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TTP 001 - What is the True Math on Blended Retirement?
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เนื้อหาจัดทำโดย Travis Collier, Travis S. Collier: Transition Coach, and Active Duty Military Officer เนื้อหาพอดแคสต์ทั้งหมด รวมถึงตอน กราฟิก และคำอธิบายพอดแคสต์ได้รับการอัปโหลดและจัดหาให้โดยตรงจาก Travis Collier, Travis S. Collier: Transition Coach, and Active Duty Military Officer หรือพันธมิตรแพลตฟอร์มพอดแคสต์ของพวกเขา หากคุณเชื่อว่ามีบุคคลอื่นใช้งานที่มีลิขสิทธิ์ของคุณโดยไม่ได้รับอนุญาต คุณสามารถปฏิบัติตามขั้นตอนที่แสดงไว้ที่นี่ https://th.player.fm/legal
"Here are the only numbers you need to consider: just one out of six servicemembers stays in uniform long enough to earn a pension." --Doug Nordman & Curtez Riggs, Military Guide
Here's the math in the military's new Blended Retirement System:
- An E-7 at 20 years makes about $21,000 a year in pension;
- An O-4 at 20 years makes about $36,000 a year in pension.
Blended Retirement (BRS) will change the conversation about military service. Traditionally, there were four year gates members most considered whether to stay in or get out: Years 5, 10, 20, & 25. With the average retirement pay reducing about $10,000 a year across the board, that 10 year conversation will become even more important.
Yes--we don't solely serve because of the salary. But, that salary will become even more important in transitioning. Because the "apples to apples" comparison between active duty retirement and post-military salary will change. And let's be honest--retirement pay will never go up.
This 3-part series of posts goes into the math, meaning, & dice of military retirement pay. Today, let's talk about the math.
SPONSOR
If you want to sponsor this podcast, send me an email: travis@battleandrhythm.com
SELECTED LINKS
The Math. The DOD's Blended Retirement Pay calculator is here. http://militarypay.defense.gov/Calculators/BRS/
However, I say avoid that calculator, and use this one: http://militarypay.defense.gov/Calculators/RMC-Calculator/
Your comparison should be a salary to salary comparison, not a future potential retirement to today's salary. And compare WITHOUT all the taxed incentives, pays, and untaxed allowances. If you want to make $120,000/year after 10 years of service at a certain location, the second calculator will show you your true tax rate. Compare that with your level of military rank & salary.
SHOW NOTES
[00:00:40] The first tactic is simple but it's not easy. The first tactic is to Know Your Math.
[00:04:43] There is no separation between pay and allowance after the uniform. You have to consider: how much do you want to make? How much makes you free?
[00:06:15] Life has a barrier of entry. There are things that we want to do, that we want to enjoy doing. So what will they cost you? How much do you need to go to enjoy the lifestyle?
DISCLAIMER
I am not a Certified Financial Planner, or Accountant. Please consult one to weigh out tax risk & investment composition to be in the best position to choose when to transition.
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