Panel Seeks to Overhaul Military Retirement

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Panel Seeks to Overhaul Military Retirement

November 17, 2010 • TERRY HOWELL


In last week’s blog on the President’s “Blue Ribbon” debt panel’s plans to cut the deficit, the suggestion of over hauling the current military retirement system seemed to go quietly unnoticed. To be clear, the panel’s suggestion is not to tweak the program, their plan is to replace it with a new program that would allow members to retire after 10 years, but not start drawing pay until they reach 60 years old.

The debt panel’s sug gestion is short and to the point, it simply reads: “Reform military retirement system to vest after 10 years (not 20); defer collection until age 60.”

http://militaryadvantage.military.com/2010/11/overhaul-military-retirement/?ESRC=sm_benefits.nl


The day this goes into effect is the day retention will be DOA.    WTF???!!

[thundley4]

Retention rates?  It would severely dampen those wanting to join as a career, too.

[DumbAss Tanker]

Inevitable that it would end up in the crosshairs of the accounting trolls, but the 10 years/age 60 formula offers nothing over just going reserve after one active hitch, the result would be virtually the same retired pay benefits.

[JohnnyReb]

http://militaryadvantage.military.com/2010/11/overhaul-military-retirement/?ESRC=sm_benefits.nl


The day this goes into effect is the day retention will be DOA.    WTF???!!

I'm just blabbering here ....how about start with the 10 years and something at 60 and then a little more a little sooner for each year after 10 years....say 1/2 pay starting at 50 with 20 years service and full retirement pay at 30 years and starting at age 60.

The more years you stay, the more money you get and the sooner you can start drawing it......

Wait a minute....why not a DAMN good 401K non taxed plan. To start it the government could give them a 3 to 5 percent raise and then force them to put it into the 401K plan for the whole time they're in service. Since their pay is usually low early on in their career the government could match their savings 2 or 3 to 1 up front to start with and never tax them on the gains or upon withdrawal/retirement. They could then leave service in 20 to 30 years with a pretty damn good nest egg and take care of themselves. If they were to die or get killed while in service, the 401K would go to their family along with whatever other benefits the government would chose to give the family for a time.

Those disabled in the line of duty would have to be a whole different thing....probably the same or some how better than what we have now.

150+ years ago soldiers got nothing....maybe a stipend from the state for special circumstances.