This sounds great on paper, but every applicant’s financial situation is different. Buying back time will cost an applicant based on a varying percentage of an applicant’s military base pay plus interest calculated over time.[8] In order to apply an applicant must first display proof of an Honorable Discharge from the military.[9]
Reserve Retirement. Reserve retirement is sometimes called non-regular retirement. Members who accumulate 20 or more years of qualifying service are eligible for reserve retirement when they reach age 60 or, in some cases, a lesser qualifying age. There are two non-disability retirement plans currently in effect for reserve qualified retirees.
By entering just a few simple pieces of information, the calculator can quickly find the estimated; total earnings for a specific period in a military career, the military service deposit (with interest) needed to buy back your time, and even an estimated bi-weekly payroll deduction should you decide to have your buy back automatically deducted Enter the total military time served in months. Click the “Calculate” button. The result will display the estimated buy back amount based on the entered total military time. Example: For example, if an individual has served a total of 60 months in the military, the calculator will estimate the buy back amount as $72,000 (60 months * $1,200 Military Pay Calculator Learn what you can earn in the U.S. armed forces. Understanding your salary potential can help you make better financial plans.
The first time is in AM and the second is in PM. Now by using the text function, you can convert this time into military time and the formula would be as follows. =TEXT(A1,"HHMM") In the format argument, you have the “HHMM” format which is without a colon and shows the time as military time.
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