Financially Fully Mission Capable for the Long-Term? A Strategic Look at Military Retirement
DOI:
https://doi.org/10.33423/jabe.v26i3.7096Keywords:
business, economics, financial planning, retirement readiness, military personnel, fully mission capableAbstract
We create a retirement pay multiple (RPM) to assist military service members, at any point in their career, with determining whether they are on track to retire and maintain their living standard. This strategic financial planning tool helps these servicemembers assess whether they are fully mission capable (FMC) in their personal financial lives. The RPM incorporates myriad relevant financial factors, including taxes, Social Security, participation in the Department of Defense’s recently established Blended Retirement System (BRS), actuarial life expectancy, inflation, and military pay growth rates. An associated online calculator also permits customization of these factors.
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