Doing 20

[Thisguy]

There's also the REDUX plan, but that really isn't a good deal unless you can make it to 30, here's why:

At the 15 year mark, you can sign an agreement saying you'll do 20, and receive a $30,000 bonus. However, your retirement will be 40% after 20, with each additional year adding 3.5% giving you the same max at 30 years. That 30 grand is taxed, you it's a pretty expensive cash advance if you don't do 30.

 

[NeoCortex]

MY bad, I didn't mean that they weren't civilian, but that the government retirement plans are much better than regular civilian retirement.

 

[phrogdriver]

Your military time will count toward federal civilian retirement, but not quite in the way you indicated. You still have to do the minimum time to retirement as a civilian, usually twenty, then you can add the military time. For example 10 yrs military plus 10 yrs civilian federal = 10 more years 'till retirement. But 10 yrs military + 20 civilian = 30 yrs of fed civilian retirement time. You also have to "buy back" your years in the military to count to retirement at a nominal fee. Also beware that federal law enforcement jobs generally require that you start no later than age 37 so that you can get to 20 yrs service by the age 57 mandatory retirement in LE.

 

[GSKiker]

Retirement payis....

What is the 1/2 pay after 20 years ThisGuy was talking about?

If you stay in the Navy 20 years, your retirement pay is 50% of your base pay. For every year after you earn 2.5% more. So if you do 30 years, your retirement pay will be 75% of your base pay. Go to www.staynavy.mil it has a retirement calculator on it that accounts for projected pay scales in the year you retire.