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I guess that E-9 who stayed for 30 and is collecting 75% Base Pay (with annual COLA increase) and perhaps not working at all at 50 years old. Not to mention that after spending 30 years in the military, chances are that person is getting some percentage of VA Disability money.I've had several "8 and out E-6s" that left 20 years ago telling me how stupid I was for staying in the Navy as long as I did. I laugh and tell them how silly that DOD Program is for still giving me benefits (medical/dental) and you know...they're even still paying me each month. The retirement benefits are NOT trivial!Sorry to interrupt the Bluejacket Manual 101 training. For extra credit, perhaps we need rating insignia and chevrons posted to be able to identify a ETSN or MCPON, if given the opportunity. Then, perhaps we can compare/contrast the AF rank identification system just for fun.
My argument was not that they shouldn't stay in long enough to retire, but to do it at 20 years vice 30 years. Just to give a few things to consider:(a) What could someone have made in those 10 years in CIVLANT or CIVPAC in addition to the 50% already due?(b) Annual COLA? What is that? I think we now must just say occasional COLA.(c) Referring to (a), add the "occasional" COLA, too, during those 10 years.(d) Over 20, the lifer has on average a 10 % service-connected disability rating--which he or she would be getting for 10 years longer--tax free.I earned nearly a million dollars in the 10 years from 1997 to 2007 that does not include my military stipend. I do include, however, my tax free VA service connected bonus. I call it a bonus now that the amount I subsidize to pay for it out of my military retirement is shrinking yearly, until it will be 0% in 2015--concurrent payment was something Congress finally got right. In some cases, waiting 10 years will lose you about 100,000 in tax free VA benefits (for that 10-year period). There is no way to know what you will be granted by the review board prior to a decision to retire, but you can get a ballpark idea from your friendly neighborhood P' Checker.
Revival? Dude, there hasn't been one shovelful of dirt moved to build a new nuclear plant yet. The next commercial nuke to be built will not be operational before 2020 at the earliest. People with Navy nuke experience will not be required to pour concrete and weld pipes. Your "revival" will come when there are switches you can turn to pull rods that do not currently exist.
The math adds up to staying for 30 if you already have 20 in.An E-9 with 20 years makes about $64k (base). If he puts in his chit at that point, he gets $32k a year to retire on.An E-9 with 30 years makes about $77k. He'll draw a pension of about $58k.In the interim 10 years he'll earn pay and allowances of around $960,000 (additionally, there is the tax-free nature of the allowances which makes this worth even more) and about $100k in reenlistment bonuses.If the guy who got out at 20 earned a million in the ten year interval, plus the $320,000 he drew in pension. He's ahead by about $260,000 at the 30 year point BUT, if he stops working at the 30 year point, his annual income will be only $32k (plus whatever return he gets from investing the $260k). In the current economy, there is no guarantee that a good job (especially $100k/year job) will be available to him for the whole 10 year period. Meanwhile, the 30 year retiree has had a job all along.Revival? Dude, there hasn't been one shovelful of dirt moved to build a new nuclear plant yet. The next commercial nuke to be built will not be operational before 2020 at the earliest. People with Navy nuke experience will not be required to pour concrete and weld pipes. Your "revival" will come when there are switches you can turn to pull rods that do not currently exist.If you're staying for 20, it makes just as much sense to stay for 30. If two guys join at the same time at age 20, the one who gets out at age 40 will be ahead in money until they are age 59 (a significant age when you consider IRA and 401k withdrawals). At this point, they are close to even. After that point, it depends on who has the better job.Your mileage may vary.Or you can do 6 and out. What really matters on any given day (such as the day of your EAOS) is what do you want to do for the next 2, 4, or 6 years of your life. No point really in going beyond that. Planning a Navy career around money is the same as planning a horse race around the price of manure. Do what makes you happy.See what happens when there are no moderators?Just wait until the discussion goes from "what does the number mean?" to "what is my NEC?"
Getting out at 20 or staying in until 30 isn't just about the money. There's also quality of life while your in. When I hit my 20 year point, I'll be finishing up shore duty, so to stay in for 30, I'm looking at two more sea tours, and at least two deployments and at least three moves. That's just not something I'm really interested in. While I plan on staying in nuclear power when I get out, and know I'll have obscenely long hours while I qualify or get my license, I will still get to come home every night and live in one place for that time. That removes a lot of stress from my life and more than makes up for the difference in retirement pay.
That's probably why I won't make chief. Oh, well, 4 years then I get to be a civilian nuke.
..... First, being qualified PPWS to get an EP. Second, if you didn't make board, you would get an MP (max) on your next eval, regardless (the thought being why waste an EP if you're not getting to the board). .....
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