As a lieutenant straight out of college, you will make about $34,000 a year in basic pay. As an officer, your pay depends on your rank and time in service. If youâre a doctor or pilot, there are some special pay considerations and bonuses.In four years, you can be making $47,000â$55,000 as a captain.s an officer, your pay depends on your rank and time in service. If youâre a doctor or pilot, there are some special pay considerations and bonuses. In four years, you can be making $47,000â$55,000 as a captain.
Since you are under the age of 59 and a half, you are likely subject to a 10 percent IRS penalty for early withdrawal of the Simplified Employee Pension (SEP-IRA). This 10 percent penalty is in addition to the ordinary income tax you would normally pay if you withdrew from your SEP-IRA after you passed the aforementioned age threshold.
1 You can make a withdrawal from your SEP-IRA prior to age 59 Â½ without incurring the early withdrawal penalty in specific circumstances, including financial hardship, higher education expenses or a first home purchase. 2  You must take minimum required distributions from SEP-IRAs beginning at age 70 Â½.he rules governing access to the assets are similar to the rules for traditional IRAs: 1  Withdrawal of funds prior to age 59 Â½ may be subject to a 10% early withdrawal penalty, along with any applicable income taxes. 2  You canât borrow from a SEP-IRA. 3  You can roll your SEP-IRA assets into another IRA account.