after 22 years, you can expect approx 55%.

As for the base privileges, you still have that access to the BX and commissary and clubs, etc. For the medical and dental, it depends on what you select at retirement to either keep Tricare or move onto something else…but you will have to pay a small premium to maintain it after retirement…much smaller than out in the civilian health care system.

Hope this helps. I’m was going to retire next year (24) but am staying in a little bit longer to wait out this economic mess.

]]> By: Roz http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-170 Roz Fri, 27 Mar 2009 05:57:39 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-170 Retirement pay after 20 years, paid according to your rank at the time of retirement you get a percentage at retirement and a raise each year there after, you also get med. benefits at a reduced rate and have the G.I loan to buy a house, in Cali. if you enlisted from here you can buy a home on a Cal-Vet loan, but you have to live in that house or sell it you cannot rent it out. Retirement pay after 20 years, paid according to your rank at the time of retirement you get a percentage at retirement and a raise each year there after, you also get med. benefits at a reduced rate and have the G.I loan to buy a house, in Cali. if you enlisted from here you can buy a home on a Cal-Vet loan, but you have to live in that house or sell it you cannot rent it out.

]]> By: HaWkDriVeR http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-169 HaWkDriVeR Wed, 25 Mar 2009 06:11:08 +0000 http://www.talkaboutretirement.net/military/do-you-continue-to-receive-money-and-benefits-after-retiring-from-the-military/#comment-169 At 20 years you will receive 50% of just your base pay. You will also receive health care and numerous other benefits you had while active duty. It's almost like you are still in the military except you don't have to wear a uniform and you don't have to work or answer to anybody...except for your wife. lol. At 20 years you will receive 50% of just your base pay. You will also receive health care and numerous other benefits you had while active duty. It’s almost like you are still in the military except you don’t have to wear a uniform and you don’t have to work or answer to anybody…except for your wife. lol.

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