A military retirement calculator is used by military employees in order to calculate their retirement packages based on their active period of service in the army. The military calculator also helps to determine the right plan applicable to military personnel.
Types of millitary retirement calculators
Retirement plans Military calculators are different due to the fact that the military personnel have got different retirement plans. There are basically three different military retirement plans one can find: they are based on when an individual joined the army and their base pay. You will find that the plans are almost the same only that they are calculated differently and the premium they pay is different. If you are working in military, it is therefore important to understand how the military pay calculator works. The different calculators of military retirement plans are Final Pay, High 3 year average and Redux. The types of calculators are briefly discussed below: Final pay plan calculator It basically calculates the estimate retirement pay amount based on different factors. This plan is for individuals who joined the army before 8 September 1980 and been actively in the army for twenty years. This calculator requires you to enter the age of individual, expected age of retirement, number of years in the army and base pay. The calculator will then calculate your expected retirement benefit amount.
Other types of millitary calculators
High 3-year average plan calculator This is for people who joined the army after 8 September 1980 and have been in the army for at least twenty years. With a high three year average plan, you need to enter the age of individual, years of service, expected retirement age and base pay. The only difference from the Final Pay Plan is that the base pay used in High three average plan is only for the 36 months that the individual was getting the highest salary. Redux plan calculator This is for army personnel who joined the army after 1 August 1986 and has been in the army for at least twenty years. There is a fixed premium which is used and individuals can make a choice of the retirement plan they like. Therefore, all the calculators for the different plans help you to estimate your retirement benefit amount so that you can plan your finances in advance.