Not true. It was changed earlier that you can actually earn up to 100% retirement pay. I'm at the airport right now so can't cite the source, but I'll do it tomorrow.
-
Please take a moment and update your account profile. If you have an updated account profile with basic information on why you are on Air Warriors it will help other people respond to your posts. How do you update your profile you ask?
Go here:
Edit Account Details and Profile
Selective Early Retirement (SER)
- Thread starter twobecrazy
- Start date
Not true. It was changed earlier that you can actually earn up to 100% retirement pay. I'm at the airport right now so can't cite the source, but I'll do it tomorrow.
I tried to post before on this thread but alas......
You can now earn up to 100% towards retirement, a former squadron skipper of mine who did 11 years as a CWO in the Army and my former boss who just retired as a USMC Colonel after 40 years are both earning over 75% of their pay. They way they were both able to do it is that they had prior service, the Marine was enlisted and CWO before becoming a regular officer and went to 40 and is now earning 100% retirement, he mentioned that they had changed the law in 2006. If someone has prior service and they make O-6 it would be pretty easy for them to go over 30 and earn the extra retirement, I believe HYT for an O-6 being 30 years of commissioned service. Apparently you can earn more than 100% but the only people I believe who are going to be able to do that are 3 and 4 star GO/FOs since they are appointed, I don't think MCPON and his service equivalents can exceed 40. I think everyone else has to retire when they hit 40, even if they have not hit HYT yet.
I cannot find the law but here is a link that mentions the 100% and beyond.
You can now earn up to 100% towards retirement, a former squadron skipper of mine who did 11 years as a CWO in the Army and my former boss who just retired as a USMC Colonel after 40 years are both earning over 75% of their pay. They way they were both able to do it is that they had prior service, the Marine was enlisted and CWO before becoming a regular officer and went to 40 and is now earning 100% retirement, he mentioned that they had changed the law in 2006. If someone has prior service and they make O-6 it would be pretty easy for them to go over 30 and earn the extra retirement, I believe HYT for an O-6 being 30 years of commissioned service. Apparently you can earn more than 100% but the only people I believe who are going to be able to do that are 3 and 4 star GO/FOs since they are appointed, I don't think MCPON and his service equivalents can exceed 40. I think everyone else has to retire when they hit 40, even if they have not hit HYT yet.
I cannot find the law but here is a link that mentions the 100% and beyond.
Wow...does anyone research anything or just spout off what comes to mind. http://www.military.com/benefits/military-pay/retired-pay/military-retirement-system
I put in the same parameters into the Stay Navy calculator and changed only the years of service from 31-40 years. It went up as it should. I didn't check the "etc" calculators you reference.
desertoasis-a few more post like your last one and you might get an acute case of OttoWrote8 a.k.a. FOS
No shit, Sherlock.
My point is that you could leave and get half your pay just for breathing. Stay in the military and you are dealing with all the BS just to get the other half.
Hmm, okay, that might have been the other half of the rumor mill I was hearing parts of. That does make more sense now. I thought the boards were supposed to be annually, but no one had been doing them, and that was the problem. Regardless, I have this sneaking suspicion that it won't matter to me in a couple of years.
Easy, Holmes. I read your post to mean that after 20, all you're going to get is 50% no matter how much longer you stay in. Excuse me for the misinterpretation.
If you like what you're doing (or can put up with the BS), why not stay until forced to retire? Since retirement is only calculated with base pay, you'll be making quite a bit more than twice what your monthly retirement check would be, factoring in other pay and allowances.
Thisguy
Pain-in-the-dick
Well, 50% of base pay isn't exactly get fat and retire money. Some people are scared at the prospect of finding a job so they figure they can keep slimin' it in the Navy (which might be why they're not promoting). Let's not forget BAH too. When you factor that in, your retirement is closer to ~40% of what you were used to making.
OK, OK, it was bad gouge. Absolutely no need to stomp on my nuts. Sheesh.
If it matters, the 'etc' calculator I was thinking of was the one on the OSD website. It is also 100% @ 40 years. I was wrong, sorry all.
Not sure I wanna know what FOS means either.
Oh...FOS = Full of...something.
It was bad gouge, I apologize. I didn't know the rules allowed above 75%. Now I do.
The 'etc' calculator I was referring to was the one on the OSD website, which is linked to that military.com article you posted. Calculated on that, and it topped out at 100 for 40 also.
You were right and I was wrong.
Yeah, I screwed that one up too. They changed the law back in April 2007 to add more longevity raises and to allow up to 100% base pay retirement after 40 years. Before the law changed, the percentage topped out at 75%.