The High-3 calculator shows your estimated retirement benefits in three different tabs.
- The first “Overview” tab shows how much you can expect to receive every year through your basic pay, your High-3 pension and any TSP withdrawals combined.
- The “TSP Summary” tabwill show the total future amount of your TSP account both as it grows through investments and shrinks as you withdraw.
- The last “All Payments” tab reviews every year of your projected service and retirement payments as a table instead of a graph. This includes your pay grades, any TSP contributions and your retirement payments – both your pension and any TSP payments.
You can change the results of this calculator by adjusting your retirement year, possible pay grades and additional contributions to your TSP account.
For example, you may have originally put in your current pay grade. However, pretend that you’ll get a promotion soon – with a higher basic pay – and stay in for another three years at that pay grade. This switch can increase your estimated retirement pay.
If you are a member of the Guard or reserve, your retirement is calculated differently than the active component. You can also calculate your non-regular retirement if you joined before 2018 using the REDUX Calculator.
How to use the Final Pay military retirement calculator
Service members who entered the armed forces before Sept. 8, 1980, and are still serving canuse the Final Pay Calculatorto estimate their future military pension amount. Service members who joined the service after Sept. 8, 1980 use the High-3 calculator.
Of all the retirement plans, the Final Pay system uses the simplest formula. You’ll receive 2.5% of your final monthly basic pay for every year of service. For example, if you retire after 40 years of active service, then you can expect to receive 100% of your monthly base pay as your retirement pension.
For the Final Pay calculator, you’ll enter all the same information that the other service members did for the High-3 calculator.
You can also reset the calculator’s results by adjusting the factors. For example, delaying your retirement year may result in ahigher base pay due to automatic cost-of-living adjustments, even if you don’t get a promotion. This would increase your retirement pay.
If you joined after 2018, use the Blended Retirement System calculators foractive dutyorthose in the National Guard or reserves.
Did you know that Military OneSource offersfree financial counseling for all active-duty service members and their immediate familiesover the phone, by chat or secure video conference? They can review your High-3 or Final Pay calculator estimates and offer suggestions on making the most of your future retirement pensions. You can also go to youron-base finance officefor free in-person help figuring out your retirement plans and payments.
Remember, the sooner you start planning for your transition to retirement, the more money you’ll have to spend when you get there.
