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How to retire from 24 option. Retired Pay Multiplier

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    how to retire from 24 option

    Retired Pay Base There are two methods for determining the retired pay base. They are the final pay method and the high month average method.

    how to retire from 24 option

    The final pay method, as the name implies, establishes the retired pay base equal to final basic pay. The high method is the average of the highest 36 months of basic pay divided by This is generally the last 3 years of service and is sometimes called high The method used depends upon when the member first entered military service.

    how to retire from 24 option

    This date is fixedit does not change. Members who entered the military, separated, and then rejoined the military have a DIEMS based on entering the first period of military service. The DIEMS for members who enlisted under the delayed entry program is when they entered the delayed entry program, not when they initially reported for duty.

    how to retire from 24 option

    Be aware that pay date e. Also, DIEMS does not determine when creditable service toward retirement is calculatedit only determines which retired pay base method applies.

    how to retire from 24 option

    The years of service creditable are computed differently depending upon whether retirement is from full time active duty or from a reserve career. For the REDUX retirement plan, which applies only to certain active duty retirements as described above, the High multiplier is reduced by one percentage point for each year that mt5 demo account member has less than 30 years of service at retirement.

    This is discussed more fully under the Active Duty Retirement page.

    how to retire from 24 option

    In any case, the longer an individual serves, the higher the multiplier and the higher the retirement pay.

    For example: Years of Service.