Previous Article: ← A Military Retirement is Worth Millions of Dollars. Nearly a third of 2 million Iraq and Afghanistan war veterans suffer from PTSD and related mental health conditions. The second 18-year-old serves eight years on active duty while advancing to the E-6 pay grade, and then separates for a Reserve billet. Over the next 12 years as a drilling Reservist, they complete their "weekend a month, two weeks a year" of drills and active duty, while also mobilizing for two separate year-long deployments. They get promoted to E-7 at about the same career point as their active-duty counterpart. Upon reaching 20 years of total service (eight years of active duty plus 12 "good years") they request retirement awaiting pay. My husband divorced his ex wife and she does not get any of his retirement pay. You may want to read this. 'Blue Water Navy' Backers Press Trump to Pressure Senators. Personal Finance for Military, Veterans, and their Families. This rating, which moves in 10% increments, is based on service treatment records, VA medical records and private medical records directly relating to the disability. Next Article: How Military Service Affects Your Social Security Benefits– Special Earnings Rate for Some Veterans →. Quality of University System: Full Weight (~3.51 Points) Note: This metric is based on WalletHub 2018's College & University Rankings. Did you serve in the military and served 20 plus years to receive a pension? If so great. Why are you seeking your ex-spouses pension? If you did not service, still why are you seeking his pension. It might be considered by many that you should be entitled, I am one that does not agree. You did not serve, you did not go to war. Has the comment above indicated, it is an unjust act and should be repealed. Why personally do you think you are entitled? Savings Account Interest Rates– Find the Best Savings Account for Your Needs. State Authorization for Veterans' Preference in Private Hiring: Full Weight (~1.85 Points) Note: This binary metric considers the presence or absence of a state statute authorizing private employers to implement a veteran-employment preference without vulnerability to claims of discrimination. Great info, but do you really want to get another full time or part time job after 20-30 years of serving your country? With the governments around the world destroying our money supply, inflation is certain. Thus your retirement is worth a lot less than what you thought. Know what, though? For the amount of crap and for the dangerous, life-threatening situations I found myself and the crew in, I and we have earned every flipping cent. Very good info. Although it might be a little misleading to say that retirees get "full medical coverage" as though we're not charged for it. If we want to retain our "full medical coverage", we have to pay premiums (just like civilians). Granted, our premiums are cheaper (about $150 a month for medical and dental combined) but it's not quite free. Believe me, when you're talking about a $2,000 a month income, those little $150 a month chunks add up. A smart retiree will look at his retirement income as, say, a house payment with utilities. Now you just have to find a job to cover the rest of your expenses and you're set. For veterans with more than one disability, the VA uses the combined ratings table to calculate your disability percentage. Why are we supporting such luxury retirement for retired military personnel? Many of these retirees have two homes (purchased with housing allowance for homes rented out during their tours of duty), two cars, beautiful furnishings, golf club memberships, lavish vacations with free (almost) housing on military bases throughout the US and abroad, standby flights to almost anywhere in the world, inexpensive health insurance, privileges at military exchanges, etc, etc. I know of no other employment that offers such luxury benefits. The money spent for these benefits could well be spent in areas that could benefit all the citizens of the US. Making it work– living off military retirement pay. We then determined each state and the District's weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample. Most financial planners and most people always talk about IRAs, 401ks, savings accounts, etc for your retirement. That is only one asset class, Paper. There are many others like commodities(gold,silver, oil, corn, etc) real estate and businesses. To be really diversified you need all asset classes, not just paper. LCSW, Ph.D., Assistant Professor, Director of Integrative Behavioral Health Clinic, School of Social Work, University of Missouri. I spent 9 years active Army and 11 years Navy Reserves. I deployed in Desert Storm, Had a break between services. I just retired this past November 2015. I never did a mobilization as a reservist. Does my retirement pay come any earlier than 60?
Veterans who retire during the current calendar year will receive a temporary partial COLA due to already receiving a military pay raise in January. If inflation is between to 2 to 3 percent than COLA is set at 2 percent. VA Secretary Pulls Out Of Speaking Gig For Student Veterans. U.S. Soldiers with 2nd Battalion, 327th Infantry Regiment, 101st Airborne Division return fire during a firefight with Taliban forces in Barawala Kalay Valley in Kunar province, Afghanistan, March 31, 2011. (U.S. Army/Pfc. Cameron Boyd). Will You Get a Bigger Retirement Check in 2019?. Before you go about lauding or criticizing any politician or political party for this increase (because everything is political on internet comments these days), let's look at how the COLA works. Without getting too detailed, most federal benefits including military retirement, VA compensation, and social security COLAs are tied to the Consumer Price Index (CPI). Things have been that way for decades. There are several different CPI measurements and weird ways of calculating it, but just remember that all CPIs are based on what the "average" consumer pays for what the government considers a basic "market basket" of stuff everybody needs to buy like: Military Retirees And VA Disability Recipients Are Getting Their Biggest Pay Raise Since 2012. Last chance: Don't miss these deadlines today for retirement, health care benefits. Why The Infantry Company Is No Larger Than 150, According To A British Soldier. How is Tricare treating you? Here's your chance to be heard. Social Security Administration officials said more than 67 million Americans are affected by the change. The cost-of-living increases are based on current and anticipated rates of inflation. A lot can change between now and the 3rd quarter measurement period so stay tuned. Medicare Part B will remain at $134 a month for 2018. However, for those who are currently paying less than $134/month as part of the hold-harmless reduction there will be an increase which will offset some of the social security increase benefits. Find more about 2018 Medicare Premiums. Mil Money: Here are 10 money moves for the new year. Earlier this week, House Veterans' Affairs Committee Chairman Phil Roe, R-Tenn., praised his colleagues and the White House for ensuring that veterans would not be left without the extra assistance. The Cost of Living Adjustment (COLA) is 2% in 2018 which is the first substantial increase in years. However, it is a bit below the 2.2% cost-of-living increase that was projected by the Trustees who oversee the social security program. The 2.0% increase means the average social security recipient will receive about $25 more a month or $300 a year. COLA increases are based on the inflation measurement period of the 3rd quarter (July, August, and September). The CPI-W takes into account eight major spending categories:. Still, getting a 3 percent bump in your monthly check is better than a poke in the eye with a sharp stick. Corps Identifies Marine Who Died After Shooting At Marine Barracks Washington. Veterans advocates have pushed for years to make the veterans COLA adjustments automatic like the military retiree payouts, but have found little legislative success. Hence the limit on the size of an infantry company, he says, as well as on Stone Age farming villages and new religious sects. "And I guess there will be others, too. Would you like one sooner, or do you want to wait another 10 years? I don't know.". Savings Account Interest Rates– Find the Best Savings Account for Your Needs. One pay assumption would be that it would keep pace with the civilian equivalent of their E-7 specialty. In that case, the military's E-7 base pay scale would rise by roughly the Employment Cost Index. Hopefully, in 22 years, Congress and the Department of Defense will agree that an E-7's salary should have about the same purchasing power that it has today. In that case, the ECI would roughly keep pace with inflation and the Consumer Price Index. The reality is that it's impossible to confidently predict future pay scales, the ECI, the CPI, or pension COLAs. However since the all-volunteer force began in 1973, the only proven way to retain servicemembers has been to keep military pay competitive with its civilian equivalent. (Otherwise, we wouldn't have volunteered)! Congress has attempted for several years to raise military pay at the same rate as the ECI (even greater for some ranks) and the pension COLA calculation closely tracks the CPI. Despite the uncertainties of predicting the next 22 years of pay raises and pension COLAs, it's reasonable to assume that future E-7 pay will have roughly the same purchasing power as today's pay. While awaiting retirement pay for those 22 years, the Reservist will also be credited with the maximum longevity in that E-7 pay grade– 26 years– even though they only served for 20 years. In the. President Trump earlier this month called for a 2.6 percent pay increase for fiscal 2019 as part of his budget request to Congress. Trump's comments on Wednesday drew laughter from the crowd but confusion from military advocates who have pushed for consistent military pay raises each year. When you used that one couple as an example, you did not note if they were retired officers or enlisted. retired officers make that kind of money but not enlisted. My enlisted retired pay is approx. $15,600 a year. out of that comes my medical, insurance, ans surviver benifits. I have to work because my family can't live on $800 a month. Making it work– living off military retirement pay. About the author. Rick Todd writes at Expat Investing, where he writes on living working and retiring overseas from a financial perspective. Vets Groups Urge Trump Administration to Keep Pressure on GI Bill Fraud. There is a third retirement system for anyone who joined the military on or after August 1, 1986. Ryan Guina is the founder and editor of The Military Wallet. He is a writer, small business owner, and entrepreneur. He served over 6 years on active duty in the USAF and is a current member of the IL Air National Guard. Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about personal finance and investing at Cash Money Life. Ryan uses Personal Capital to track and manage his track his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free Personal Capital account here. House Members Press Senate for Floor Vote on Blue Water Veterans. I cannot believe the disgusting comments toward you as a former military spouse. The job of a military spouse is the most difficult job, and I can't believe someone would say that to you. They must have never served or served very selfishly. I don't know anyone in the service that would share the views of these people on here. I'm sorry for you trouble. @Eliza. It's very disturbing to hear people who haven't did their research make comments about military pay and/or lifestyle. A person's life is priceless. Military are underpaid for what they do. I'm sure you, Eliza S., don't work a 24 hr shift. Guess what? If you invested your money wisely, you could live a "luxury" life, too. Howev How to Get a Veterans Identification Card from the VA. After seeing the healing power of reunions, these combat vets are helping bring other units together. These individuals are required to make a decision at the 15-year point of their careers. They can elect to participate in the same retirement program above, or they can choose to receive an immediate monetary bonus ($30,000), and select the " REDUX " system. Next Article: How Military Service Affects Your Social Security Benefits– Special Earnings Rate for Some Veterans →. Don't confuse VA Disability Compensation with Military Disability Retirement Pay. They are two separate animals. The VA uses completely different standards for determining service-connected disability than the military uses for its disability retirement system. At the event, Trump said that moves like the pay hikes and improving employment opportunities for military spouses are critical to keeping military families safe and stable. Wow are you serious just wow its not fair that you want HALF of his hard earned money you are just an idiot you know that right.