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

Instructions and Help about Coast guard reserve retirement benefits

Submarines I'm starting at Dallas and the goal of this video is to shed some light on just how valuable Marine Corps retirement actually is for both active duty and the reserves we get down to the actual dollar amount what your time served is worth on paper so try to stick with me as I break it down real fast active duty retirement is pretty cut-and-dry after 20 years of service you're gonna retire at 50 percent of your base pay 30 years 75 in a nutshell the longer you overshoot that 20 year marks the higher percentage of your base pay you're gonna receive month after month so here's your typical what-if scenario after 20 years of service you retire the pay grade of e8 with a monthly retirement of 24:29 I've given the same scenario you add on an additional four years to that hypothetically promoted to the pay grade of D 9 you just increase your annual retirement an additional $14,000 another scenario after 20 years of service retiring the pay grade of O five would yield you a monthly retirement at forty one seventy eight an additional two years to that will yield you an additional sixty five hundred dollars a year these numbers are based on the 2022 pay scale and have kept up with inflation since 1949 Reserve retirement is much different because it's based on points you'll need a minimum of 50 per year to qualify for a satisfactory year the biggest difference is you start drawing retirement at age 60 or much sooner depending on how long you're mobilized for during that time period during a typical drill weekend you'll earn an average of 46 points you'll also earn credit for any kind of online correspondence or PME and then there's one per day for any time spent on active duty so here's a typical what-if scenario over a one-year period let's say for all of your drill weekends you have a combined total of 50 points then you have your annual training which is your two-week training period during the summer time and let's say you do some online correspondence on green net for an additional ten points with a combined total of 74 points let's say you averaged this over a 20-year period but let's not forget any time served on active duty bootcamp MCT and what's cool let's say you did a total of one year on top of that given the scenario if you retired at age 40 the pay grade of e9u would have generated 1314 a month by the time you're age 60 let's say you already served four years active duty prior to this or you were mobilized for four years you're paying increases by an additional nine thousand dollars a year same scenario eight years active duty as you can see your time spent on active duty there's a lot more valuable than you think so what do you find these so.

FAQ

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%).
What benefits does a retired reservist get?
Reservists contribute to Social Security from their military and civilian pay. As a rule, they can receive Social Security coverage for retirement, survivors' income, disability income, Medicare and burial expenses. All military retirees can receive both military and Social Security retirement checks.
How many retirement points do reservists earn a year?
Since retirement points are a key factor in calculating retirement pay and eligibility for retirement, it's good to understand the definition of a good year. A good year in the Guard or Reserve represents 50 earned points by the service member.
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.
What is the average Reserve retirement pay?
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
What is the average 20 year military pension?
Most retirees at 20 years will receive 50% of their base pay, which would equal the following amounts. E-7 Monthly. $1,997.20. E-7 Annually. $23,972.40. O-5 Monthly. $3,848.70.
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 does Coast Guard Reserve retirement work?
A unique feature of Reserve retirement is that the pay base is determined as though the reserve member were serving on active duty immediately prior to retirement, thus the years of service continue to accumulate even after the member has entered the retired reserve and continue until they actually begin receiving such ...
Do reservists get retirement pay?
In some cases, retirees may qualify at a younger age. These are Final Pay Plan and High-36 Month Average Plan are the two non-disability retirement plans currently in effect for qualified reservists. The Final Pay Plan uses a multiplier percentage that is 2.5% times the years of creditable service.
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.
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