How to Calculate My Military Medical Retirement Pay
When you are enlisted in the military, you are entitled to many special benefits both during and after service. One of these benefits includes potential access to military medical retirement pay, depending on your circumstances. According to the military's website (Military.com), most types of military retirement pay, including military medical retirement pay, can generally be calculated on your length of service in the military and when you first enlisted.
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Instructions
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1
Determine when you first entered the military and for how many years you were an active service member. These elements are important in that they are large determining factors of how much retirement pay you will receive.
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2
Calculate your retirement pay by multiplying the basic monthly pay for your military grade at the time of retirement by your years of active service, according to Military.com. Only use this calculation if you entered the military before Sept. 8, 1980. The number you get from your calculation is considered final pay by the military and consists of you receiving 50 percent of this calculated number for 20 years of service up to a maximum of 100 percent for 40 years.
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3
For those who served in the military between Sept. 8, 1980, and July 31, 1986, use the same equation as in Step 2, except substitute the basic monthly pay with their three highest paid years of service. The equation would then consist of multiplying the average basic pay for the three highest paid years by the number of years the veteran was an active service member. Again, final pay in this regard involves receiving 50 percent of the calculated number for 20 years of service.
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Calculate your retirement pay by using either the equation in Step 1 or Step 2 if you enlisted in the military on or after Aug. 1, 1986, according to Military.com.
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References
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