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For instance, each year of the first 20 years is worth only 2% of the high average pay. It has been proven many times that people have limited attention spans and will be most apt to hear and remember something communicated in short amount of time. You cant suddenly decide when youre 32 that you want to retire by age 35. Perhaps one of the most helpful concerns the needs and benefits of staying active. com, www. Basically, during the draw-down, Congress decided that the military retirement pay was too simple, and so they decided to change it to their liking.
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A person who continues to work past their retirement age may see an increase in their benefits. If you are retiring due to ill health then healthcare and daily support could be an important issue for you. ) Unlike the Final Pay system which looks only at your base pay at retirement, the High-Three Average system looks at the average pay throughout the highest-paid 36 months of your career. The initial retirement age at which a person can receive their full retirement benefits was 65, but recent changes has raised the full retirement age to 67, for those born in 1960 or later.

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A Guide to Navy Retirement


Retirement is really never an easy time for anyone, and when you are retiring from the Navy, there are many differences when compared to regular retirement. One of the biggest issues involved with navy retirement is navy retirement pay. This is because this particular retirement pay system used to be easy to understand but now has definitely gained in complexity.

The Navy Retirement Pay System

Basically, during the draw-down, Congress decided that the military retirement pay was too simple, and so they decided to change it to their liking. First they started off with relatively small changes, some which were so small in fact that they were hardly noticeable, such as the moving of the annual Cost-of-Living allowance to January 1st from October 1st.

However, they quickly began making more serious changes to the Navy retirement pay system, and there are a few alterations in particular that are important to know about. For one, for all Navy and Marine Corps members, you are considered as being retired members for classification purposes if you are enlisted members with over 30 years of experience or if you have a warrant or are commissioned officers.

Another of the most drastic changes to the Navy retirement pay system is that now enlisted Navy and Marine Corps members who have any less than 30 years of experience are instead transferred to the Fleet Reserve/ Fleet Marine Corps Reserve, and their pay is also altered, now known as being retainer pay.

It is important to understand that military retirement pay is incredibly different and unlike regular, civilian retirement pay systems, namely because there is no vesting in the military retirement system. There are no special or particular retirement savings accounts, no matching funds provision, and certainly no interest, and so really a lot of the perks and advantages that are offered to civilians are not viable for retirees of the military.

This is obviously incredibly unfortunate, not to mention unfair, and presently there are already many companies and organizations in the works who are striving towards making a change in this regards. After all, those people who have served in the Navy or any other area of the military not only deserve to receive the same benefits as ordinary civilians, but if anything, even more. They have done their duty and put in their time to serving their country, and they should be able to feel safe, secure and comfortable when it comes time for them to retire.