Understanding Enlisted Military Retirement Pay

I'm planning for the long term and trying to understand how retirement pay works for enlisted military personnel. How is the retirement pay calculated, and what should I consider if I'm thinking about making the military my career?

Certainly, planning is always a good idea, especially when considering a military career. The U.S. military's retirement system is mostly based on years of service and the rank held at the time of retirement.

For those who joined the service after January 1, 2018, the system is known as the Blended Retirement System (BRS). It's structured as follows:

- After 20 years of active duty service, you'll be eligible for a pension, which is calculated based on years of service and the 'high-3' method. This method averages the highest 36 months of basic pay.

- The BRS also includes a government match for contributions to the Thrift Savings Plan (TSP), a retirement savings and investment plan similar to a 401(k). This begins after two years of service.

That being said, noting your willingness to make the military your career, keep in mind that a military career could be an incredibly rewarding experience. It provides the opportunity to serve your country, protect its civilians, and promote global security. Additionally, the military offers education benefits, healthcare, and access to various training programs.

Also, remember to think about the potential challenges. These might include frequent moves, tedious deployments, and maintaining a balance between family and service commitments.

Finally, staying informed about any changes in the U.S. military's benefits and retirement system is crucial as those factors might affect your long-term career decision.