Military retirement pay is unlike civilian retirement pay systems. First and foremost, there is no "vesting" in the military retirement system. There is no special retirement accounts, no matching funds provision, no interest. You either qualify for retirement by honorably serving over 20 years in the military, or you do not. If you are discharged from the military with 19 years, 11 months, and 27 days of service, for example, you do not qualify for retirement pay (other than a few "early  military retirement pay " programs, which were designed to reduce the size of the armed forces).

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The military retirement pay system used to be easy to understand: You put in 20 years, and you got 50 percent of your base pay immediately upon military retirement. You put in more than 20 years and you got 2.5 percent more for each year of active duty after 20 years (up to 75 percent).

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Unlike active duty pay, retired/retainer military retirement pay is only paid once per month. Your net retired/retainer pay should be sent to your financial institution by Direct Deposit unless you either reside in a foreign country, which Direct Deposit is not available. Your military retirement  pay will be deposited to your account on the first business day of the month following the end of the month.

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Disability military retirement pay payments are nontaxable for those members with military service or under binding written commitment to become a member of the armed services on September 24, 1975, or members whose disability retirement has been deemed as combat-related, regardless of their active military service.