Doesn’t a 30 year career give a 75% retirement?
For an O-6 that’s around $7500/month.
That’s what I don’t understand. Even if he retired earlier than expected, he would still pull in a pension than most people have incomes. There is no reason he should be homeless, unless gambled it all away or something
Your numbers on 75% of O-6 base pay would be correct if he retired from Active Duty. An Active Duty retirement requires a min of 20 yrs or @ 7200 days of Active Duty for 50% pension. The Colonel may be a Reservist/National Guard Retiree..... If he is less than 60, he would be a “grey area” retiree...His pension won’t start until he hits 60. When it does start, it will be whatever percentage of 20 years of Active Duty he has completed. For example, if he had 6 years of Active Duty during his 30 year Reserve Career his retirement pay will be (6/20)*(50% of final base pay). Not a bad annuity value, but it is not as good as an Active Duty retirement and it does him no good until he starts receiving it at age 60.
Of course, the other comments on alimony, child-support, and college expense could all apply also to a full retirement in this case.