If you have ever considered the possibility of making the military a long-term career, you are probably wondering at what age you can retire front he military. The military offers a host of benefits, perks and other incentives for people coming from all walks of life.
Whether you are a recent high school graduate, or someone looking to switch careers, going into and retiring from the military is an awesome and worthwhile career path. The military offers a range of benefits for its retirees and veterans and if you think the military carries a lot of risks, it most certainly carries a lot of great rewards. Here is a comprehensive overview of the retirement system within the US Military.
Overview of the US Military Retirement Program
The military retirement system is perhaps one of the most lucrative systems set up for those who have made military service a career. Compared to working for a private company, where the average American usually retires around the age of 60, those who serve in the United States Military can retire as early as age 37.
Individuals can literally start collecting a huge pension check along with a host of other benefits in their thirties and still work a traditional private sector job. After working in the military’s career service program for 20 years, individuals become eligible to receive a certain percentage of their basic pay.
Individuals with 40 or more years of experience within the military receive 100 percent of their basic pay. Pensions are also subject to cost of living adjustments known as COLAs. Individuals can collect both a pension, society security benefit’s, 401k, IRA and other forms of retirement pay coming from different sources. Just imagine, after 20 years of military service and working in a regular profession, individuals can amass a retirement chest worth millions of dollars!
Military retirement benefits
Military retirees and other veterans also can receive other lucrative perks and benefits. First and foremost, all military retirees receive full, 100 percent healthcare and dental coverage provided by the United States Department of Veteran Affairs.
Also, retirees can take advantage of other programs such as a thrift savings plan, home buying/purchasing programs, education tuition coverage as well as other lifestyle management programs, according to Military.com. A career in the military can bring individuals many benefits and portfolio of retirement programs compared what the average American will have access to after retirement.
Obviously there is a lot of risks when one decides to join the US military and the government is definitely aware of this. Many people put their lives on the line to protect the United States, its allies and the citizens from terrorist attacks, war and other situations of hostility.
As a result, US military service members can take advantage of a wide variety of retirement options and programs that enable them to still have a high quality of life after leaving service. Before you decide to join the military and start a career, do your due diligence and definitely see at what age you can retire from the military.