Learn how to quickly use the 2020 Military Pay Calculator to estimate your annual military compensation and benefits.
Why is this important?
Each month all active-duty members of the military receive a complicated and hard to understand document called a Military Leave and Earnings Statement (LES). Understanding how to read this document is extremely important and I will show how to do that on another post. For now, it's just as important that you are able to quickly calculate your annual military compensation.
Here you can view a case study of an E7.
How to use the Military Pay Calculator to Plan for Post-Military Life in 2020
Many veterans looking for civilian employment have a difficult time knowing a target salary. They don't know how to value themselves or their service in that way. They have a vague understanding of the true annual pay they receive. But they don't know exactly how to calculate military retirement pay. Instead, they get fixated on the pay chart that the DOD releases every year.
The problem is that the pay chart only shows the monthly base pay amount. It's too easy for one to see that number, like what they see, know exactly what rank or years of service they need to increase their pay, and stop their analysis there.
This is a huge mistake!
However, if you follow the example in this video. You'll quickly see the value of calculating your total Regular Military Compensation.