Please Like, Comment, and Share my videos! 🔔 SUBSCRIBE HERE 🔔 Be sure to check out my entire video playlist on Military Finance and Investing topics: 👇 👇 Watch My Other Videos Here 👇 👇 ★ Be a Military Millionaire - Use Your Government TSP ★ Know Your TSP - The Thrift Savings Plan Investment Funds G/F/C/S/I ★ Military Officer Pay - What does a Lieutenant make? (O-1/O-2) 📷 📷 My YouTube Equipment 📷 📷 ► My Camera 👉 ► My Wide-Angle Lens 👉 ► My Wireless Microphone 👉 ► My Shotgun Microphone 👉 ► My Lighting 👉 ► My Light Diffusers 👉 ► My GorillaPod 👉 ► My Tripod 👉 ► My SD Card 👉 ================ 📚 📚 Books That Changed My Life 📚 📚 📗 How to Win Friends & Influence People 👉 📕 Dumbing Us Down 👉 📘 Quiet - The Power of Introverts 👉 📙 The Red Queen 👉 📔 Alexander Hamilton 👉 📒 A People’s History of the United States 👉 ================ In this video I give the example using the Blended Retirement Calculator on the defense.gov website: BRS Comparison Calculator: In my example, I ran the numbers for a person born in July of 2001 who entered service at 18 in July of 2019, served 20 years, and lied to be 85. Total pension benefit = $3,813,000 Assuming over the course of an individual's career they work 40,000 hours. I would then calculate that this person is earning $95 an hour in future pension benefit payouts. If this enlisted person were to do just a six year enlistment and walk away before completing the 20 years, they would be giving up $1,144,000 in future pension benefits. Running my personal numbers we have to be in the High-3 Legacy retirement system since I did not opt-in to the new system. High-3 Calculator: I was born in May of 1984 and joined in April of 2016 at the age of 32. I plan to do 30 years and live to be 85. Total pension benefit = $4,596,000 Assuming I work 40,000 hours over a 20 year period, I am making $115 an hour in future pension benefits. If I were to leave after 5 years, I would be giving up $1,149,000. If you are in the Reserves or National Guard, you cannot start collecting your pension until you are 60 after meeting the point qualifications. Final Pay Calculator: REDUX Calculator: RMC Calculator: SCAADL Calculator: ================ 💯 LET’S CONNECT 💯 📷 Instagram @JakeBroe 👉 🐦 Twitter @BroeJake 👉 👥 Facebook @ [coming soon] 👉 [coming soon] 📧 E-mail me at: [coming soon] ================ #MilitaryRetirement #MilitaryPension #MilitaryBenefits ================ DISCLAIMER: This video is for entertainment purposes only. I am not in any way acting as an agent or representative of the Department of Defense or United States Federal Government when presenting this information. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video. ADVERTISER DISCLOSURE: Jake is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Additionally, other referral links are included and this channel does receive compensation for sending traffic to partner sites. Shopping through our links is an easy way to support the channel and we appreciate and are super grateful for your support! military pension, military pension pay, military pension benefits, military pension explained, military retirement pay, military retirement, military retirement benefits, cola for military pension, military retirement explained, retiring from the military, military retirement process, military retirement plan, blended retirement calculator, military pay and benefits, military finance, military investing, Retirement planning, military money, Military benefits...(read more)
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The topic of military pensions is a crucial aspect of military personnel's retirement planning. Military personnel have a significant advantage compared to their civilian counterparts as they can receive a pension after serving for a certain amount of time. The amount of pension that one can receive depends on several factors such as years of service, rank at retirement, and type of retirement plan selected. In this article, we will discuss how much the military pension is worth in terms of millions. To understand how military pensions work, it's essential to know that there are four different retirement plans that one can opt for, with the most popular being the High 36 retirement plan. This plan calculates the pension based on the average of the highest three years of the enlisted member's or officer's pay across their years of service. The pension can range from 20% to 50% of the average of the highest three years of pay if retired after 20 years of service or up to 75% if retired after 30 years of service. Moreover, the years of service can also affect the percentage increase in pension. According to the latest data available, the average enlisted member's monthly military pension is around $1400. On the other hand, the average officer's monthly military pension is around $3900. Further, if a retired member qualifies for the maximum pension rate, such as those who served for 30 years and retired as a general officer, they could potentially earn up to $20,000 per month. It's worth mentioning that military pensions are entirely different from civilian pensions as military personnel tend to retire at a much earlier age than their civilian counterparts. The early retirement provides retired military personnel with more time to pursue their interests or find other employment opportunities. Further, military pensions often provide access to healthcare benefits, which can save a retiree thousands of dollars in health expenses. In conclusion, the military pension is a valuable benefit for those who qualify for it, and it can vary greatly depending on the duration of service and rank at the time of retirement. Although the average monthly earning might not seem very high, the pension's true value is in the long-term security it provides to those who have served their country. Hence, it's crucial to plan for retirement early on in one's military career to maximize the benefits of this valuable program. https://inflationprotection.org/what-is-the-value-of-military-pension-in-millions/?feed_id=99597&_unique_id=646978ff524e6 #Inflation #Retirement #GoldIRA #Wealth #Investing #blendedretirementcalculator #colaformilitarypension #finnace #investing #militarybenefits #militaryfinance #militaryinvesting #militarymoney #militarypayandbenefits #militarypension #militarypensionbenefits #militarypensionexplained #militarypensionpay #militaryretirement #militaryretirementbenefits #militaryretirementexplained #militaryretirementpay #militaryretirementplan #militaryretirementprocess #retirementplanning #retiringfromthemilitary #RetirementPension #blendedretirementcalculator #colaformilitarypension #finnace #investing #militarybenefits #militaryfinance #militaryinvesting #militarymoney #militarypayandbenefits #militarypension #militarypensionbenefits #militarypensionexplained #militarypensionpay #militaryretirement #militaryretirementbenefits #militaryretirementexplained #militaryretirementpay #militaryretirementplan #militaryretirementprocess #retirementplanning #retiringfromthemilitary
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