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Social Security beneficiaries will see a pay raise next year thanks to an 8.7% increase in the Social Security cost-of-living adjustment (COLA) for 2023. The increase is the largest since 1981 ...
In conjunction with these reforms, the military began using what has become the "standard" calculation for retirement compensation of 2.5% of base pay, multiplied by years of service, with a maximum payout of 75% of base pay in retirement.
The fiscal year 2010 president's budget request for a 2.9% military pay raise was consistent with this formula. However, Congress, in fiscal years 2004, 2005, 2006, 2008, and 2009 approved the pay raise as the ECI increase plus 0.5%. The 2007 pay raise was equal to the ECI. A military pay raise larger than the permanent formula is not uncommon.
The basic pay rate for both Academy and non-active duty ROTC cadets and midshipmen is $1,272.20, effective 1 January 2023, which is "the monthly rate equal to 35 percent of the basic pay of a commissioned officer in the pay grade O–1 with less than two years of service." NATO equivalents
The following states exempt a portion of military retirement pay: Colorado, Delaware, Georgia, Idaho, Kentucky, Maryland, Montana, New Mexico, Oregon, Utah, Vermont and Virginia.
2nd Worst: Nevada. Las Vegas might be home to a handful of military bases, but Nevada ranks third from bottom in terms of health care for veterans. Military retirees looking to start a new career ...