|military retirement pay raise 2020 projected||0.04||0.9||6127||57|
Most military retirees will receive a 5.9 percent increase to their retired pay beginning with the pay they receive on January 1, 2022, which is the largest such increase since 1982.What is military retirement pay?
If you first entered the military before Sep. 7, 1980 you are eligible for the Final Pay Retirement system. Under this system your retired pay is computed by multiplying your final monthly base pay when you retire by 2.5% for every year of your service.What is military pension?
A military pension is a retirement benefit provided to military service members. Like other kinds of retirement pay, military pensions are a form of deferred compensation.