If eligible, will you choose the old military retirement plan or the new retirement plan?

OLD PLAN: An E7 at 20 will retire with $2212 a month under the old plan, and collect $583,968 in total monthly retirement payments at 60.

NEW PLAN New plan is $1770 per month, and collects up to age 60 $467,174 in total of monthly payments. This does not include TSP.

I'm at 15 years AFS, so it's best for me to stick with the new plan. However, if I were under 8 years, I would absolutely go with the new plan, especially if the maximum match is increased to 6%. It seems like a small number, but over time, it definitely adds up.

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Consider the scenario that MAJ Ken Landgren mentioned:

OLD PLAN: An E7 at 20 will retire with $2212 a month under the old plan, and collect $583,968 in total monthly retirement payments at 60.

NEW PLAN New plan is $1770 per month, and collects up to age 60 $467,174 in total of monthly payments. This does not include TSP.

In this scenario, the pension portion of the Servicemember's retirement is only worth $116,794 less under the new plan. Once you add in the mid-career bonus of 2.5x base pay at you 12 year mark (worth $9,030.75 to an E6 or $17,703.75 to an O4), that number is just over $100,000. If the Servicemember only contributes enough to their TSP to maximize their matching potential, the government will match between $50,000 - $90,000 during their career. That $100,000 - $180,000 with a modest return over 20 years will become $300,000-$800,000.

Yes, there is risk involved with any 401K or IRA plan, but since you'll still be receiving a 40% base-pay pension, it's hard for me to see it as a high-risk decision.
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Plus consider that under the 'old' plan, it's all-or-nothing. You MUST complete 20 years of service in order to draw any government funded retirement. Under the new plan, you have the flexibility to consider other career options without taking such a large financial risk with your retirement plans.

Like I said, it's too late for the new plan to work in my situation, but 8 years or less and I'm all-in!

I am going to go with the old system. I have put in a lot of years into it. I am not a fan of putting a retirement in the market place where things could so sour.