I'm joining the Navy as an ETN. I start basic training at RTC next month and there are a few paths I see in front of me right now. Here are some things to know about my present self: I am currently a single male, and plan to stay single for a while. I do eventually plan to find a wife and have children but that's a long term goal. I am 22 years old.
Path A: I stay in the navy as a nuke for 20 years. I allegedly get a $200,000 bonus for staying for 6 years ($50,000 as a sign on bonus and $150,000 to reenlist for another two years) plus an automatic rank up to E5 if I STAR reenlist. I would like to try to leave the Navy after 20-24 years with a rank of E7 or E8 (as being a nuke with the navy can fasttrack my promotions). With these criteria, my pension could be the equivalent of anywhere between $2,878.95 per month (E7 pay with 20 years of service is $5,757.9 ÷ 2 = the pension amount) to $3,448.65 per month (E8 with 24 years of service: $6,897.3 ÷ 2 = pension amount). I would also recieve TSP payments, other bonuses, and some SUBPAY. In addition, I would also get tricare for life, the GI bill for my family, and all other benefits that come with retiring with the military after 20 years of service.
Path B: I could do the same thing as plan A, but go in as an officer. The pay is higher but I am led to believe that ranking up is more difficult.
Path C: I could join the Navy with a 6-8 year contract, then have some good job opportunities in the civilian sector that start with a 6 figure salary. I could probably grow that salary over the rest of my career but I wouldn't have the benefits of retiring with the military, nor would I have a pension to cushion myself if I ever found myself unable to work.
I am not asking for an opinion on what it's like on a sub or how difficult nuke school can be – I'm only asking what the most logical path forward is so that I can take care of my family, or myself if I choose to not have a family. I'm also open to other paths that I did not mention or modifications to my own paths. Thank you in advance for your responses.
How do I set myself up for the rest of my life?
byu/MURD3RN0V4 inMilitaryFinance
Posted by MURD3RN0V4
2 Comments
All of those paths could work. For A: your pension at 20 years would be 40% of the average of your highest three years of pay. At 24 years, it would be 48% of the average. It looks like you calculated based on the “Final Pay” System that ended in the 1980s. You’ll be part of the Blended Retirement System.
For B: if you’re leaving next month, it’s a bit late to switch to an officer Program now. Do you already have a college degree? Gaining rank is a bit harder, but a much higher percentage of officers reach 20 years than Enlisted members. The vast majority of Enlisted members leave the military voluntarily after 1 or 2 enlistments.
I would work on preparing for all of these possibilities. You may discover your love the Navy or you may hate it. You may find out about other opportunities that you like better. If you get married or have children, their well-being might change your path.
Drop from enlisting and go officer O-1 to O-3 are give me’s in the Navy. Keep your nose clean and you’ll make LT. After that you’ll go up for board for LCDR and above. Nukes rank up fast if you’re willing to stay in longer but at some point it’ll get harder just like O. At least you’ll be making more the entire time and not to mention QOL for O is wayyyyy better. Officer on top of nukes even better.