Looking into the financial implications of potentially getting out. I've used the regular military compensation (RMC) calculator before to get an idea of what the civilian equivalent to my military pay is, but just recently came across the Schwab civ vs mil pay calculator.
It generates an even higher civilian salary equivalent than the RMC calculator does. I encourage you to put your #'s into that calc before thinking you'll be making "2-3x more on the outside".
For example, a Maj w/ 10 years of service (with dependents in a moderate BAH area and assuming their HOR does not charge military state tax) makes the civilian equivalent of $179,135 a year. Is that # surprising to anyone else?!
Schwab Civilian vs. Military Pay Calculator
byu/humbleDog7 inMilitaryFinance
Posted by humbleDog7
2 Comments
> It generates an even higher civilian salary equivalent than the RMC calculator does.
Probably because it factors in state taxes (RMC only does federal taxes). One thing it still doesn’t factor in is healthcare….which isn’t that bad if you’re healthy and single, but can easily be an additional $10k benefit for families.
Not too surprising, I’m a Major at 14 years in a high BAH area and I make $184,000 outright, leaving aside the value of benefits, etc. As I tell most folks, nobody should join the military for the money but once you’re in, the money is pretty good.