Pension per month.

[X-mo-1979]

Something that I have always wondered/asked about however never got an actual monetary value on is how much you make per month after 20 years as an NCM.I've seen the percentages etc but how much do YOU make after all taxes etc.

Would really like to see what a cpl and up makes per month,what they actually see in their bank account.

Look forward to your answers.

 

[SweetNavyJustice]

Check out:  http://www.admfincs.forces.gc.ca/pension/calculator_e.asp?sel=calc

It will only give you the gross figure, but you can calculate the net based on fixed tax rates depending on what your final gross income was eg 15% on the first $37,178 of taxable income, + 22% on the next $37,179 of taxable income (on the portion of taxable income between $37,178 and $74,357), + 26% on the next $46,530 of taxable income (on the portion of taxable income between $74,357 and $120,887), +
29% of taxable income over $120,887.

Not that a cpl 20 is going to get anywhere near 120k +, but you can pretend that you became the CDS just to see what he`ll take home. 

 

[X-mo-1979]

Wow.Better start planning for a second career. :'(

 

[Roy Harding]

Something that I have always wondered/asked about however never got an actual monetary value on is how much you make per month after 20 years as an NCM.I've seen the percentages etc but how much do YOU make after all taxes etc.

Would really like to see what a cpl and up makes per month,what they actually see in their bank account.

Look forward to your answers.

I doubt you'll get many answers about personal finances.  The answers are out there - the pay rates are public, the pension formula is public , the tax rates are public - just do the math.

Personally - I won't divulge what I see on a monthly basis as a retired WO - suffice to say it's enough to live on (no frills) and pursue a second career as an independent craftsman - which means making no money for a couple of years.  Of course, I don't have a mortgage or kids - just the wife, the dog, and the cats, and we don't live high - kind of homebodies.

You won't be rich on a "normal" (non-CDS or senior General) pension - but it's certainly nice to know that your income is ABOVE the poverty line BEFORE you've earned a cent.