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  • 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). Cost-of-Living Adjustment Explained Each year Military Retirement pay, Survivor Benefit Plan Annuities, VA Compensation and Pensions, and Social Security benefits are adjusted for the rate of inflation. This annual Cost of Living Adjustme... 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

  • Retired Pay Allotments

    Retired servicemembers are permitted to continue allotments that they had in effect while on active duty except for Combined Federal Campaign pledges, Delta Dental Insurance, SGLI, and deposits in the Veteran's Educational Assistance Program (VEAP).Military retirees are authorized a maximum of six (6) discretionary allotments. Examples of discretionary allotments included insurance premiums for health, auto, or life insurance; voluntary paymen... more

  • Retired Pay Tax Waiver

    Eligible retired personnel may elect to waive all or part of their retired pay to receive VA compensation or pension or to credit active military service under the Civil Service Retirement Act. A member electing to receive disability compensation or pension from the VA may subsequently re-elect to receive military retired pay. However, if retired military pay is waived to establish eligibility for civilian retirement, payment of military retir... more

  • Retired Pay Tax Withholding

    All non-disability retired pay is subject to withholding of federal income taxes. The amount withheld is dependent upon the taxpayer's amount of wages and the number of exemptions claimed.The amount withheld is an approximation of the ultimate tax liability. All taxes withheld are forwarded by the respective service to the IRS Center, and the taxpayer claims the amount withheld from his or her retired pay as a credit against his or her final l... more

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