Retirement Plan

There is easy method to calculate the Miltry pension. But now currently three different pension plans exist for US military people and they are available to them based on the date they started military service. Military retirement calculator helps to calculate the details of the retirement for each pension plan. Usually you have to input certain variables (current savings, interest rate. etc.) and you are given the amount that you will receive after retiring.
The three retirement plans are:

Final Pay Plan: is applicable only to those military personnel that joined US army prior to September 8, 1980. Military retirement calculator multiplies years of service by 2.5% (however this cannot exceed 75%) and then multiplies the obtained result by final base pay. Any allowances for subsistence, housing or for any other issues are not regarded in the calculations.

So to rephrase what we just said a person, who served at the military service for 20 years, receives half of his/her final base pay. This share increases with the years of service at the military, but eventually cannot exceed 75 percent of the base pay. So in other words, people that served for more than 30 years do not get higher pension than those who served exactly 30 years;

High-3 Retirement Plan: is for those military personnel that joined army during the period September 8, 1980 – August 1, 1986. This plan is quite similar to Final Pay Plan: the military retirement calculator first multiplies years of service by 2.5% that equals to 50% for 20 years and 75% for 30 years (the maximum is 75% as in Final Pay Plan). Afterwards finds the average base pay for those 36 months in your career that paid the highest base pay (usually last three years) and multiplies these two numbers. This will be your retirement pay.

- Redux Plan: this plan involves giving $30,000 “career status bonus” after 15 years of active duty at the military service.

This plan is applicable to those individuals that joined military service after August 1, 1986. After 15 years of service military personnel have two options: either take old High-3 Retirement Plan or take $30,000 at once and calculate retirement pay under Redux Plan.