Did the government withhold retirement pay out of military pay?
I'm not talking about ssi' 401's just regular retirement deductions, and if they did what happened to this money if you didn't retire? I'm not talking about ssi,or 401k's. I'm talking about a regular retirement deduction and if they did what happened to this money if you didn"t retire?
Public Comments
- This question doesn't make sense. Do you mean social security?
- yes and they still do it's that FICA thing on roll pay stub.
- do you do they do that.. i think so?
- Do you mean like a (c) 401K contributory fund or savings thrift? NO. edit: No, they did not withhold funds and invest them. This is what could be called an entitlement except this one was EARNED by the Veteran. UNlike welfare If you don't do the mandatory service commitment to retire, you don't get a stinking dime UNLESS they give you a portion as an incentive on an early out program. I got $35K after taxes for 14.5 yrs of AD service.
- No. Military members do not contribute for thier retirement. It is a fixed retirement, based on years of service and the pay grade you retired at. Military members must serve atleast 20 years to be vested in the military retirement . But years served in the military, do transfer to Federal civil service, if the member serves less than 20 years. Military members also pay Social Security tax's and can collect SS benefits when they reach the SS retirement age.
- I'm not sure exactly what you mean but the Armed Forces doesn't deduct retirement payments from your monthly pay. As far as retiring is concerned you 'will' retire at 20 or 30 years except for a very few who are allowed to go to 35 years.
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