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Video instructions and help with filling out and completing Coast guard reserve retirement

Instructions and Help about Coast guard reserve retirement

Hello everyone DJ here I have noticed that the audio quality with this video camera is not the greatest I ask that you please tolerate it for a little while I'm going to keep using it until I can get a better camera with better audio characteristics I don't know how long that will be so please bear with me thank you very much hello everyone this is DJ again and this week I'm going to cover the bare-bones basics of how reserve retirement works this is not an in-depth review this is just some of the essential bits of information I'm going to go more in depth in later episodes so as I promised in my reboot announcement I'm going to do some visual aids for this particular presentation so there'll be a couple of slides you don't like slides then just listen to the audio I'm pretty sure I can make this understandable even if you don't look at the slides but the slides will help a little bit so let's jump right in and see what we can learn today all right again for those of you who are a bit afraid of slides don't be too concerned this is going to go very quickly and it's quite simple so for those who were not already aware believe it or not you can retire from a Reserve Component I have actually met people who thought this was not possible who thought that you could only retire from the active component and we're quite surprised to find out otherwise the big thing I have noticed during my time in this field is knowledge is definitely lacking out there for the common service member and we need to fill that gap so knowledge is key and the more the service member knows the more he can benefit from it another thing to keep in mind contrary to popular belief things are not automatic I mean remember the old adage about death and taxes those are the only things that are automatic in this game you've got to have knowledge and you've got to be able to be proactive when the time comes and as I say here at the bottom in the end it's all about money so the more you know the better all right these are the components from which you can earn a military retirement and these are not typos yes those agencies at least the commissioned Corps of them receiver retirement just like military officers do but we're going to focus on this part because that's why we're here believe it or not military retirement is not that complicated as I'm going to point out it's pretty simple once you break it down into plain English alright bottom line up front military retirement on the reserve side is based on three things it's based on your rank your time and service and the number of retirement points that you have every time you perform.

FAQ

How is Coast Guard reserve retirement pay calculated?
1. Multiply your years of equivalent service (see equivalent service formula below) by 2.5%, up to a maximum of 100%. 2. Multiply the result by the average of your highest 36 months of basic pay.
How much is E7 retirement pay with 20 years?
What is the retirement pay for an E7 with 20 years? As of 2022 the pay calculation projection an E7 retiring with exactly 20 years of service would receive $27,827 per year. It's important to note the present value of almost $800,000 for a 40 year old receiving this pension indefinitely.
Do reservists get full retirement?
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 Reserves get retirement points?
Retirement Points Earned Per Year 15 Points 13 Annual Participation. 48 Points 13 12 Monthly Drills (4 Drill Periods per month) 15 Points 13 Annual Training (this can vary based on your unit) Additional Points as earned (training, correspondence courses, Honor Guard, mobilizations, etc.).
How long is a Coast Guard Reserve contract?
How long am I required to serve? Enlistment contracts are for 8 years. The most common contracts consist of 4 years active duty and 4 years in the inactive reserve component. Three, four or six year active duty contracts may be offered in some cases.
What is the average retirement pay for a reservist?
Military Retirement Pay Computations Assumptions for both examplesTotal Retirement PayPer Day Served =$123,454.30Thus, the average Guard/Reserve member, who serves 4 years of active duty and 16 years in theGuard/Reserve and lives until age 77 will receive, over their lifetime, $59 in retirement pay35 more rows
How much does a reservist get for retirement?
At retirement, the Reservist would have a point count of eight years of active duty, 10 years of drills, and two one-year mobilization periods. Their total would be at least, 8×365 + 10×75 + 2×365 = 4400 points. If they retired in 2022. this calculator sets their pension at $1,546.00/month or $18,552.00/year.
How is reserve time calculated?
Your Gross Reserve Retirement Pay is calculated by multiplying your Service Percent Multiplier by your Retired Base Pay. Your Service Percent Multiplier is 2.5% times years of active service. To calculate your years of active service as a reservist, take your total retirement points and divide by 365.
How do I calculate my reserve retirement pay?
So the longer you stay on active duty, the higher your retirement pay. For example, a retiree with 20 years of service would receive 50% of their base pay (20 years x 2.5%). A retiree would receive 75% of their gross pay after 30 years of service (30 years x 2.5%).
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