Posted on Apr 28, 2015
What are your thoughts on the push in Congress to radically change the Military Retirement System?
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Responses: 13
LCDR Steve Didio M.S.
DOD is trying to save money on the SMs back again! As soon as the topic of training SMs about money management" arose, my ears perked up. That implies RISK! Many civilians cannot manage money, is Sam going to start a money management program for them also?
I believe the U S Military retirement program should be cast in STONE and placed in a vault where it cannot be changed or altered!
The idea of a benefit for SMs who do not complete 20 years is interesting. Too many dedicated SMs give their best years until a new RIF arises. Others, who in LOD become unable to perform their military duty in should also be compensated, VA coverage seems to be a bit irregular in that aspect.
DOD is trying to save money on the SMs back again! As soon as the topic of training SMs about money management" arose, my ears perked up. That implies RISK! Many civilians cannot manage money, is Sam going to start a money management program for them also?
I believe the U S Military retirement program should be cast in STONE and placed in a vault where it cannot be changed or altered!
The idea of a benefit for SMs who do not complete 20 years is interesting. Too many dedicated SMs give their best years until a new RIF arises. Others, who in LOD become unable to perform their military duty in should also be compensated, VA coverage seems to be a bit irregular in that aspect.
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LCDR Steve Didio
Saving some $$$ is certainly one of the main objectives. A concern of mine is how it will affect the health of the volunteer force in the future.
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401(k) is just another way of ripping off troopers and veterans.
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LCDR Steve Didio
Increasing the emphasis on 401(k) type retirement plans and away from Defined Benefit Plans like traditional Military Retirement certainly put an increased level of responsibility onto the troops themselves. Just how successful will the planned efforts at Financial Literacy training be? I hope they are better than most training I received at the Command level in my career.
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SPC Jan Allbright, M.Sc., R.S.
Responsibility? I saw 50% of my 401(k) evaporate in 2005 - 2007. Everything was invested in AAA stuff. That was my fault? Thank goodness there has been time to recover since then (to a certain extent) between then and now or I would be living out of a car in my "Golden Years".
Defined and prepaid benefit only!
Defined and prepaid benefit only!
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Here's my take on it: If it was such a good deal for the troops there wouldn't be a grandfather clause.
I plan on finishing my 20 out regardless of what happens. However, I find this whole initiative misguided. Less than 1% of our population is going to receive these benefits. You can't tell me of all of the federal pension and entitlement programs out there that military retirements are the ones breaking the bank. I don't mind sacrificing for the greater good but it needs to be a shared sacrifice. If we're going to justify reducing my retirement, then we need to also reduce all federal worker's retirements and our politicians retirements. Attempting to save a few bucks on the back of our troops simply because they have less ability to speak out is morally wrong in my opinion.
I plan on finishing my 20 out regardless of what happens. However, I find this whole initiative misguided. Less than 1% of our population is going to receive these benefits. You can't tell me of all of the federal pension and entitlement programs out there that military retirements are the ones breaking the bank. I don't mind sacrificing for the greater good but it needs to be a shared sacrifice. If we're going to justify reducing my retirement, then we need to also reduce all federal worker's retirements and our politicians retirements. Attempting to save a few bucks on the back of our troops simply because they have less ability to speak out is morally wrong in my opinion.
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LCDR Steve Didio
Well said my friend. It never ceases to amaze me what an easy target the military can be. I mean, it's not like we're fully involved in multiple theaters of operation right now is it? How quickly does all the goodwill our efforts earn get forgotten when politicians study the bottom line. Best of luck to you in the rest of your career. Thanks for keeping us safe!
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