The Regular Military Compensation Calculator and a little know yet effective tool that can be used to understand your full active duty compensation. This is helpful when preparing for military retirement or transition from active duty in order to compare expectations for civilian pay.
Why Use Military Compensation Calculator?
Service members and retired veterans receive a leave and earnings statement each month showing their pay and benefits. Since these are monthly allotments and the annual military pay increases are announced in monthly amount most don't think about their benefits on an annual basis. The Military Compensation Calculator will help you do that in a few minutes so that you can have true perspective on your value in the civilian world.
Some questions that Active Duty Military Families also ask
How much do I make in the military?
There are two easy way to determine your military pay. You can calculate your monthly pay by reading your leave and earnings statement (LES) or look at it annually using the Regular Military Compensation Calculator as shown in this video. It's also important to consider how much your military retirement pension will be worth if you are serving a 20 year career.
How does military pay compared to civilian pay?
It's a common mistake to compare military and civilian pay because it doesn't take into account the plethora of social services that are associate with a military career. When compared directly, salaries often look better on the civilian side. However, that doesn't count paid health and dental services, extra travel and PCS compensation, etc.
How much does the military pay after 4 years?
You can easily estimate the potential increases in military compensation by looking at the 2020 Military Pay Charts.
Which military branch pays the most?
Technically, the level of income services members are paid is determined by their rank and time in service and not by branch. However, some branches offer more financial opportunities than others in the form of access to schooling, permissive travel pay, and various hazard duty pays.
Can you get rich in the military?
Define rich? Is it possible to save A LOT of money during a 20 year career? Yes, but most end up spending it before thinking about how to use it productively. And there are plenty of stories of active duty military achieving financial independence. And that take tremendous sacrifice. Use the Regular Military Compensation Calculator to get an idea how much you could save over a 20 year military career!
How to I prepare financially for post-military life?
At US VetWealth we created a strategy called the Transition Savings Plan and wrote about it in our free eBook that you can download here. The difference between our strategy and the traditional military financial planning model is that we aren't focused on helping you save for retirement.
In fact, that is the trap for transitioning service members. If they have managed to save money for their future, its usually locked into retirement accounts that aren't helpful when you need it most - at transition or military retirement! Don't fall into this trap, learn how to calculate military retirement pay before you transition or retire!
Schedule a FREE consultation today to see if the "NEW TSP" is a better strategy for your families future.