Caution for Reserve/Guard servicemembers with a DIEMS date after 7 September 1980: you’re under High Three or BRS. Retired military veterans, VA rates for compensation and pension for disabled veterans and surviving families will be effective December 1, 2020 and will be reflected on the first check to be paid on December 31, 2020.
If you’re getting paid at a certain rate in the pay tables on the day you retire, then that’s the number entered into the pension formula. Retirees who entered military service on or after Aug. 1, 1986 and opted-in for the Career Status Bonus (CSB/Redux retirement plan), have any COLA increases reduced by … I essentially only showed up for seven weeks of work in 2002.
[For those of you who elected the Career Status Bonus and REDUX pension, you’re already keenly aware that the REDUX COLA is one percentage point lower than the High Three COLA. The military retiree COLA for 2018 is 2.0%. All military retirements are protected from inflation by an annual Cost of Living Adjustment (COLA), based on changes in the Consumer Price Index (CPI) as measured by the Department of … 2021 COLA Increase: For more information read about the 2021 COLA increase watch. Copyright © 2020 The Military Guide. This site contains information about GI Bill benefits, VA loans, news and services for military veterans and is not connected with any government agency. Everybody in the military knows (you’ve done the training!!) It used to be the case that it was better to retire sometime after 1 January or 1 February.
The content on this website is for informational and entertainment purposes only and should not be considered professional financial advice. This inflation math is why a financially-independent military retiree can invest heavily in a high asset allocation of stocks and carry a mortgage with less risk of losing principal.
Decades later we’re still seeing the echoes of that scuttlebutt, only now it’s leveled up to urban legend and it’s being mistakenly applied to completely different situations. This field is for validation purposes and should be left unchanged. Taxes. Which is why the two far larger issues for the military retiree and their overall FI, quality of life will be cost share as applies to working age military retirees with Tricare and the over all health of that program.
Briefly, that pension starts by calculating the average of the highest 36 months (“high three years”) of pay. The example on this page shows that for High Three pensions (no CSB or REDUX), those who retired in October-December of 2016 got zero COLA in 2017. The Military Guide To Financial Independence. WHAT I DO: I help you reach financial independence. The amount of this first "partial COLA" is calculated differently for the Final Pay and High-36 retirement plans. In the event of a decrease in the CPI, the COLA will not be negative, but will be zero. (That other COLA is set by a separate part of the Department of Defense, and that information is linked at the bottom of this post.) If I make an error then I’m pretty sure I’ll be swiftly educated by a financial professional who had to pass an exam on the topic, and I’ll update this post.].
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