From
http://www.military.com/benefits/military-pay/retired-pay/military-retirement-system#1 "Military Retirement Overview
"The military retirement system is arguably the best retirement deal around.
No it isn't. Fed/State unions have a much better racket, for instance they work them overtime for their last year so their retirement is based on that last year's salary so they retire at what was normally their full pay. Miltary retirees retire at roughly 50% of their BASE PAY and lose all allowances, onsensibly losing over 50% of their active duty pay.Unlike most retirement plans, the Armed Forces offer a pension, with benefits, that starts the day you retire, no matter how old you are. That means you could start collecting a regular retirement pension as early as 37 years old. What's more, that pension check will grow with a cost of living adjustment each year."
Not true. I retired in 08 and have not receive a SINGLE cost of living pay increase.From:
http://www.moneycrashers.com/military-retirement-pay-pension-benefits/ "What is a High 36 military pension worth?
"Although the benefits gained from a lifetime military pension will differ based on the pay grade of the member upon retirement, I�ll provide two examples of the worth of a lifetime military pension.
(The following calculations assume the following: High 36 retirement plan, began service at age 22, served for 20 years, and national average life expectancy of 78.4 years.)
1.The typical officer: The typical officer who retires in 2010 as an O-4 with 20 years of active duty service will receive $2,523,817 total over the next 34 years.
2.The typical enlisted member: The typical enlisted member who retires in 2010 as an E-7 with 20 years of active duty service will receive $1,465,308.00 total over the next 34 years."
I certainly do not begrudge retired military members their pension,
YES YOU DO but in today's fiscal environment, can the nation afford a lifetime of payouts, starting at age 37 or so (depending of age at joining)? Perhaps the pension should be payable (adjusted for inflation) on reaching age 62 to help balance the budget and reduce the load on the national debt. Until reaching age 62, the retiree would have to work and save just like the rest of us.
The rest of "us"? your gov't benefits are a long way off "the rest of us" for example in addition to your retirement, you get free money plus matching into your Thrift SAvings Plan.True, this pension benefit was granted by a liberal, welfare oriented Congress, but we need to consider its ramifications in light of the current fiscal situation.