How do I calculate my army Reserve retirement pay?

How do I calculate my army Reserve retirement pay?

The Reserve/Guard retirement system calculates the multiplier from your total points. Divide your grand total career point count by 360 (because your pay is based on 30-day months) and multiply by 2.5% to come up with your service multiplier. For example, 2134 points / 360 * 2.5% = 14.82%.

How long is Army Reserve retirement pay?

Your first retired pay should be processed in 30 to 45 days after your retirement date. However, this can only happen if we receive a complete retirement package, including a correct DD Form 2656.

How are army retirement points calculated?

How Is Retirement Calculated?

1. One point for each day of active service (active duty or active duty for training).
2. 15 points for each year of membership in a Reserve Component (Guard and Reserve).
3. One point for each unit training assembly.
4. One point for each day in which a member is in a funeral honors duty status.

Do reservists get a pension?

Reserve retirement is sometimes called non-regular retirement. There are two non-disability retirement plans currently in effect for reserve qualified retirees. These are Final Pay plan, High-36 Month Average plan. There is no REDUX retirement plan under non-regular (reserve) retirement.

How do you calculate military retirement pay?

HOW TO CALCULATE YOUR MILITARY RETIREMENT PAY. For military service members who began active duty service on or prior to 8 September 1980, your military retirement pay is calculated by multiplying your service factor (or “multiplier”) by your active duty base pay at the time of your retirement.

How do you calculate Army retirement points?

The formula for computing equivalent years of service for Reserve retired pay at age 60 is fairly simple: Total number of Creditable Retirement Points, divided by 360. The formula computes the number of equivalent years of service the soldier has completed (comparable to full-time service).

How many years for full military retirement?

Under the retirement program established by Congress for members of the military services, a member must serve or acquire at least 20 years of qualifying or creditable years of service in order to be guaranteed retirement at 20 years. Twenty years on active duty is the basic eligibility requirement for military retirement.

What age can you collect military retirement?

Military mandatory retirement age for active duty soldiers is from the age of 55 to 62.