### Video instructions and help with filling out and completing coast guard retirement calculator

**Instructions and Help about coast guard retirement calculator**

Music hello luan deejay here let's take a some time for a simple topic this week now I'm going to answer a common question that a lot of folks ask how much will I make in monthly retired pay while the true amount is calculated by the defense Finance and Accounting Service or you know for most branches anyway except the Coast Guard Public Health Service and National Oceanic and Atmospheric Administration they use the same formula but there are different agency I can show you a quick way to get a basic idea of what your pay will be this episode will only cover how to estimate pay under the current or soon-to-be legacy retirement plan there is a slightly different method for the new blended retirement system coming into effect next year I'll cover that in the future episode last week I covered how to read an Army National Guard retirement point statement don't worry all the other branches I will do the same for your statements in time for now all you need to need for now all you need to know is how many creditable points for retired pay you have earned there is a little math here but it's not too bad the basic formula is points divided by 14,400 multiplied by base pay consider the points and divided by amount in parentheses for this model here's how it works as I said before find the creditable points you have earned and write it down divide that number by 14400 this will give you a percentage write down this percentage in your notes now find your rate of monthly base pay for your pay grade and years of service I've got a link to the 2017 pay chart down below you need help put that rate of pay into your news finally multiply that rate of pay by the percentage you determined earlier drop any sense that you have in the answer so you have only full dollar amounts the result is a relatively close estimate of your retired pay so let's go through an example let's say that sergeant first class Jackson which is a pay grade of East 7 for those of you in other branches has 2437 retirement points and 26 years of service his base pay is 5100 $67.50 per month if we divide 2347 by 14400 we get sixteen point nine two percent now we multiply his base pay of five thousand one hundred sixty seven fifty by sixteen point nine two four point one six nine two if you're doing this on a calculator the result is $874 34 cents when we drop the pennies we get eight hundred seventy four dollars this is an estimate if it's monthly retired pay on this year's pay scale now I obviously have left out some factors such as whether sergeant first class Jackson falls under the high three or final pay category and a few other details that was intentional