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Military Retirement: A Need to Stay Abreast With Rules And Regulations
Military retirement offers retirees a number of benefits that reward the many years of service given in defending the country. No doubt it is a radical change from the days spent in uniform, and the military personnel will need to readjust to life outside of the military. So, before retiring it is important that the retiree be aware of all the benefits as well as entitlements that he or she will get so that maximum advantage is derived from the retirement plans.
Unmatched Retirement Plan
Military retirement system is possibly unmatched and is different from the majority of retirement plans available in that it gives the retiree a pension along with benefits which will begin the day that the military personnel retires - regardless of the age of the retiree. In effect, it means that even at the youthful age of thirty-seven years, a retiree could be enjoying a retirement pension and these checks will increase to adjust with the cost of living.
To get these military retirement benefits would involve considering a number of related factors that the military retirement system incorporates such as entering service prior to September 1980, which would make you qualify for Final Pay' retirement system. If you entered service between September 8, 1980 and August 1986, you would fall in the High 36 system, and if you entered service after August 1986 then you are eligible for High 36 retirement system, or the Career Status Bonus/REDUX (CSB)' retirement system.
Military retirement also touches a number of other topics including concurrent receipt, combat related special compensation, computing retired pay, COLA for retirees, extra social security earnings, retired pay centers as well as retired pay checks and more. Under the law, a number of provisions will be used to calculate the compensation paid to military retirees, though retired pay is generally arrived at on the basis of how long in service the retiree was, or on a percentage of disability.
Another aspect of military retirement is retired concurrent receipt, which means getting military retirement benefits along with compensation for VA disability that was until 2004, not allowed under the law. Before 2004, for a retiree to get VA disability compensation the disabled person would have to forfeit all or a portion of the military pay. However, following 2004, the law has been changed and now military retirees that are disabled can get both full military retirement pay as well as the compensation for VA disability.
It only goes to show that military retirees need to stay abreast of all the rules and regulations concerning military retirement in order to get the most benefits and entitlements available to them.
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