I'm thinking anywhere from 15 years minimum to 20 years maximum.Though I've never been in the military,I first tried to get in when I was 17,back in 1984.I continue to think,had I been accepted,if I'd put twenty years in unscathed I could've retired 3 years ago-at the age of 37!!!!!!!!!!!
2007-02-10 03:57:25 · 16 answers · asked by Anonymous in Politics & Government ➔ Military
Twenty years is the normal minimum; however, in recent years, many have been offered early retirement after 15. I don't believe that this is still offered.
As far as what's decent, that's a matter of interpretation. Today, the traditional pension is rare. Most folks anymore don't get a lifelong paycheck automatically (aside from social security), so anything is a good thing. As far as receiving a truly livable income without other retirement savings, you'd really need to retire as an officer.
2007-02-10 04:10:15 · answer #1 · answered by Rob D 5 · 0⤊ 1⤋
I retired from the Navy about seven years ago.
At 20 years I received 50% base pay pension and full medical care for the rest of my life.
The retirement system has changed and now after 20 years you only receive 35% base pay pension.
Under both the old and new systems the pension goes up 2.5% for every year over 20 until 30 years at which point it stays at 75%.
It sounds like it's a good compensation system, but the average military retiree only lives 14 years upon retiring. The average retirement is at 24 years and the average retiree is 46 years old, so if you only want to live to be 60 I guess it's a decent life.
You will notice that the retirement is only on base pay. As an E-7 with 20 years I am only seeing about $1200 a month. That sounds good on paper but I still have to work full time and I will probably never see a real retirement. Plus if my wife every decides she is tired of me she is legally entitled to half of it.
2007-02-10 04:15:59 · answer #2 · answered by snowball45830 5 · 0⤊ 1⤋
Minimum for retirement is 20 years. There is no such thing as an early retirement unless you are disabled in the line of duty. 24 is about average to retire as benefits are really really good at that point and that is most peoples maximum years service for grade/rate/rank. If you can make 30 to 35 you would be the Command Sergeant Major of the Army or a three star or above General Officer. Longest service ever was Navy Admiral Grace Hopper. She served from before WW II till after Gulf War 1. Over 50 years for retirement purposes. Oh - and - guess what - she was the woman - yes woman - who Invented the Internet - not Al Gore as he claims. She ran the first Room size computers in the Pentagon and was the world's preeminent expert in her field. Thus she was so important to this nation and the military that she was allowed to continue on active duty as long as she wanted too. I met her twice and she was amazing.
2007-02-10 04:08:07 · answer #3 · answered by Anonymous · 1⤊ 1⤋
20 years
2007-02-10 04:00:10 · answer #4 · answered by gemneye70 4 · 0⤊ 0⤋
The standard retirement right now is 20 years. You get 40% of your base pay calculated as the average pay for your past three years. If you go 25 years, you get 50%. (This is a much lower retirement than what was offered previously, which was 50% at 20 years. That is what you would have gotten if you had joined in 1984 but too late now.)
They had early retirements from 1992 to 2000 if I recall right. They could be gotten with as little as 15 years in service, but that was for the draw down. I seriously doubt there will be another draw down in the foreseeable future.
2007-02-10 11:28:19 · answer #5 · answered by forgivebutdonotforget911 6 · 1⤊ 1⤋
You have to be in 20 years to retire with a pension. I think it's 50% at 20 years, 75% at 30 years. You also keep other benefits, such as PX/commissary benefits and TriCare health insurance (although you have to start paying for it).
If you get out in under 20 years - unless you are medically retired - you lose the pension and the other benefits.
2007-02-10 04:03:32 · answer #6 · answered by Cloth on Bum, Breastmilk in Tum! 6 · 0⤊ 0⤋
The minimum is 20 years, and then the percentage of your base pay that you receive increases from there up to a max-out at 30 years.
2007-02-10 04:00:33 · answer #7 · answered by lizardmama 6 · 0⤊ 0⤋
20 years minimum. At 19 years 11 months and 20 days you would get zilch.
2007-02-10 03:59:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
At least 20 years.
2007-02-10 09:35:51 · answer #9 · answered by WC 7 · 0⤊ 0⤋
All I know is a minimum service of 20 years for marines. Not sure about the other branches.
2007-02-10 06:23:59 · answer #10 · answered by xander 5 · 0⤊ 0⤋