The military retirement system is one of the most loved – and valuable – benefits available to military members. It is unique in many ways, and one of the few retirement plans in the US which starts paying beneficiaries immediately upon retirement without a standard waiting period or age limit.
In the current system, active duty service members who retire after 20 years can expect to begin receiving their pension almost immediately and the payments will not only continue through the remainder of their lives, but will also increase based on Cost of Living Adjustments (COLA). A military retirement is worth millions over the course of a lifetime. While military retirement benefits may not be enough to live on for everyone, the system is a fairly generous program, and one that is hard earned.