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  • Computing Retired Military Pay

    Passing on money

    There are various provisions of law under which the computation may be made, but retired pay is generally computed either on length of service or on a percentage of disability. If you are retired for disability, you may elect to have your pay computed by either method. The following is a summary of what you need to know about computing retired pay: Calculating Your Retirement Pay Final Pay Retirement Calculator - for those entering service b... more

  • COLA for Retired Pay

    Vietnam veterans Robert Rivers and Daniel Brown

    Each year your military retirement pay is adjusted to meet the increased cost of living. This Cost of Living Adjustment varies from year to year based on the rise and fall of the Consumer Price Index (CPI). 2015 COLA Watch: The 2015 COLA rate is officially set at 1.7%. This will mean an increase in military retirement pay, VA rates for compensation and pension for disabled veterans and surviving families, and social security recipients beginn... more

  • Military Retired Pay Overview

    There are many financial considerations when planning for retirement

    The military (active duty) retirement system is arguably the best retirement deal around. Unlike most retirement plans, the Armed Forces offer a pension (technically a "reduced compensation for reduced services.") with benefits, that start the day you retire, no matter how old you are. That means you could start collecting a regular retirement pension as early as 37 years old. What's more, that pension check can grow with a cost of living adju... more

  • Retired Pay Centers

    On the phone. Photo by Sgt. 1st Class Raymond J. Piper/Army

    The Defense Finance and Accounting Service (DFAS) operates the Defense Retiree and Annuitant Pay System (DRAS). The DRAS replaced the former systems performing military and annuitant pay processing through the Department of Defense. The system is a standard combined system. It uses advanced data processing techniques and telecommunications capabilities. The simplest and quickest way to manage your retirement account is through myPay , DFAS's ... more

  • Paycheck Chronicles: Dividing Military Retired Pay

    The Paycheck Chronicles blog has received a lot of comments regarding military retirement pay in a divorce property settlement agreement, particularly on how difficult it is to write a good division.  This requires serious consideration of all the involved variables, but it isn't actually hard.The Defense Finance and Accounting Service (DFAS) has written a guide that helps to explain how the divisions can and can not be worded. For more detail... more

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