How do I calculate my Navy Reserve retirement pay?

How do I calculate my Navy Reserve retirement pay?

The Reserve/Guard retirement system calculates the multiplier from your total points. Divide your grand total career point count by 360 (because your pay is based on 30-day months) and multiply by 2.5% to come up with your service multiplier. For example, 2134 points / 360 * 2.5% = 14.82%.

How many points does a Navy reservist need to retire?

50 points
To be eligible for a reserve retirement you need 20 qualified years of service commonly known as “good years.” In order to complete a “good year” a member of the reserves needs to accumulate at least 50 points for retirement.

How long do you have to be in the Navy Reserves to retire?

20 years
Generally, a member retiring with a Reserve (non-regular) retirement must have 20 years of service for entitlement and they will receive a letter from their Service advising when this criteria has been met.

Do Navy Reservists get a pension?

Generally, a Reservist is eligible for Non-Regular Retirement once they have 20 Qualifying Years of service. Also known as a Good Year, a member accrues a Qualifying Year after they have earned a minimum of 50 retirement points in their own Anniversary Year.

How much does an e 9 with 30 years make?

2019 Active Duty Enlisted Basic Military Pay Chart (2.6%)

Pay Grade Years of Service
Over 30 Over 34
E-9 7475 7849
E-8 6198 6198

What is the retirement age for US Navy?

Mandatory retirement age for Navy Reservists is 60. You must have at least 20 years of satisfactory service to retire from any branch of the military.

How do you calculate military reserve retirement pay?

Once you’ve determined this amount, it’s easy to calculate your reserve retirement pay: Look up the base pay for your pay grade and time of creditable service on the Department of Defense’s current military pay scale. Multiply the base pay by your years of service for retired pay percentage multiplier.

What is the retirement salary of an US Navy captain?

As of 2018, a Navy captain’s projected retirement pay after 20 years would average $5,238 in year one after retirement and rise to $11,752 per month forty years after retirement. The department of defense website provides a compensation calculator to adjust assumptions based on rank at retirement and other factors.

How do you apply for military reserve retirement?

Get a reserve retirement application form from your service’s personnel command, and fill it out with the required information. Contact information for your service’s personnel command is listed below. Request retirement by submitting a letter with your retirement application attached to your service’s personnel command.

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