Did they raise the military retirement time up to 25 years?
Someone told me that they heard that you now have to be in the military for 25 years instead of 20 to retire. I've already done 4 years in the Air Force and am always kinda thinking about joining the Coast Guard for the other 16. I just thought it seemed weird when someone told me this (she's a retired high school guidance counselor).
Public Comments
- If that happened, it was VERY recent. Like, since the beginning of this year. But, I get emails from military.com and things like that, and nothing has been mentioned thus far.
- not to my knowledge still 20
- Not true. Actually I had heard that they were toying with the idea of making it 15 years with the retiree collecting 30% of his base pay each month.
- No they lied.
- No, I think they must have misheard or misunderstood something...the military pays you 2.5% of your base pay every year you go after 20, so the gov't would be paying you more money in retirement if they made you stay to 25....not to mention the older you get, the more your healthcare costs....not too many 18 year olds have high cholesterol ( and we normally don't let them enter active duty)
- No the current retirement eligibility is still at 20 years. There are currently 3 retirement programs in the military. For those that entered active duty prior to 1981 retirement is 50% of the service members highest base pay. for each year past twenty the service member earns an additional 2.5% maxing out retirement at 75% for 30 years service. There very few that are in this category except for some with a break in service. From 1981 to mid 1986 the plan is essentially the same except instead of being based on the highest base pay it is based on the average of the highest three earning years. Those in the high-3 50 plan also get 2.5% per year after 20 until maxing out at 75% of the high-3 earning years. After 1986 the military instituted a high-40 plan which payed 40% of the highest 3 earning years and the increase was 3.5% per year to max someone out at 75% at 30 years in service. This plan was changed in the mid 90s because those that would only earn 40% at twenty years actually reached 10 years in service and started to think whether it was worth staying in another 10 years for just 40%. Congress acted to prevent a mass exodus and offered either a $50,000 bonus at 15 years for those who would accept 40%, or forgo the bonus and be included in the high 3 50% plan.
- It is 30 years for full retirement.
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