Determine the date you first become eligible to retire.  Now determine the dates you’re eligible for 52%, 54% or 60% of your base pay.

Will your retainer be calculated from the base pay you’re receiving on your last day or will it be taken from some average over the past 3 years?  If it’s based on your last day, you may want to stay and take advantage of the 1 January raise.  Or maybe you’re eligible for a mid-year raise.  Do you want to stay for that?  Is it worth it to you for the few extra dollars?

Visit the Navy Personnel Command site for information on Pay and Benefits and an online pay calculator.

This is part of a complete step-by-step military retirement checklist. I’ll be posting weekly action steps here, so please subscribe over in the right-hand column so you’re sure to get each update.