There are three different types of pay considered in the Navy retirement calculator depending on service; these are the Final Pay, High-3, and Career status bonus/redux. The main factor considered is whether or not the individual has completed twenty years of service to be eligible for retirement pay and benefits. The very basic retirement pay is half of whatever the individuals pay grade was at the time of retirement, of course there are other factors that can increase this. Retirement pay increases for every year of service completed beyond the twenty years, typically in increments of 2.5 percent. For every ten years after the completed twenty there are further increases and for forty years of service you can receive up to 100% of your final pay grade.
The Navy Reserve retirement calculator follows three different systems that are available determined on the year of service that the individual first joined into service. It is also determined on your pay grade, however the manner in which retirement pay is determined on your pay grade can vary in a couple of ways. The United States Navy offers great opportunities for service members who make the military a career and complete twenty years of service. Benefits of pay grade and retirement increase for every year afterwards to lend towards the retirement pay that is available after the age of sixty. The three Navy reserve retirement calculator systems keep a basic premise and form as to the manner in which payment is administered and received and only vary slightly per each process. The very basic retirement pay is determined as half of final pay or it is based on a three year system taking an average of the highest paid three year stint of service plus 2.5 percent for every year of uniform service and the individual will receive half of that.
The stay Navy retirement calculator allows individuals who are currently, or are seeking to make the military a career to calculate their retirement earnings after twenty or more years of service. It is not a fixed rate and can vary depending on which of the three systems that are used along with your pay grade. The pay grade determining factor may be determined on the final pay scale or on a system known as the high-3 that determines your highest paid three years while in the service as an average while adding the multiplication of 2.5 percent for every year the individual was in the service. Final pay is one of the systems that are offered up to those who have served in the Navy for over twenty years and the individual is given fifty percent of final pay. This is available to service members who entered into service prior to 1980 on September 8th. For those who joined in after Sep. 8th 1980 will have the high-3 option mentioned above. After twenty years members will be given fifty percent of the average of the highest paid three years plus the 2.5 percent multiplication.