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Video instructions and help with filling out and completing Coast guard retirement pay shutdown

Instructions and Help about Coast guard retirement pay shutdown

Who here as of January 1st 2022 will have less than 12 years of service okay so the new blended retirement is really directed at you anybody ever twelves you're gonna sorry grandfathered in but you should really educate yourself on it because you're gonna have beverage they're gonna work for you so you should need to make sure you can pass this information on so basically I'm gonna read it because I don't want to I want to make sure that it's very clear and for those that have not seen there was a message that came out yesterday addressing the new blender Retirement System just kind of giving everybody be a little bit of the information not all-encompassing because we're still working on how we're gonna push this out to the service but basically so everybody knows right each year as of right now and get two point five percent charge retirements when you hit twenty years you get 50 percent that's going to change to two percent so 20 years you get 40 percent okay so remember it's like all that kind of stuff right ten percent well the kick is that there's going to be a matching TSP contribution automatic 1% and then the government will match it up to 5% okay so that's that's something that's good so if you decide to leave the service in under 20 years that matching goes with you so it's not like you just lost that that contribution so that's a huge plus so we're hoping that that's going to be an accession tool that we can use we're hoping that that's gonna be something that will help out when members hit around 12 years that's still to be determined right now there's going to be an incentive peg basically like a bonus and it's gonna be a minimum of 2.5 percent of one month base pay that can raise a little bit but won't go lower for a reservist that'll be point five percent so that's a nice little bump know people really need to be cognizant of what they do with that money okay you can go buy that new car this is great or you can invest it so later on really if you're smart about what you do with these these bonuses you might actually wind up making out better than the current retirement system so just kind of keep those things in mind affect and that's pretty much the gist of it for those that hit back that have that twelve years you'll have one six for those that are under twelve years you'll have one year to decide what you want to do if you decide that you'd want to go with the new system that's it all sales final no returns that's that's pretty much it okay so really really think about it don't make a rash decision and kind of weigh your options in regards to retention we really don't.

FAQ

How much do you get a month when you retire from the military?
Also called High-36 or military retired pay, this is a defined benefit plan. You'll need to serve 20 years or more to qualify for the lifetime monthly annuity. Your retirement benefit is determined by your years of service. It's calculated at 2.5% times your highest 36 months of basic pay.
How much money does a retired Marine get?
The Marine Corps pension program offers half of a veteran's full pay at time of retirement, beginning the day after retirement. For example, if you were making $60,000 a year when you retired, you can expect to make $30,000 each year as part of your pension.
Will Coast Guard retirees get paid?
Retirement Benefits This means that after you complete 20 years of service and retire, you receive a monthly annuity (payment) for the rest of your life. Under the Blended Retirement System, you can also elect to save for retirement starting just 60 days after you enter military service.
How much does a retired E7 make 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.
How much does a retired E7 make a month?
However, the active-duty E-7 retires and immediately starts drawing a pension. If they retired in 2022 then this calculator sets their pension at $2,171.00/month or $26,052.00/year.
How much is Coast Guard retirement?
Average monthly retirement payments for Coast Guard retirees just one year removed from service range from $1,700 (lower-end enlisted members) to $4,300 (high-end officers), per this Department of Defense retirement calculator. This article was originally published on January 07, 2019.
What is the income of a retired soldier?
Retired Military Salary Annual SalaryMonthly PayTop Earners$75,000$6,25075th Percentile$75,000$6,250Average$52,644$4,38725th Percentile$31,000$2,583
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 retired military still get paid?
If you began your military service after Jan. 1, 2022. you are eligible for the Blended Retirement System (BRS). With BRS, you will receive 40% of your base pay after 20 years and a bonus at 12 years, which is 2.5% of your annual base pay.
When can you retire from the US Coast Guard?
Retirement Benefits The military is one of the few employers in the United States to offer a true pension. This means that after you complete 20 years of service and retire, you receive a monthly annuity (payment) for the rest of your life.
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