Retirement benefits

[Prefontaine]

More questions!

I've read about various retirement benefits for the navy -- it seems like in all cases, you dont get your full pention after retirement. Is this the same case for NA's? If not, what percentage of your pay do you get? I did a search on this but couldn't find anything on these boards. Google confused me even more.


Thanks!

Pre

 

[Prefontaine]

PS--

One thing I do know -- it takes 20+ years to get to that point. But it definitely seems worthwhile

 

[redmariner97]

Your retirement percentage depends on how long you have served. I believe it is still 50% at 20 years and increases to 75% at 30 years. There is talk of revamping this system completely. Below is a retirement calculator that you "may" find to come in handy.

http://staynavytools.bol.navy.mil/RetCalc/Default.aspx

 

[Prefontaine]

Damn....

Doesn't the AF offer full pension retirement?

 

[Brett327]

Damn....

Doesn't the AF offer full pension retirement?

Every branch is the same.

Brett

 

[Prefontaine]

o rly? I'm glad to hear that. Although full pension retirement would be nice, I wouldn't want that to be a factor deciding what branch I join

 

[HH-60H]

Full pension DOES NOT equal full basic pay.

The word pension DOES NOT mean pay.

Pension is, by definition, how much you get paid for retirement. It may or may not be equal to your regular salary. I would say about 0% of the time does your pension equal the same amount as your salary was. There are ways you can build a total retirement income that equals your salary, but your pension is only a piece of that.

SOOO, the full pension offered by the military is 75% of base pay. In order to get the full pension, you would need to work 30 years. As mentioned earlier, the retirement system is exactly the same for all services. In fact if 3 people joined the Army, AF, and Navy at the same time, retired in 22 years, and were all promoted to 0-6 at 19 years, they would get the exact same pension (55% of "high 3", in this case 0-6 base pay).

 

[HeyJoe]

Also note that retirement is calculated on your base pay so don't count those flight skins, VHA, or other "stuff" You also need to plan for having to pay income taxes on your retirement and salary on whatever new career you pursue. Leaving the service and matching gross income will live you considerably less in net take home pay. Be prepared.

Prefontaine - check out civilian world retirements, a "full" pension is usually max retirement allowed. Are you thinking a full "pension" it is continuation of your full salary or 100% of your base?

Also note that getting a "retirement" even at 20 years is pretty nice benefit as you can start on another career. Othe rgovernment agencies and Navy civil service or reserves don't have it that good. Typically, you have to wait until 55-65 years old.

 

[A4sForever]

....Typically, you have to wait until 55-65 years old.

And then ... sometimes ... the bast*rds take it away from you ... or try to ... .... ??

I did 9 years active ... and then 11 in the Reserves. I will be getting @ $2K per year from UNCLE very soon. Not bad for part-time work ....

It will keep me in limes and Tequila. You could do worse .... :icon_rast

 

[Steve Wilkins]

I will be getting @ $2K per year from UNCLE very soon...It will keep me in limes and Tequila.

That's a lot of limes, not so much Tequila though. Make sure you budget carely so you don't run out of limes and still have a full bottle of Tequila left. Not good times.

 

[A4sForever]

....Make sure you budget carely ....

Me??? Right ... but it's all relative .... ..."Carely"?? Or "carefully"?? Either one ... I'm ready ... and you can't live forever .... I think. But in case you can ... I have a fall-back position.

 

[FlyinSpy]

That's a lot of limes, not so much Tequila though. Make sure you budget carely so you don't run out of limes and still have a full bottle of Tequila left. Not good times.

In a real pinch, you can use powdered Country Time lemondade as a substitute for limes. Mind you, I'm talking about a *real* pinch - Russians crossing the Mississippi, cats & dogs living together, 5th month of a cruise, real end of the world stuff. But it *can* be done - desperate times call for desperate measures...

 

[rare21]

Do you get to keep all your gear when you retire? Such as your helmet, etc?

 

[phrogdriver]

Some, yes. All, no. Basically, as a rule, the stuff that can be issued again, gets turned in. Stuff that has all your soiled nastiness ground in, you keep, e.g. your issue clothing. I've seen people keep their flight helmets, though I don't know what you'd use it for, other than a souveneir. Kevlar helmet, no.

 

[Gatordev]

Some guys, through their tours, will start to accumulate enough parts to build up a backup helmet for display even if they're forced to turn in their regular issued helmet and gear (mask, etc). I have a helmet that was RFI when I left my last squadron, but at my current place, it's deemed Non-RFI. Since I was already issued another, different type of helmet, the old one is basically mine. Like phrog said, realistically it doesn't do anything for you, but it's a cool momento.