do u have to contribute every month to get retirement pay?
is it gonna stop?
2007-09-02 07:51:21 · 9 answers · asked by Lynx S 1 in Politics & Government ➔ Military
Retirement pay is called PAY because is it considered PAY for reduced amounts of service. You are still eligible for recall to active duty until age 60. As such, you are suppose to keep yourself up to date in your specialty (assuming you are a nurse or doctor or such), reasonably fit for duty (do not go gain weight and end up at 300 pounds) and out of jail.
Depending upon when you entered service, the amount of PAY you get depends upon the rules in place.
2.5% per year for 15-20 years for those who got out early under the TERA program.
50% of the highest months pay for the old timers with 20 years of service.
50% of the average of the highest 36 months pay for those a bit younger but still with 20 years.
40% of the average of the highest 36 months pay for those who went in in the past 10 years or so, again for 20 years. (You do not get 50% until you serve 25 years.)
If you do something stupid like renounce your American citizen ship, you have given up your eligibility for recall and you lose your PAY totally....
Again, the rules that were in play on the day you first held your hand up are in play for your entire career. But with each change, newer recruits get less of a benefit when compared to the older people. Where the big benefits are right now are not in the retirement PAY, but in the sign up bonuses, college education benefits, etc.
2007-09-02 09:55:08 · answer #1 · answered by forgivebutdonotforget911 6 · 1⤊ 1⤋
No you don't have to contribute to get the retirement pay.
As long as you serve honorably for 20 years or more active duty you will get retirement pay.
The longer you serve the more you will get up to a max of 75% of your base pay after 30 years.
It continues untill your death.
If you are medically retired, you will get a percentage of your pay for the rest of your life if a Med. Eval. Board determines you are at least 30% dissabled and offers Med retirement even if you have served less than 30 years.
Military are now able to participate in the Thrift Savings Plan (TSP) which is a contribution based retirement plan similar to a 401K. This program is optional but highly encouraged.
2007-09-04 02:03:54 · answer #2 · answered by Will Y 3 · 0⤊ 0⤋
No monetary contribution and there's no plans to stop the system. Nearly fifteen years before the 2001 attack on America we had more people drawing military retired pay and VA disability compensation then the number of people on active duty. A recent change to the law makes any monthly premiums for the Survivor Benefit Plan end after 30 years of contributions. So, one grating feature of the system has been smoothed out.
2007-09-02 16:59:21 · answer #3 · answered by desertviking_00 7 · 0⤊ 0⤋
After 20 years, you can retire and get a retirement check in the mail equal to 50% of your salary. This percentage goes up a bit for each year you served after 20 up to a maximum of 75% pay for 30 years service.
2007-09-02 16:03:07 · answer #4 · answered by St. Bastard 4 · 0⤊ 0⤋
No. Once your finish 20 years, you are considered a soldier still, but in a "half-pay" status. So you don't pay in, your basically still getting a paycheck and considered in a paid IRR status. If you stay in longer then 20 years, you get more per each year you stay in up to 75%.
Now there is a Thrift Saving Program that you can pay into voluntarily. That is seperate from military retirement. This is sort of like a 401k. You do not have sign up for it though, but its tax free, so you should.
2007-09-02 15:04:12 · answer #5 · answered by mnbvcxz52773 7 · 1⤊ 0⤋
Last I remember it was 40% at 20 years of active service.
After that it went up based off how many years you have in.
Reserve service was a bit different they had a different system that I wasnt very familliar with to be honest.
I believe there is still the retirment chart on the Marine Corps Website.
www. usmc.mil
Hope it helps more for you.
2007-09-02 15:39:59 · answer #6 · answered by blade_lord 2 · 1⤊ 0⤋
No you dont put into your retirement that the government gives you after 20 years. I put into a seperate retirement though.
2007-09-02 15:17:47 · answer #7 · answered by ? 6 · 0⤊ 0⤋
No and you will receive it until death. Unfortuantely, your spouse will not receive anything at death. Therefore, make plans for her either thru private insurance or thru the military Survivor Benefit Plan. You can see the amount of retirment pay for enlisted at http://usmilitary.about.com/library/milinfo/pay/bl05enlistedretire.htm and the officer at http://usmilitary.about.com/library/milinfo/pay/bl05officerretire.htm
2007-09-02 16:44:17 · answer #8 · answered by Too Old For Idol 4 · 0⤊ 0⤋
"Contribute" what?? You do your 20 years and the check's in the mailbox.
2007-09-02 15:05:11 · answer #9 · answered by Really Old Guy 7 · 0⤊ 0⤋