How do people use military retirement calculator?

Military
retirement calculator is used for calculating the details of one’s retirement. There are three retirement plans available nowadays: Final Pay, High-3 Year Average and Redux.

Military
retirement calculator is an online tool that helps military personnel to
calculate how much will they receive after they retire based on number of years
they spent on active duty and the retirement plan that are applicable to them.

Military
retirement calculators differ based on military retirement plan that is
applicable to certain individual. There are three different plans that are
assigned to military personnel based on date, when he/she joined the army.
These plans are not much different from each other. The difference between them
is way of calculation and amount of initial premium given to the retirees.
These plans are Final Pay, High-3 Year Average and Redux.

Final
Pay plan is applicable to individuals that joined the army before September 8,
1980 and served at an active duty for at least twenty years. The basic
variables that you need to enter into the military retirement calculator are
age of an individual, number of active years at the army and base pay. As a
result the calculator displays the amount that you will receive after
retirement. The calculator may also take into consideration tax rate, inflation
and dozens of other variables, however generally number of variables is limited
to those three that are listed above.

High-3
Year Average plan is applicable to individuals that joined the army after
September 8, 1980 and served at an active duty for at least twenty years as in
the case of Final Pay plan. The basic variables that you need to enter into the
military retirement calculator are age of an individual, number of active years
at the army and base pay as in the case of Final Pay plan, but with the
difference that in case of High-3 Year Average plan as base pay the average
base pay for those 36 months in individuals career that paid the highest base
pay is used.

Redux
plan is applicable to individuals that joined the army after August 1, 1986 and
served at an active duty for at least twenty years as in previous two plans.
Under this plan one time fixed premium  of $ 30,000 is also input into the
military retirement calculator.