How do I calculate my Navy reserve retirement pay?
The Reserve/Guard retirement system calculates the multiplier from your total points. Divide your grand total career point count by 360 (because your pay is based on 30-day months) and multiply by 2.5% to come up with your service multiplier. For example, 2134 points / 360 * 2.5% = 14.82%.
How is reserve retirement pay calculated?
The formula for computing equivalent years of service for Reserve retired pay at age 60 is fairly simple: Total number of Creditable Retirement Points, divided by 360. The formula computes the number of equivalent years of service the soldier has completed (comparable to full-time service).
How do I calculate my military retirement pay?
Final Pay Retirement System Under this system your retired pay is computed by multiplying your final monthly base pay when you retire by 2.5% for every year of your service. That means you get 50% of your base pay if you retire with 20 years of service or 100% of your base pay if you retire after 40 years.
Do retired reservists get Tricare?
National Guard and Reserve members may remain eligible for TRICARE after completing a minimum of 20 qualifying years of service (creditable retirement years). All retired National Guard and Reserve members and their eligible family members may participate in a TRICARE health plan.
What is the average reserve retirement pay?
Military Retirement Pay Computations
Assumptions for both examples | |
---|---|
Total Retirement Pay | |
Per Day Served = | $123,454.30 |
Thus, the average Guard/Reserve member, who serves 4 years of active duty and 16 years in the | |
Guard/Reserve and lives until age 77 will receive, over their lifetime, $59 in retirement pay |
How do I calculate my military retirement points?
Soldiers must visit the My Record Portal to view and print their personal copy of the DA Form 5016. For additional assistance, Soldiers may contact the Army Human Resource Service Center at (888) 276-9472. The Anniversary Year Ending (AYE) date is the annual date that a Soldier’s retirement point record is closed out.
Do reservists get full retirement?
Eligibility. Reservists must have completed 20 years of qualifying service to be eligible for retirement. A qualifying year of service is a complete retirement year in which the member earned a minimum of 50 retirement points.
How do you calculate retirement pay for the Navy Reserve?
A Navy Reserve retiree with 20 years of creditable service has a 50 percent retired pay percentage multiplier. If you have 30 years of service, that multiplier becomes 75 percent. Multiply your base pay from the High-36 or Final Pay options by your retired pay percentage multiplier to calculate your retirement pay.
What is the retirement age for US Navy?
A minimum of 20 years of service is generally required to receive military retirement pay. The earliest a person can retire from active duty is at 37 years old.
How do you calculate reserve retirement?
Once you’ve determined this amount, it’s easy to calculate your reserve retirement pay: Look up the base pay for your pay grade and time of creditable service on the Department of Defense’s current military pay scale. Multiply the base pay by your years of service for retired pay percentage multiplier.
How do I calculate military reserve points for retirement?
The Reserve/Guard retirement system calculates the multiplier from your total points. Divide your grand total career point count by 360 (because your pay is based on 30-day months) and multiply by 2.5% to come up with your service multiplier.