Financial Information
High-3 Retirement Calculator Pay?
On the High-3 Retirement Pay Calculator, why would an E-6 that retires in 2009 (with 20 years of service) get paid around 1500 per month BUT THEN an E-6 that retires in 2030 (ALSO WITH 20 YEARS OF SERVICE) will get 3500 per month?
Take a look. . .
http://www. defenselink. mil/militarypay/mpcalcs/Calculators/FinalPayHigh3. aspx?calcType=h3
The power of compounding. Pull out your calculator and start with 100 and multiply times 103.5%. 103.5% representing 3.5% pay raise added back into your 100 every time you multiply. You’ll see it doesn’t take long to grow.