The Marine Corps offers a variety of military retirement benefits. The specific level of benefits that a person receives in Marines Retirement, however, depends on several factors, such as how long they served and what rank they reached. The Marine Corps also offers pension plans and disability compensation for those who qualify.
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Marines receive financial retirement benefits for the rest of their lives. The Survivors Benefit Plan also allows a Marine’s spouse to receive benefits if the retired Marine passes away at an early age.
Financial benefits are usually calculated as half of the retiring soldier’s basic pay. In some cases, the benefit is determined by taking the average of the Marine’s three highest months of pay.
Soldiers can receive financial benefits after service the Marine Corps for 20 years, at which point they can retire. Each additional year, however, adds an extra 2.5 percent to the benefit. If a Marine serves for 40 or more years, that person receives 100 percent of his or her basic pay.
Marines who retire after 20 or more years qualify for TRICARE medical benefits. The Marine Corps used to offer lifetime free medical service to retired soldiers and their spouses, but now retirees must choose one of five basic TRICARE plans. Additional TRICARE plans add services that an individual’s family may need.
When choosing a TRICARE plan, retirees must consider several factors. Not all plans, for instance, are available in all areas. If living in a remote area or overseas, then a family might need a plan especially designed for these circumstances.
Some TRICARE plans are free for retired Marines. Those that provide additional services, however, can cost extra. This plays a major role in which option a retired Marine chooses.
In addition to TRICARE, Marines might be eligible for medical attention from Veterans Affairs.
Wartime veterans of the Marine Corps could qualify for pension plans, especially if they limited incomes or disabilities. Those disabilities do not need to be a result of military service.
Pensions are usually determined by the number of dependents in the veteran’s household. A single veteran without any dependents gets a pension of $10,929. A veteran with one dependent receives $14,313. Each additional dependent adds $1,866 to that amount.
Some veterans qualify for higher pensions. Those who are housebound or have disabilities that require living assistance can receive as much as $21,615 if they have at least one dependent in the household.
Disability benefits vary depending on the retiree’s physical and mental health. The military determines what level of disability the soldier has, and pays accordingly. A childless retiree with a 10 percent disability rating receives $115 per month. If that person had a 100 percent disability rating, he or she would receive $2,472 per month.
Marine Corp retirees can also receive additional benefits. Soldiers and their families can commissaries, base exchanges, and other military stores. They can also use clubs and recreational facilities restricted to veterans. Retirees can even request “space available” tickets on military airplanes, which gives them an inexpensive way to travel.
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