With federal budget cuts and an uncertain economy, it’s always wise for military families to keep a close eye on their personal finance decisions. Nowadays, it seems like it is pretty easy to create a budget and financial game plan; that’s because of the tried and true money rules that you read in magazines, newspapers and trusted websites. However, some of the … [Read more...]
Reserve Pay
With basic pay and 70 types of special pays and allowances, military pay is customized to your situation. Changes in pay grade, duty status, your military occupation, duty station, or deployment status can have an impact on your pay. 2012 Reserve Pay Day/Statement Schedule 2011 Guard and Reserve Drill Pay Reserve Income Replacement Program Special Pay Military Reserve … [Read more...]
2011 Guard and Reserve Drill Pay Charts
Drill Pay (Pay rates effective January 1, 2011) The chart below shows monthly Drill Pay, assuming one weekend drill per month. Generally, there are four drill periods in one weekend drill. Drill Pay For 4 Drills - Enlisted January 1, 2011 Weekend Drill Pay Less than 12 Years of Service Years < 2 Over 2 Over 3 Over 4 Over 6 Over 8 Over 10 E-9 … [Read more...]
Military Reserve Component Retirement Pay
If you are a U.S. Reserve or National Guard member, you must meet the following minimum requirements to be eligible for retired pay at age 60: be at least 60 years of age; and have performed at least 20 years of qualifying service computed under Section 12732, Title 10, United States Code; and have performed the last six years of qualifying service while a member of the Active … [Read more...]
Allowances
Allowances are the second most important element of military pay. Allowances are moneys provided for specific needs, such as food or housing. Monetary allowances are provided when the government does not provide for that specific need. For example, the quantity of government housing is not sufficient to house all military members and their families. Those who live in government … [Read more...]