Military Retirement. Benefits, Social Security, Employment?

M

Michael S.

New member
I am planning to make a career in the military, however the prospect of retirement worries me a little bit. I read that for every year in the military (under High 36) you get 2.5% (retirement pay) for each year in active duty so after 20 years you get 50% of your pay. I also read about the REDUX program and I understand the whole thing about getting -1% of CPI and the 30k bonus so on so forth... and how after 20 years under H36 your retirement percentage is increased by 25% or 3.5% under REDUX. I understand all of that so you don't have to explain any of it. My question is... Do you get Social Security (once you become eligible) on top of your military allowance? and what are some of the benefits (health, education etc) and how realistic is it for a 44 year old man to find employment in the civilian world (time of retirement 20 years)? Would anyone hire me? (assuming the economy is doing OK... not great... not bad... just OK)

Thank you
I meant 2.5% under H36.. and it worries me because even as an E-9 whose pay (theoretically) after 10 years is $4421 and assuming an increase of %3 each year for 10 years he will get at 20 years $2873 of pay... and that doesn't seem like enough to me.. to cover for expenses and take care of one's family
 
I am getting ready to retire after 22 years of service at 40 years old. Yes you get Social Security when you are eligible because YOU paid into it...a lot.

Military retirement is not designed or intended to let a person who is 37-42 years old sit on their as* for life, if that is what you are thinking.

You will be very competitive for employment when you retire assuming YOU have prepared yourself through education, experience and responsibility. No one is going to give you anything.

I started out in the Army at 17 years old as a poor kid without 2 pennies to rub together. In my 21 years I have earned a Bachelors and 2 Master's all paid for by Uncle Sam. I have also earned a Commission and am now a Major.

I am much better prepared for retirement both financially and employment related because of my wn accord...no one gave me anything.
 
You are correct on retirement at 20 years.
You will draw SS when you become eligible
As of today, Medical cost is $270 a year (tricare) for life
You will have no problem getting a job is you have a degree
 
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