When it comes to your Pension, it depends on where you live. Iowa is Tax exempt for military retirement funds. And a state like Nevada has no income tax therefore your military pension isnt taxed
Merkz enjoy it man whether you stay in 4 or 20 it goes by fast and it may seem like it sucks sometimes but it’s a great life experience and I met some of the best guys serving in the Navy.
I have 6 more to go. Just hit 14 years total. During my 14 years Ive purchased 3 rental homes and paid 2 of them completely off. We also just bought 18 acres 10 miles from Myrtle Beach SC where I plan on retiring. I cant wait. I say that to say this. Set small goals and go get them!
My husband and I are active duty. Hoping to make retirement in the next 4 and 6 years. The vision of our retirement looks like a lot of family time and travel! Work will be optional 😎
It does. Maybe not as you're going but when you look back, it does. You move about every 3 to 4 years and are constantly meeting new people. Many of my friends retired at age 38 after serving 20 years.
@@yourmilitarymoney Many of the people as a senior told me I wont make it many people in the marine cant make it to 20 years. Only very few cuz I might either get kicked out for not having promotion or even injury and get discharge
Yes it does. Im going on 16 years and have moved 6 times, 3 deployments to Afghanistan and many schools. No down payment on a house using the VA loan, free school when you get out and nothing like retiring before you hot 40 years old. Its amazing!!
So he did not explain retirement pay very well. If you want to know how much you will get paid, do the following calculation. 2.5 X (the amout of years you served) with a minimum of 20 years to retire. So, 2.5 x 20= 50%. If you go over 20 years, say you do 26 years in then you would say 2.5 X 26= 65% of your base pay. To calculate your base pay, you add your last three years monthly base pay together, (it increases slightly every year) then you divide it by three and then multiply it by your percentage. Example say my last three years monthly base pay averaged out to $7,391 and I did 26 years of service; I would say 2.5X26=65%, then I would take $7,391x .65(65%)= $4804.15. so your monthly retirement pay would be $4,804.15 before taxes. This retirement system is called High 3. There is a new retirement system that just came out called BRS which is what everyone that is coming in now has to do. All us that came in under High 3 got to have the option of going BRS or keeping our High 3 retirement. I opted to keep my High 3 because I want my retirement money as soon as I retire and not have to wait until I am in my 60's for BRS
@@AlexA-ln4pj Base pay! Yes you are wrong in my case. When you are a prior enlisted with 20 years of service O-3E our base pay is $7,381. You know what, instead of keep asking me questions, how about you look it up yourself on the internet of how much an O-3E (make sure you look at "O-3E" and not "O-3") with 20 years of service makes and stop trying to tell me I am wrong! And when you said Captain, I was thinking O-6 because I am in the Navy. That is why I said 10k for a CAPT. But obviously you are talking about an O-3 in the other services. www.dfas.mil/militarymembers/payentitlements/Pay-Tables.html
Congratulations on your retirement! When they mentioned “it’s not annuity” technically it is. I’ve taken the insurance exam this is used as an example as well as SSN. Today is my last day on Terminal leave I work for Walmart, and he said it right about how they do training and the pay is a wake up call!
Thanks for the video. When I was employed, I always put more emphasis on benefits than the actual yearly income. This was particularly true since where I live better paying jobs do not exist for the most part. OTOH, the cost of living is "reasonable". I do not know how people afford to live in California in the Civilian world considering the cost of living or Northern Virginia near DC for example. It is a balancing act, I guess. Too many younger people overlook benefits offered by a company & look just at salary. Of course, this is the civilian side that I am referencing. Good luck in retirement.
I would say it’s worth it for the financial benefits after you’re 60 and also for the reduced costs in health care and other various things. The best thing you can do first is to see how you like it and how it works with your schedule and lifestyle then make your decision from there. It’s all up to you and if you choose to get out after 4-6-8 years that’s perfectly fine.
@@cornwallacemcshitter8777 I left AD after firs term planning on one more tour in the reserves. I am now on year 36 and loving it more and more. It has really helped me grow. I completed a civilian career and retired from it and am still in the reserves. I can collect right after I retire in 3 more. Health insurance was always the big thing for me. My civilian counterparts all had to keep working because their share of the health insurance if they did retire was well over $1000 a month. In the reserves, Tricare Reserve Select is dirt cheap. If you are even luckier, you can get some occasional tours and get back on AD benefits for periods of time. Both AD and Reserve retirements have annual COLAs that match the CPI by law. No civilian retirement comes close. I joke that the 4.6% COLA that military members on active duty this year won't come close to the 8.9% that retirees get. No real downside to staying in. When you look back, you will be thankful you did. Never met a person that served 4-8 years say they were glad they got out. They all say "wish I would have stayed in!"
You got OJT..... My OJT over at the 52nd FW was they showed you how to do it once and then expected perfection and belittled you if you asked questions...
Dear Juan, welcome to the Civilian crisis Corporate World ! I will not mentioned the name , but on the company I work is the same thing , and from I former military on an AF ally country, I would like some of the Junior Officers on the Corporate World had attend some BMT !!!
Dear Friend Hugo , I send a text message to you . Could you please at your earliest convenience do a video about TEMPORARY CHANGE OF STATION (TCS) ? And If you have ( I believe you have a lot of friends who deploy or TCS at South Korea ) and would like to share some aspects of Deployment or TCS ? Thank you in advance !
Im 37 and want to join the air force i like to do 20 however is it better to do a 4 year contract then reanlist and do a term a time or just do a 20 straight year contract how does this effect retirement ?
As a lifer that went back to college...wait till the professors comment on your toxic masculinity and insensitivity...and your just raising your hand answering questions and participating in class..they wear a different set of goggles
When it comes to your Pension, it depends on where you live. Iowa is Tax exempt for military retirement funds. And a state like Nevada has no income tax therefore your military pension isnt taxed
True, true!
I have a year and half till I retire. I’m so ready. My husband is getting ready to push that button as well
You'll be living the dream! Congratulations!
oldenglishify nice rack
I have about six more months till retirement
Congratulations Charles. You're going to enjoy it, yes you will!
Congrats! You’re now retired. I’m in A-school lmao.
Merkz enjoy it man whether you stay in 4 or 20 it goes by fast and it may seem like it sucks sometimes but it’s a great life experience and I met some of the best guys serving in the Navy.
How’s the retirement life??
How’s it going in retirement so far?
I have 6 more to go. Just hit 14 years total. During my 14 years Ive purchased 3 rental homes and paid 2 of them completely off. We also just bought 18 acres 10 miles from Myrtle Beach SC where I plan on retiring. I cant wait.
I say that to say this. Set small goals and go get them!
Rock star!
This is much better than getting out of the military early. People who gets out and not retire loses retirement benefits.
My husband and I are active duty. Hoping to make retirement in the next 4 and 6 years. The vision of our retirement looks like a lot of family time and travel! Work will be optional 😎
You'll be living the dream! Take the TAP course sooner just to prepare accordingly.
Thanks gents. This was honest, to the point, and helpful.
Thank you for watching Julius.
I have a question: Do 20 year go by fast? Cuz I’m just starting and plan to do military for 20 and I’m seventeen
It does. Maybe not as you're going but when you look back, it does. You move about every 3 to 4 years and are constantly meeting new people. Many of my friends retired at age 38 after serving 20 years.
@@yourmilitarymoney Many of the people as a senior told me I wont make it many people in the marine cant make it to 20 years. Only very few cuz I might either get kicked out for not having promotion or even injury and get discharge
Yes it does. Im going on 16 years and have moved 6 times, 3 deployments to Afghanistan and many schools. No down payment on a house using the VA loan, free school when you get out and nothing like retiring before you hot 40 years old. Its amazing!!
difficult question I just got my 20 years 6 days ago. I'll do one more. when I look back, I think it went slow.
LaRhonda H. Awesome!! How’s it been
If you're 100% or TDIU P&T you, get your full retirement, no taxes taking out.
What is tdiu & pt?
So he did not explain retirement pay very well. If you want to know how much you will get paid, do the following calculation. 2.5 X (the amout of years you served) with a minimum of 20 years to retire. So, 2.5 x 20= 50%. If you go over 20 years, say you do 26 years in then you would say 2.5 X 26= 65% of your base pay. To calculate your base pay, you add your last three years monthly base pay together, (it increases slightly every year) then you divide it by three and then multiply it by your percentage. Example say my last three years monthly base pay averaged out to $7,391 and I did 26 years of service; I would say 2.5X26=65%, then I would take $7,391x .65(65%)= $4804.15. so your monthly retirement pay would be $4,804.15 before taxes. This retirement system is called High 3. There is a new retirement system that just came out called BRS which is what everyone that is coming in now has to do. All us that came in under High 3 got to have the option of going BRS or keeping our High 3 retirement. I opted to keep my High 3 because I want my retirement money as soon as I retire and not have to wait until I am in my 60's for BRS
Your base pay $7391? You must be colonel, huh?
@@AlexA-ln4pj O3-E with 20 years of service. a Colonel makes way more! Try $10k a month!
We talking about base pay or salary with all addition payments and compensation?? $7300 as base pay for captain looks too much for me. Or I'm wrong?
@@AlexA-ln4pj Base pay! Yes you are wrong in my case. When you are a prior enlisted with 20 years of service O-3E our base pay is $7,381. You know what, instead of keep asking me questions, how about you look it up yourself on the internet of how much an O-3E (make sure you look at "O-3E" and not "O-3") with 20 years of service makes and stop trying to tell me I am wrong! And when you said Captain, I was thinking O-6 because I am in the Navy. That is why I said 10k for a CAPT. But obviously you are talking about an O-3 in the other services. www.dfas.mil/militarymembers/payentitlements/Pay-Tables.html
Congratulations on your retirement! When they mentioned “it’s not annuity” technically it is. I’ve taken the insurance exam this is used as an example as well as SSN. Today is my last day on Terminal leave I work for Walmart, and he said it right about how they do training and the pay is a wake up call!
Thanks for the video. When I was employed, I always put more emphasis on benefits than the actual yearly income. This was particularly true since where I live better paying jobs do not exist for the most part. OTOH, the cost of living is "reasonable". I do not know how people afford to live in California in the Civilian world considering the cost of living or Northern Virginia near DC for example. It is a balancing act, I guess. Too many younger people overlook benefits offered by a company & look just at salary. Of course, this is the civilian side that I am referencing. Good luck in retirement.
Yes, look at the big picture.
Do you think 20 years in reserves is worth it or should get out after 6 contract ?
I would say it’s worth it for the financial benefits after you’re 60 and also for the reduced costs in health care and other various things. The best thing you can do first is to see how you like it and how it works with your schedule and lifestyle then make your decision from there. It’s all up to you and if you choose to get out after 4-6-8 years that’s perfectly fine.
@@cornwallacemcshitter8777 I left AD after firs term planning on one more tour in the reserves. I am now on year 36 and loving it more and more. It has really helped me grow. I completed a civilian career and retired from it and am still in the reserves. I can collect right after I retire in 3 more. Health insurance was always the big thing for me. My civilian counterparts all had to keep working because their share of the health insurance if they did retire was well over $1000 a month. In the reserves, Tricare Reserve Select is dirt cheap. If you are even luckier, you can get some occasional tours and get back on AD benefits for periods of time. Both AD and Reserve retirements have annual COLAs that match the CPI by law. No civilian retirement comes close. I joke that the 4.6% COLA that military members on active duty this year won't come close to the 8.9% that retirees get. No real downside to staying in. When you look back, you will be thankful you did. Never met a person that served 4-8 years say they were glad they got out. They all say "wish I would have stayed in!"
You got OJT..... My OJT over at the 52nd FW was they showed you how to do it once and then expected perfection and belittled you if you asked questions...
Dear Juan, welcome to the Civilian crisis Corporate World ! I will not mentioned the name , but on the company I work is the same thing , and from I former military on an AF ally country, I would like some of the Junior Officers on the Corporate World had attend some BMT !!!
Sir, another great piece. As time allows, would you do a video on VGLI vs SBP?
Yes, let me get some notes done and I'll make that happen.
Dont do VGLI its expensive as hell every 5yrs....just get a 30yr term life civilian its eay cheaper
I don't think Juan was combat arms
I don't think he worked anywhere near the flight line.
Dear Friend Hugo , I send a text message to you . Could you please at your earliest convenience do a video about TEMPORARY CHANGE OF STATION (TCS) ? And If you have ( I believe you have a lot of friends who deploy or TCS at South Korea ) and would like to share some aspects of Deployment or TCS ? Thank you in advance !
How many years do you havto serve till you get a retirement salary?
Minimum 20.
@@yourmilitarymoney but my teacher served 15 years and he alrady geting 40k a year retirement salary
It could be an early retirement but that is not the norm. Or you could be talking about VA disability. Your teacher will have that answer.
Im 37 and want to join the air force i like to do 20 however is it better to do a 4 year contract then reanlist and do a term a time or just do a 20 straight year contract how does this effect retirement ?
The contracts are for 4 or 6 years initially and then you'll re-enlist every 4 years.
Did you?
Build your own schedule. It became second nature as a single parent military member. You can get into your stride.
Awesome!
Good info. I’m a year out and ready to go.
Awesome, congrats!
how to recognize retired Stateside DOD in the Street
As a lifer that went back to college...wait till the professors comment on your toxic masculinity and insensitivity...and your just raising your hand answering questions and participating in class..they wear a different set of goggles
Thanks
I hope it helped.
I thought you worked for Amazon... Was it temporary?
My friend worked at Amazon and yes it was temporary.
Is it possible to serve 40 years?
Usually no. It depends on a few things. Usually the oldest you can serve is up to age 60.
@@yourmilitarymoneywhy did the four star general server in the military over 43 years ? And how much they get retirement pay off monthly
13 months
Nice
8 y 6 m 12 days 😊😊
I have 8 years, 2 months and 17 days so I can retire permanently from the work force. Good for you!
Juan two three
fuck it.