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Why are people discussing a radical hypothetic military retirement plan that never will even see the light of day ?
Weird, right? Another question is why hasn't any one brought up the changes to the military retirement system that will take effect next year? The military retirement system as we know it is about to change substantially.
Weird, right? Another question is why hasn't any one brought up the substantial changes to the military retirement system that will take effect next year? The military retirement system as we know it is about to change substantially.
The new retirement system has been discussed in this thread.
Why are people discussing a radical hypothetic military retirement plan that never will even see the light of day ?
Quote:
Originally Posted by WestCobb
Weird, right? Another question is why hasn't any one brought up the changes to the military retirement system that will take effect next year? The military retirement system as we know it is about to change substantially.
because this thread is about "are military retirement benefits unfair."
For those of us who believe there should be some changes, coming up with a plan helps. One can never say a plan will never even see the light of day.
It appears many of those now retired believe the new retirement is better.
The new one sounds like a 401k with employer match.
How would those now retired have fared under the new retirement?
Would you have been able to pay in for 20 years and at the age of 38 quit paying in and drawn a monthly check of well over $1200 per month until you died?
I have no problem with the old retirement system, but I see no scenario that a 20 year retiree will be better off with the new system.
How would those now retired have fared under the new retirement?
Would you have been able to pay in for 20 years and at the age of 38 quit paying in and drawn a monthly check of well over $1200 per month until you died?
It seems likely to me...not. At least not unless the retirement payout could not start until civilian retirement age.
And I don't see how the military's mandatory short career would be inviting to enough people without that "bronze parachute" attached.
Some of my own friends who joined after 2006 liked the new plan. Majority of my own friends joined before 2006, so according to the article,
If you entered the military before 2006: Carry on. You’re locked into the current retirement plan.
If you’re entering service in 2018 or later: You automatically fall under the new plan. Make sure you contribute enough to your TSP to get the match and put in more if you can.
If you entered between 2006 and 2017: You’ll have a choice to make in 2018 — the old plan or the new one. Crunch the numbers and consult your financial advisor. If you’re committed to and anticipate serving at least 20 years, opting to stay in the old system may make sense. If you’re uncertain about your plans in the military or have only served a few years, the new blended plan could be best.
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