how old are you, and how much do you have saved toward retirement?

UtahBill said:

and your military retirement? I get 3/8 base pay for my 12 years active and 10 years reserves, plus don't have to pay for the medicare supplement, or part D. Hang in there, get your 20....

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how is it calculated with reserve time? i've been thinking of leaving active duty but keeping my toe in.

1 point per day for active duty, so for 20 years active duty you multliply 20x365 (7300) for 50% retired pay.
For reserves, same point per day for 2 week annual active duty. plus 4 pts per weekend drill. so 14 plus 48 is 62 pts per year for typical reservist.
example....
10 years active duty is 3650 pts, 10 years reserve is 620 pts. 4270 pts total.
4270 earned pts divided by 7300 is 58% of the retirement pay a full 20 active would have gotten you, IOW, cut the 58 in half and you get 29% of your base pay at highest rank.
Having debated with you, I figure you should be able to make captain in your 20....:2razz:

other advantage is, your retirement means that your Medicare supplemental pay is FREE, altho you will have to pay part B. Part A is free already. Then, Part D, drugs, is also free. So once you turn 65 all you pay is for the part B to get full medicare coverage.
You will have double coverage, Medicare and Tricare For Life. Between 60 and 65 you are covered by Tricare.

You do have to wait til 60 to be receive the benefits, tho. That being true, you may as well stay in the reserves
til age 59, giving you a few more years to make Captain....:lol:

I'm in my 30's now and broke. Medical bills pretty much wiped me out. Going back to school though and taking a personal finance class (funded with grants and loans). Hopefully that will pay off eventually.

UtahBill said:

and your military retirement? I get 3/8 base pay for my 12 years active and 10 years reserves, plus don't have to pay for the medicare supplement, or part D. Hang in there, get your 20....

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I was being sarcastic. I have a 401k through my civy job and will have nearly 30 years with the military when I retire at 59 (unless I get another deployment then it's 58 or even younger). According to my last retirement statement from the guard, if I never get promoted again and retire at 59, I will draw nearly $3K per month.

OscarB63 said:

I was being sarcastic. I have a 401k through my civy job and will have nearly 30 years with the military when I retire at 59 (unless I get another deployment then it's 58 or even younger). According to my last retirement statement from the guard, if I never get promoted again and retire at 59, I will draw nearly $3K per month.

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Just wanted to say that many economists are warning about the need to reduce "unfunded pension obligations". I wouldn't count on getting that entire 3k/mo. Good thing you also have a 401k