Can anyone in the Marine Corps educate me on pension?
Posted by Dolores
Alex F asked:
There are probably a lot of people who don’t stay in the military for 20 years, but from what I’ve heard the pension money is great. However, I’m not exactly sure how to calculate it. If there’s someone, retired or currently, in the Marine Corps, could you please clear up some confusion as to what factors play into pension money? I’m looking at 20 years as a commissioned officer. I’m only guessing that would be around O-6 or something like that.
There are probably a lot of people who don’t stay in the military for 20 years, but from what I’ve heard the pension money is great. However, I’m not exactly sure how to calculate it. If there’s someone, retired or currently, in the Marine Corps, could you please clear up some confusion as to what factors play into pension money? I’m looking at 20 years as a commissioned officer. I’m only guessing that would be around O-6 or something like that.
I wish I had added this to my last question. =) Thanks.
Kansieo.com
April 12th, 2010 at 6:29 pm
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You earn 2 1/2% retirement for every year you serve.
With a minimum of 20 years needed to be vested.
So at 20 years, your retirememnt pay, would be the average of your highest three years of pay.
Retirement is calculated only from your base pay.
Maximum retirement pay is 75% for 30 years service.
Even if you serve more than 30 years, your max is still 75%.
April 14th, 2010 at 7:14 am
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Your not currently in the Corps. I can tell. It’s usually those who havent been in that want to do 20 years. Unless you are super MOTO.
you get 1/2 your paycheck for the rest of your life.
Police and Firefighter pensions are better. and you get paid more