What is the formula used to determine your COLA (Cost of Living Allowance) after your retirement?
2007-11-14 15:33:06 · 8 answers · asked by rachelgrrl777 2 in Politics & Government ➔ Military
I don't believe you get one. You get retirement pay.
Cola is a pay supplement military members get when living in areas where basic pay won't cover the cost to lives in said area.
2007-11-14 17:56:28 · answer #1 · answered by celtic_princess 4 · 1⤊ 1⤋
COLA is generally paid to personnel stationed overseas or in a high cost of living area. Retired personnel may or may not be eligible for COLA. Check the weblink and you can calculate it. It's based on your zip code and the average cost of living (as determined by the military) for that area.
2007-11-14 15:41:17 · answer #2 · answered by MSC Lieu 4 · 1⤊ 1⤋
Unless something has changed since my husband retired, there is no COLA upon retirement. You get 1/2 the base pay or prorated base pay, and additional pay that is non taxable if the person has a disability.
2007-11-14 15:38:26 · answer #3 · answered by kriend 7 · 2⤊ 1⤋
The annual COLA increase is based upon the Consumer Price Index (CPI) change.
Those SMs that elected to receive a Career Status Bonus will actually get 1% less in their annual increase.
2007-11-14 20:56:01 · answer #4 · answered by Nicholas P 2 · 0⤊ 1⤋
I got plenty of COLA when I was stationed overseas.
I've been retired for almost three years now, I don't think I get any COLA...
2007-11-14 15:41:28 · answer #5 · answered by Anonymous · 1⤊ 1⤋
Don't know if there is a formula, but here's a good starting place for you to check out.
http://www.military.com/benefits/military-pay/retired-pay/retired-cola
Retired in 1992
2007-11-14 15:37:15 · answer #6 · answered by cffdrnkr 4 · 1⤊ 0⤋
COLA is not paid to retirees. the cost of living raise paid to retirees is different and tied to the economy.
2007-11-15 00:25:34 · answer #7 · answered by Mrsjvb 7 · 0⤊ 1⤋
It depends where you retire, California vs Kentucky?
2007-11-14 15:40:02 · answer #8 · answered by john stud 3 · 0⤊ 1⤋