Financially Fully Mission Capable for the Long-Term? A Strategic Look at Military Retirement

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...

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Bibliographic Details
Published inThe journal of applied business and economics Vol. 26; no. 3; pp. 1 - 21
Main Authors Bredthauer, Jeff S., Jennings, William W., O’Malley, Thomas C., Payne, Brian C.
Format Journal Article
LanguageEnglish
Published Thunder Bay North American Business Press 12.07.2024
Subjects
Careers
Financial planning
Military personnel
Military service
Personal finance
Retirement
Retirement planning
Standard of living
United States > US
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Summary: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.
ISSN:1499-691X
DOI:10.33423/jabe.v26i3.7096