January 12, 2016, by Brooke Chaplan – Retirement is the last rite of passage many of us look forward to. Looking back after a long career is something to be proud of, no matter your job, but military retirement has some unbelievable perks that regular retirees do not. The differences include pay, housing, health care, and travel, which make this time of life for retired military a boon. Here is a look what you can expect.
Retired Military Pay
There are three pay charts for retired military personnel. They consist of Final Pay, High-36, and Career Status Bonus/REDUX or CBS. These options are used to calculate monthly income amounts up to 75% of active duty pay. They are subject to COLA or Cost of Living Allowance, which is a yearly increase to counter inflation. The income is in addition to social security. There are three payment options including a debit card attached to an account set-up and maintained by the government, direct deposit to a personal bank account, or a paper check.
During active duty staying in one location longer than 36 months is not a reality for families. However, after retirement, the VA loan program will help veterans secure the American Dream with terms that outperform non-VA loans whether you want to spend your retirement years in Texas or New York City. For example, there are lower to no down payments and lower interest rates. There is also the option of landing in a retirement living community like Sunshine Retirement Living that has tons of amenities that will keep the active lifestyle in full force. Regardless of the choice, retired military will be rewarded with outstanding housing benefits.
Retirees of all kinds worry about how to maintain their healthy status. For military retirees, there are three choices. The first is a fee service plan known as TriCare. It allows individuals to use any provider in the world that accepts the plan. The second is the VA health system, which is also a worldwide system. There is no out-of-pocket cost for health care including prescriptions, which can be the biggest expense during retirement. Finally, Medicare is available to all military retirees. With these options, seeking medical attention and staying healthy is covered.
This is the best of all differences for those that retire from the military. The travel benefits available include flights on military transports to locations across the globe for retirees and dependents. The cost is zero with a few requirements such as proper documentation including a passport and retiree identification cards. In addition, hotel accommodations are available with rates ranging from $50 to $150 per night. Destinations include Italy, Guam, Germany, Hawaii, and Japan to name a few.
With retirement benefits such as these, former military personnel will be patting themselves on the back for their service. Family members who supported them throughout active duty will also be singing their praises. The differences between non-military and military retirees are evident with the military option tilting the scales with a better deal.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information contact Brooke via Twitter @BrookeChaplan.