Hello personal finance. I've been a commissioned officer in the military for a little under 3 years now, and have a little over 2 years left of commitment left. However, when I look at my financial compensation I'm unsure that leaving is the best move. I don't hate my job but I'm not absolutely in love with it either. It pays the bills and provides me the ability to do things I enjoy in my free time.
With that being said, I would like to see your objective evaluation of my situation:
Latest paycheck: Taxable income = 1607.88 Non-taxable Income = 1442.32 Total Paycheck = 3050.20
I get paid every 2 weeks so my current monthly pay is 6100.40. Once I hit my 3 year mark, I'll receive a pay increase. Once I hit my 4 year mark (which coincides with a promotion), I'll be receiving a substantial pay increase. From there, I will receive regular pay bumps every 2 years.
Additionally, since I'm active duty, I don't pay for healthcare. That's all covered with Tricare. Other benefits include 30 paid vacation days a year and pension equal to 50% of my base pay if I serve for 20 years, as well as healthcare for life (with a 2.5% increase every year served after 20. i.e. if I serve for 24 years then my pension would be 60% of my paycheck).
I recognize that I'm incredibly fortunate to be in this position. I don't have any student loan debts, just a personal loan with a .75% APR that'll be paid off once I hit my 5 years of service.
Yet, sometimes I wonder what it's like to be a civilian and if I would be happier. I'll have access to my GI Bill soon so could go back to school for a graduate degree tuition free after my service commitment (my undergraduate is in engineering so I want to study something else. Perhaps an MBA).
But I question if I'll have it as good as I currently have it financially. Location-wise, I'm most likely to stay in the continental US near the water due to my branch of Service. I'm single with no kids so can take more risk.
What are your thoughts on my situation?
Submitted April 13, 2017 at 12:49PM by CoastieKid http://ift.tt/2obI2L2
