Are Military Benefits Worth It
- Salary And Pay. Pay and benefits in the military are quite competitive. Active duty is full-time work that includes...
- Health And Dental-Care. Healthcare is currently one of the most contentious issues. Whatever your viewpoint on the...
- Housing. If you live off base, the military provides a tax-free housing allowance. If you’re living off...
What are the benefits of being in the military?
The military offers highly competitive pay and benefits packages. Active duty is a full-time job with guaranteed pay, cost of living adjustments, allowances, unparalleled opportunities and bonuses. The Reserves, though part-time, offer most of the same benefits.
Is your military compensation worth more than you think?
Your military compensation is worth more than you think it is when you consider your base pay, tax-free income, healthcare, retirement benefits, and access to other benefits. Advertising Disclosure.
Is the military a good way to save money?
However, since the military provides you with everything you need, it is also a unique opportunity to save money. If you’re conscious of your money, it’s possible to serve and get out with a comfortable savings account. #12.
Does everyone in the military get base pay?
Everyone gets base pay, and it's the same regardless of what military service you are in. It's based on an individual's rank and the number of years you've been in the service. With added specialty pays (dive, nuclear, language, etc) plus medical and dental, and allowances and bonuses, you will find it very competitive with civilian sector salary.
How much are military benefits worth?
There are several factors that determine your retirement pay but typically you can expect to recieve about half of your base pay when you retire. That equates to around $30,000 to $35,000 per year for typical enlisted personnel and about $60,000 to $70,000 for the typical officer.
Is 20 years in the military worth it?
The total expected value of retiring at 20 years is worth nearly a million dollars, which means that the last two years of work in uniform are worth roughly half a million each to a typical officer (annual base pay plus half of their retirement stream).
How much money do you get after 20 years in military?
Defined Benefit: Monthly retired pay for life after at least 20 years of service (so if you retire at 20 years of service, you will get 40% of your highest 36 months of base pay).
What are good military benefits?
6 Military Benefits You May Not Know AboutTransferability of the Post-9/11 GI Bill. ... Airline and Airport Perks. ... VA Mortgages. ... Survivors' and Dependents' Educational Assistance. ... Military Spouse Career Advancement Account (MyCAA) Scholarship. ... Amusement Park Discounts.
What is minimum wage for military?
The Basic Pay Scales for Enlisted Soldiers in 2018 Enlisted soldiers entering the service at the lowest rank, E-1 ("private" or in army slang parlance "buck private"), receive $1,514 per month for the first four months of service and thereafter $1,638 per month.
What are the disadvantages of joining the military?
What are the Disadvantages of Going into the Military?Separation from loved ones. ... No quitting military service. ... Rank. ... Physical appearance and grooming. ... It's not about you anymore. ... Physical fitness standards. ... Free healthcare. ... Education requirements.More items...•
Do veterans get paid for life?
The SSA evaluates military records when claimants apply for benefits, and qualifying veterans can get a lifetime earnings credit for wages during service. Eligibility is based on length of service.
Can you live off military retirement?
Can You Live Off Military Retirement Pay? The short answer is, yes, absolutely. But it takes a lot of planning to make this work. A good friend of mine, Doug Nordman, wrote the book, The Military Guide to Financial Independence and Early Retirement, and founded the website, The Military Guide.
What happens after you serve 4 years in the military?
When you sign you will serve 4 yrs of active duty. You then have a choice to re-enlist or get out of the Marine Corps. This is called the end of active service, however you are still obligated to serve 4 years in the inactive ready reserve.
What can I get for free in the military?
5 Brands Offering Free Stuff for VeteransNational Park Service. ... Blue Star Theatres. ... Beachbody. ... VeteranRX. ... Veterans Day Meals. ... Seaworld Parks and Entertainment. ... Baseball Hall of Fame. ... 9/11 Memorial & Museum.More items...
How much money can you save in the military?
Through the military's Savings Deposit Program, service members can invest up to $10,000 each time they are deployed. That money is guaranteed to receive 10% annual interest, which compounds each quarter. Use Roth IRAs to your advantage. For members of the military, a Roth IRA works the same as a civilian.
What benefits do you get for being in the military for 10 years?
Military Benefits at a GlanceA guaranteed paycheck and cash bonuses.Education benefits.Advanced and specialty training.30 days of annual paid vacation.Travel.Option for full-time or part-time service.Tax-free room, board and allowances.Health and dental care.More items...•
What are the benefits of being a civilian?
The opportunities for education, job and leadership skills will all transfer to the civilian world, but the benefits while serving are even greater. From medical and dental care, housing (allowances), job advancement opportunities, bonuses, and a month's vacation every year are typically the top benefits most people are excited about when joining.
How many pay grades are there in the military?
Each branch of the U.S. armed forces has its own promotion system for its enlisted members. There are nine enlisted pay grades in the military, from E-1 to E-9. The rank or rating varies by branch of service, but the pay grade level is the same. Part 12 -- Military Medical Care .
Is housing allowance taxable?
The housing allowances are not considered pay and therefore not taxable. This can add significant amount of money to the bottom line depending upon where you live. Some cities add $2,000 a month or more for housing depending on rank.
Do you have to worry about medical expenses while on active duty?
Part 12 -- Military Medical Care . Medical and dental expenses and health insurance costs are a concern for many people, but while on active duty, you do not need to worry about that expense. However, if the recruiter promises you free health care for life, it's not the whole truth.
Who is Stew Smith?
Stew Smith is the U.S. military expert for The Balance Careers, a Veteran Navy SEAL Officer, and a freelance writer and author. If you are considering joining the military, besides the honor of serving your country and learning a job that is bigger than yourself, there are numerous reasons why joining the military is a great deal.
What are the benefits of the military?
Housing, Health and Dental-Care Benefits. The military considers the health and welfare of service members and their families to be one of its most important priorities. Housing, room and board: The military has a tradition of providing room and board, including meals (rations) as part of service members' pay.
How does the military affect your life?
Your military experience will impact your entire life. Through military service, you learn self-discipline, earn respect and demonstrate work ethic. The experience, training, and leadership skills you earn in the military are exactly what employers seek, but that's just an additional benefit.
What is the tuition assistance program for active duty?
Most enlistees are eligible for up to 100% of college tuition through the Tuition Assistance Program (TAP) while on active duty. Armed Forces education benefit programs include the GI Bill; Army, Navy and Marine College Funds; college loan repayment (including student loan forgiveness) and student loan deferment and forbearance.
What is the military loan repayment program?
College loan repayment program and student loan deferment program: The Military College Loan Repayment Program (CLRP) is an enlistment incentive for new recruits. The Military's Federal Student Loan Forgiveness Program is a benefit that eliminates up to $65,000 in existing student loan debt.
What is the first cash award opportunity for enlistment?
Enlistment bonuses. The first cash award opportunity for enlisting is an enlistment bonus. Enlistment bonuses vary by branch and change to meet the needs of the service, so be sure to ask your recruiter about the availability of bonuses. Advanced enlistment rank opportunities.
What is active duty military?
Active duty is a full-time job with guaranteed pay, cost-of-living adjustments, housing allowances, unparalleled opportunities and bonuses. The Reserves, though part time, offer many of the same benefits. The longer you serve and continue to grow in rank, the more you earn. Enlistment bonuses.
Why is joining the military important?
Joining the military is unlike any other option, because there are benefits you won't find anywhere else. An important step is understanding the many tangible and intangible benefits of joining the military: Highly sought-after skills, leadership and training experience.
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What is the military life like?
Military.com. Military life is like civilian life in many ways. For the most part, you work a regular job and have to keep your life, bills, housing, car and other things in order. You will work with other people, have a boss and have to exhibit initiative if you want to get ahead. On the other hand, the military lifestyle carries much more ...
What happens if you fail in the military?
After all, you are charged with protecting the United States. If you fail, the security of the country is at stake. Here are some common aspects of life that would be important no matter what you choose to do. In general, civilian life offers more money.
What are the opportunities for advancement?
Opportunities for advancement. Excellent! You are challenged by your leaders and peers. The choice is yours if you would like to advance or not. Vary widely. In small companies, you may not have much opportunity. In larger companies, you may have opportunities, but often have to work much longer hours. Retirement.
Do you have to be on time to work?
You must be on time to work -- there are no "getting stuck in traffic" excuses -- or face punishment. You consistently must be well-groomed, live up to working and presentation standards, and talk to others according to specific rules.
How old do you have to be to join the military?
With a parental waiver, you can actually join the military at just 17 years of age. Now, it only takes 20 years of service to become eligible for retirement. That means that you could collect a pension, have full health coverage forever, and start a whole other career before you’re 40!
Is the United States a big country?
The United States is a huge country, and the people that encompass it differ greatly de pending on where they’re from. When you join the military, you’ll meet people from big cities and towns of a few hundred. People from the country, people from the suburbs. Some people that grew up poor and others that grew up rich.
Can you transfer military experience to civilian?
The majority of jobs in the military will directly transfer to the civilian world. For example, if you plan on pursuing a job in law enforcement, serve a few years in the military police. Not to mention, having military experience on your resume typically goes a long way with employers.
Does the GI bill waive tuition?
However, if you utilize the GI Bill, not only will your tuition be waived, you’ll also get paid to learn. The living stipend is based on the zip code of your school. In San Francisco, for example, you’ll make $4,398 a month to get your degree. The GI bill is one of the best reasons to join the military, by far!
Is basic training good for the military?
The physical demands of Basic Training and the daily workouts the military requires are an added benefit to joining. You’ll develop cardiovascular and muscular strength that you didn’t know you were capable of having. Plus, if your job is physically demanding—think infantry—it is your job to be in your best.
