Servicemember's Group Life Insurance (SGLI). SGLI is a program of low cost group life insurance for servicemembers on active duty, ready reservists, members of the Commissioned Corps of the National Oceanic and Atmospheric Administration and the Public Health Service, cadets and midshipmen of the four service academies, and members of the Reserve Officer Training Corps.

Assuming your participation in the plan, up to a $400,000 death benefit would be payable to your family either in a lump sum or 36 monthly installments. These proceeds are tax-exempt to the beneficiary as are the proceeds of any additional life insurance policies that may be in force.

Veterans Group Life Insurance (VGLI) is a five-year term insurance policy available, upon application, to all members being separated or released from active duty, active duty for training, initial active duty for training or upon separation from the Ready Reserve. VGLI is issued in multiples of $10,000 up to a maximum current coverage of $400,000. VGLI is renewable for life in five-year term periods and may be converted to a commercial insurance policy at any time. VGLI may not be issued in an amount greater than the amount of SGLI carried at the time of separation from service.

Military Retirement Reform Act (REDUX). Those who entered military service after Aug. 1, 1986, can elect to receive retirement pay under the "high three" system, or choose the Career Status Bonus/Redux option.

Under that Redux plan, a service member who agrees to stay in uniform at least five more years receives a $30,000 bonus, either a lump sum or annual installments, at the 15th year of service. But retired pay for 20 years of service is lower — only 40 percent of average base pay over the three highest earning years.

That increases by 3.5 percent a year for each additional year beyond 20. At 30 years of service, the retirement pay rate is the same as under the regular "high three" system — 75 percent of average basic pay over the three highest earning years — but yearly cost of living adjustments are 1 percent lower. A one-time "catch-up" adjustment is made at age 62.

Military Pension Benefits will estimate your gross monthly retirement pay. However, if you have a dollar amount that you prefer to use, enter it here.

The interest rate assumption that you want to used in calculations throughout this program, expressed in annual percentage rate (APR).

The inflation rate assumption that you want to use in calculations throughout this program, expressed in annual percentage rate (APR). The default value represents the average CPI for the past ten years.

Your tax bracket , expressed in annual percentage rate (APR), is used to estimate the amount of additional tax you'll pay if your income increases — or the amount you'll save if you can claim a deduction. If you're in the 25% tax bracket you can expect to pay about $250 additional tax if you have $1,000 additional taxable income. In the 15% tax bracket, a $200 deduction will save you about $30.

This calculator uses current military pay tables. For retirement dates beyond the current year, military pay will need to be inflated to correspond with anticipated pay raises. The default figure represents a 10-year average of military pay raises. However, you may provide your own percentage if desired. If a 0 percent is used, no adjustment will occur.