![]() ![]() ![]() If you receive or the spouse of a military retiree receives military retirement income, you will be able to subtract up to $5,000, with an increase to the first $15,000 for individuals who are at least 55 years old on the last day of the taxable year, of your military retirement income from your. storypoint grove city To calculate retirement pay, the years of equivalent service are multiplied by 2.5 percent and this figure is multiplied by the average of the highest 36 months of pay, as stated by the Navy PersonnelMilitary Retirement Pay Income Tax Deduction. ![]() At this time, you should attend any briefings offered by your command concerning the retirement system. Submitting your Form DD 2656 Reviewing your retirement pay myPay account The Pre-Retirement Package One year prior to your retirement date, you will receive a pre-retirement package from your Branch of Service to help you prepare for retirement. ![]()
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