When leaving the military, you will be faced with the inevitable process of trying to determine not only how much you need to earn, but also the question of "how much am I worth?" It's important to understand that these are two different questions: the first is a matter of budgeting; the second is a matter of how much you ask for in a salary.
So, how much are you worth?
This is not an easy question to answer. However, there are many resources available to you to help you determine the answer. Websites like Payscale, Glassdoor or LinkedIn Salary all have salary estimators that can give you a good starting point of your market value. You should also talk to recruiters, and competitors and look to the US Department of Labor's Occupational Outlook Handbook to help you in your research. Although not a perfect answer, these tools will give you an idea of pay ranges in different cities for jobs you are considering.
How much do I need to make?
Say you are a Staff Sergeant, with a family of four, with 10 years of service stationed at Fort Riley. Your current base pay is $3,408 per month, with $1,395 BAH. This equals $58,500 a year in income. You are looking to move to Houston when you transition out. How far will your current salary go? What is the cost of living in Houston? How much do you need to make to cover all your expenses? Luckily, there are tools to help you figure that out. Just by googling "salary comparison" you can find lots of websites that offer a look at comparable salaries across the country. For example, that $58,000 you make in Fort Riley will fall short in Houston, where you will need an extra $3,000 a year.
It's important to remember that these tools are a starting point. They will give you a good understanding of market conditions, and tell you about your earning potential. Keep in mind that these calculators give you the "average" pay, but that doesn't necessarily mean you deserve the average. Your personal experiences, location, and education level all factor in to your salary potential.
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The Army Retirement Services Office is the Army proponent for policies that prepare Soldiers for military retirement and support them and their surviving spouses from retirement until death.
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