In the United States, the military is looked upon with great respect and as such the military retirement is one of the most important deals in the retirement system of the country. Under the retirement system, the members of the military and the armed forces are entitled to a number of benefits.
Compared to other retirement plans, the military retirement system is applicable from the day of your retirement, no matter how old you are. This means that the members can start getting their retirement pension at a regular basis from as early as 37 years of age. Another advantage of the pension plans is that the value of the pension checks increases along with the coast of living every year.
Some of the main factors on which your military retirement pension is dependent are:
- You were covered under the Final Pay retirement system before September 1980.
- You were covered under the High 36 system between September 8th, 1980 and August 1986.
- You were covered under the REDUX system after August 1986.
If one remains in the armed forces for 20 or more years, he or she is eligible to get a pension as per the percentage of the basic pay. On the other hand, if one is in the service for more than 40 years, he or she is entitled to 100 % of the basic pay.
The Military retirement system has come a long way and has really helped lots of members of the armed forces and the US military force.