Q:

What type of pension do military members get?

A:

Quick Answer

Military members receive a pension that starts immediately upon retirement from service, regardless of age. The pension amount depends on the day of enlistment. Retirees who enlisted prior to 1980 receive 50 percent of their final base pay and 2.5 percent for each year of service over 20.

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Full Answer

This group of retirees also receives an annual cost of living adjustment equal to that specified in the Consumer Price Index each year. Retirees who enlisted between 1980 and 1986 receive the same cost of living and service bonuses, but their pension is 50 percent of the highest average base pay over any 36-month period. Retirees who enlisted after 1986 receive 40 percent of the highest average base pay over a 36-month period, plus 3.5 percent for each year of service between 20 and 30 years, and 2.5 percent for each year of service between 30 and 40 years of service, as well as a cost of living adjustment that is 1 percent below the cost of living increase specified in the Consumer Price Index.

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