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Benefits, Pay, and Saving

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muffin

Registered User
Well, I got accepted to PLC combined this coming summer. I got in on a ground contract and may look into switching into air later on, but I really don’t give two ****s either way. The only way I could go air, as I see it, is to get a PRK/LASEK after OCS then gamble on picking up an extra air contract at TBS. That’s a large gamble so I’ve pretty much accepted my ground position.

I guess my question concerns pay and benefits. If you’ve been in the Corps for awhile, how much pay did you save a year out of that $27,000 you made? I guess that is without taxes too. Realistically…

From my understanding, all your health insurance, board, food, etc. is already paid. What else could you put money towards besides a vehicle considering you are single guy?

I’m not planning to go the long hall of twenty years so how do retirement benefits work if one is not in that long? Do you get any? To be honest, I see myself as only being in 4/5/6 years, enough to see the world and save some money. Then I’d like to get out, buy some land and raise some cattle. I know, boring life but that is what I want.
 
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chinamonk

Registered User
muffin,

i'll be honest here, you can save a LOT as a 2lt. Everyone things 'oh on the DFAS scale we only make 2x,000 a year". Well first of all, you have to understand that a good deal of that income is NON TAXABLE, or it's provided for you. What do i mean? Well for example, your health care is free. In other occupations, you ahve to PAY for that, with your taxed income. Residents of certain states to DNOT have to pay state income taxes if they are stationed outside of their state of official residence. THen you have other benefits such as being paid for your moves (nearly 2,000$ for a move from Quantico to pensacola), monthly housing subsidies, etc. So your percent retained earnings will probably be much higher than your peers not in the military. You might make 27,000, but your purchasing power, included healthcare, military discounts(px, insurance, etc), PAID-FOR housing, is the equivalent of 40-60,000$ in other areas. I save more per year than my ibanking friends in NYC.


I graduated OCS last year and since then I saved about $10,000 out of a 27,000$ salary. Bottom line is don't let financial reasons prevent you from considering the military. Word of caution- i am a cheap bastard.

you're right- after everying is already paid for, all i had to spend money on is gas, food (both subsidized as well), and entertainment/going out. Yep, there is definitely was to save a lot of money if you are smart and don't have to bail yourself out of credit card debt or that 800$/month car and insurance payment a lot of military folks are in because of that 2004 durango or suburban or whatever.
 
phrogdriver

phrogdriver

More humble than you would understand
pilot
Super Moderator
Stay w/ a cheap, reliable, used car until you're a capt. Share a house with a couple other guys. Set a couple hundred aside on allotment to TSP or an IRA so that you never see the money you're missing. Buy Natural LIght instead of Amstel Light.
 
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NickPollock19

Prospective Candidate for OCS
Muffin
What my OSO told me, is that for retirment, you get 2.5% of your discharge pay per year. So if you are in for 10 years, for the rest of your life, you will recieve 25% of your pay that you retired at. 20 years will give ou 50%, etc.
 
Thisguy

Thisguy

Pain-in-the-dick
I think your OSO is full of, well, you know what. While it's true you'll get 2.5% per year, that happens if you hit the 20 year mark, and each additional year is 2.5%, giving you a max of 75% for 30 years. Think about it, if everybody got that, people who just did 4 years would get 10% for life? No way, the government doesn't have that kind of money to piss away.

Btw- correct me if I'm wrong, but I read that Marines get 40% at 20 years, and 60% at 30.
 
E5B

E5B

Lineholder
pilot
Super Moderator
Only if you are in for 20+ years will you recieve any retirement. Just like Phrogdriver said above.
 
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