Navy Early Retirement Benefits

For anyone involved in the military, serving 20 years or more entitles them to early retirement benefits and a retirement pay for the rest of their life. Pretty good deal right!

The way it works is that after the 20 years, they are eligible for fifty percent of their latest base pay, and for every additional year a person puts in of active duty, they get an additional two and a half percent added onto the base pay; topping off at an additional 20 years or up to seventy-five percent.

Navy early retirement benefits are a little bit different but still follow the same principle. They start after 30 years. But if a person does retire after 20, since it is still considered the United States Armed Forces, they will be placed on a Fleet services pay, also called a retainer payment, which is slightly less than the retired pay. Once they have reached their 30 years though, it will switch over to retirement pay and they will get the normal amount.