As you plan your exit strategy from serving in the military, the next thing you will be thinking about is how much retirement compensation you are getting for the years served. With the help of a military retirement calculator, you can project how much you will have accumulated by the time your term ends.
There are four main types of the military retirement calculator: Final pay calculator, High-3 calculator, CSB or REDUX calculator, and the Retirement Choice calculator. The Final Pay retirement calculator is more detailed and is suited for those who enter military service before September 8, 1980. It is suited for those individuals who previously joined the Final Pay Retirement Plan and want to calculate their total earnings. One can modify this calculator to include parameters such as age, years in military service, economic factors like inflation and projected retirement grade to determine how much they get at the end. Another big feature of this calculator is the ability to change the parameters that will affect your retirement pay stream. You don’t need identification data to access the calculator nor will any of the information shared be saved on the website.
The High-3 calculator estimates compensation by calculating the annual average of the High-3 retirement system. Just like the Final pay military retirement calculator, you can generate financial charts/tables and add inputs like age, economic assumptions, and retirement grade to calculate the final compensation amount. Anyone who entered service on/after 1980 and before 1 August of 1986 is eligible to use this account. Also those who chose to switch back to a High-3 retirement plan from a CSB are qualified to use this calculator. The CSB compensation calculator, on the other hand, can be used by those who entered service after July 31 1986 and have been elected for a Career Status Bonus or CSB. If you also have the REDUX retirement plan you are qualified to use this calculator.
The last option is the retirement choice calculator which like the CSB calculator can be used by those who enter service after July 31 1986 and also for those army individuals with special ranking. The calculator is also eligible for those who choose between the High 3, REDUX or CSB retirement plans. You can come with financial charts compare economic indicators to come up the final compensation score. Moreover, you also have the freedom to decide what you will do with the $30,000 that will be coming out of your career retention bonus; you can channel some of the money to a mutual fund, save some on a Thrift Savings Plan or make any purchases you want.
Military retirement calculators are great applications that can go a long way in assisting you plan your military retirement revenue.As aforementioned, there are four main types of the military retirement calculator. There are special qualifications required to use any of the calculator and each also comes with its own set of advantages. You also have a choice to revert from one retirement plan to another before your retirement day.