You earned your retirement, now it’s time to take advantage of your benefits.
State Military Benefits
You probably know a lot about your federal benefits, but do you know your state benefits? Military.com provides a directory of state benefits.
Determine Your “Bogey”
Is your retirement pay going to allow you to maintain your standard of
living? We like to describe any shortfall as your “BOGEY”. You may recall
from old war movies a “BOGEY” is an enemy plane swooping in on your
airplane. It was a target for your gunners to knock out of the sky. By
planning ahead, you can eliminate your BOGEY. Use our three-step
process to calculate your BOGEY!
Step one: Use the latest or last LES to determine what you are earning
now. Be sure to add back any deductions for a TSP or any other
deductions you make. Multiply your monthly income by 12.
Step two: Calculating your estimated retirement pay is simplified by
using a Department of Defense calculator. Click on the calculator that
best represents your situation. All you need to do is enter your specific
information and the calculator will provide retirement compensation for
the next 36 years.
Step three: Subtract your retirement pay from your final pay. The
difference is your shortfall or your BOGEY! Now you can ask yourself if
your retirement pay is realistically going to allow you to maintain your
standard of living or identify the amount you need to make up through
another resource such as a job or owning a business.