How much is the cost of military personnel?

Overall, the cost of military personnel pays and benefits (MILPERS), at $146 billion, accounts for 23 percent of DoD’s discretionary budget request for FY 2018. However, military personnel costs are not evenly distributed across the Services. MILPERS costs account for 20 percent of the Air Force’s budget and 27 percent of the Navy’s.

Is the pay you get in the military taxable?

You see, military “pay” is a very specific group of compensation. All military pays are taxable unless the military member is deployed to a Combat Zone Tax Exclusion area. While Basic Pay is the most common pay, there are also special and incentive pays.

How much is an active duty military pension worth?

Still, it is critical to understand just how incredibly valuable an active duty military pension can be as an E-7 pension can be worth around $1.4 million at the time of retirement and an O-5 pension could be worth as much as $2 million! [calculations above used 2017 pay tables valuing the pension in today’s dollars]

How to find out how much your military pay really worth?

One way to measure this is to see how much it would cost you to buy Tricare Standard coverage without the military paying for any of it. This option exists as the Continued Health Care Benefit Program (CHCBP) provided by Humana. Similar to COBRA, his plan can give you temporary health coverage for 18-36 months when you lose eligibility for Tricare.

How does the military pay for personal moves?

Typically, Armed Forces members move their own household items in a personal or rented vehicle; this is called a Personally Procured Move (PPM), formerly known as a Do-It-Yourself (DITY) move. The Armed Forces provides an incentive payment equal to 95% of the estimated cost to the government for PPM.

How to waive your military retired pay OPM?

How to Waive Your Military Retired Pay If you want to waive your military retired pay to receive credit for military service in the computation of your FERS or CSRS benefit, you should write the Retired Pay Operations Center at least 60 days before your planned retirement. Send your waiver to: Defense Finance and Accounting Service

Can a military spouse miss a credit card payment?

I was recently contacted by a new military spouse who wanted to know if the Servicemember’s Civil Relief Act allowed his wife to miss a payment on her credit card and avoid paying the associated fees and service charges. Here is the question: Q: Hey Ryan, my wife got a credit card about 2 months before she left for basic training.

What to do if you have a pay problem in the military?

Your First Sergeant or Command Master Chief can assist with getting the answers that you need, plus it is always good to keep your command in the loop about pay problems. If this is a mistake on the part of the military or the Defense Finance and Accounting Service (DFAS), get that in writing. It may help you with the next parts of the process.