Proposal to not pay military retirement until 57!

[Texas Proud]

Quote:

Originally Posted by utrecht If making you get 20 years to get a pension hindered you joining, what do you think delaying the pension to age 57 which might be more like 35 years in the military...would do to recruitments? Again, you are making our point for us. Joining the military, especially as a career, is the biggest committment that most people will ever make and the sacrifices that come along with it will definately not be duplicated again in almost anyones life. If they dissaude more people from joining by raising the pension age that high, they might as well re-enact the draft. Thank your neice and nephew for me.

Oh... BTW.. another thought.... the company I used to work for had a defined benefit plan... you got 1% of you average salary per year (IIRC, the average was the last 5... but can not be sure)... if you worked for the company for 5 years... you got 5% of your salary... but starting when you turned 65... (the big problem was they took out SS income in their calculation... so if your SS was high... they paid nothing. It was kind of a guaranteed minimum benefit...)...

So I earned a pension when I was in my 20s... but could not get any money until 65...

[Rustic23]

For those that think the military have too good a retirement click here Become a Marine - Contact a U.S. Marine Corps Recruiter Today

[eridanus]

Quote:

Originally Posted by Rustic23 For those that think the military have too good a retirement click here Become a Marine - Contact a U.S. Marine Corps Recruiter Today

Times change. The pension is going the way of the dodo for many institutions, from Fortune 500s to municipalities to possibly the government.

If the money isn't there, the money isn't there.

[utrecht]

Quote:

Originally Posted by Texas Proud You are confusing two thoughts.... the first is how long you have to work to get a pension... the second is when you start to receive one... I am all for starting to earn a pension at an earlier time (put money aside), but not willing to pay the person at an early age (let money go out the door)... now, if this was not a defined benefit plan with COLA etc... then maybe I would change my mind and say you can take your pension whenever you want... you just get an annuity based on how much money there is in the pot and when you want to start... but we do not live there.... Having to work 20 years in order to get a pension is NOT good... that is why I was saying they should put money aside starting after their initial tour... so they 'earn' a pension starting in year 4 or 5... not much of one, but there is money there... (BTW... when I was young... I worked for a company that stopped their pension... was there one year and got a check for IIRC about $500... not great, but something)... The second is when do you have access to that money... I think starting to pay any pension at such and early age is not wise... it costs a LOT of money... (now, I am sure someone can tell me the actual numbers... because I have not looked them up)... with a lot of potential liability...

I dont think you understand whay Im saying. Im saying it doesnt matter how long you have to work to get the pension OR how early you get paid the pension....If good people like yourself arent willing to voluntarily make the committment to join the military with the pension system the way it is now....and they make it even less attractive by delaying benefits or lowering benefits or whatever, then how do you expect other good qualified people to voluntarily join in the future?

[utrecht]

Quote:

Originally Posted by eridanus Times change. The pension is going the way of the dodo for many institutions, from Fortune 500s to municipalities to possibly the government. If the money isn't there, the money isn't there.

Tell that to everone expecting social security in the coming years

[eridanus]

Quote:

Originally Posted by utrecht Tell that to everone expecting social security in the coming years

I fully expect my future social security to be cut. It's reality. In fact, it's a -0- in my retirement calculations.

[Texas Proud]

Quote:

Originally Posted by Rustic23 For those that think the military have too good a retirement click here Become a Marine - Contact a U.S. Marine Corps Recruiter Today

Maybe there is to much vacation time also... JUST KIDDING!!!

"Vacation time ensures that Marines can spend time with family, be well rested in body and in spirit and remain prepared for the challenges of service.

Marines receive 30 days of paid vacation each year, including
10 days before reporting to their first assignment after graduating from recruit training."

[Texas Proud]

Quote:

Originally Posted by utrecht I dont think you understand whay Im saying. Im saying it doesnt matter how long you have to work to get the pension OR how early you get paid the pension....If good people like yourself arent willing to voluntarily make the committment to join the military with the pension system the way it is now....and they make it even less attractive by delaying benefits or lowering benefits or whatever, then how do you expect other good qualified people to voluntarily join in the future?

I do get what you are saying... I guess you are not getting what I am saying...

First, the retirement system was a minor part of my decision making... but it was there.. I saw that if I joined and got what I wanted... I would have been in the service 10 years... with NO retirement benefits... so to make it worthwhile (get a pension), I would HAVE to stay another 10 years... and if I left after 19... still nothing (I could be wrong on this, but this is what I remember when I was looking back in the late 70s)....

IF there was a retirement system that gave me SOMETHING after 10 years... then would that not be more attractive than nothing I might have signed up and taken the chance at them paying for college... but the current retirement system hurt their chance of getting me...

A curious question to some... how many people have worked 20 years at their same employer I think not many...


(HMMMM, maybe we should keep the 20.... and kick out a good amount of people between 15 and 20 to keep the costs down... )

[Rustic23]

by the way, Sat, Sun, and holidays are considered 'Work days' in the service, so that 30 days vacaton includes those days.

[utrecht]

Quote:

Originally Posted by Texas Proud A curious question to some... how many people have worked 20 years at their same employer I think not many...

I think alot more would if they had a pension to work towards.

[Texas Proud]

Interesting site on the Marines....

I wonder how much has been paid in pensions to this guy...

Rank: Colonel
Years of Service: 1943-1965
MOS: Pilot, Astronaut


I bet his second pension is much better...


U.S. Marine Corps - Profiles - John Glenn

[Texas Proud]

Quote:

Originally Posted by utrecht I think alot more would if they had a pension to work towards.

Or a lot more companies firing their employees just before they vest... which is why the laws were changed to vest quicker... my father was one who megacorp tried to screw back in the 60s... the retirement sytem with the company was a 10 year cliff... and they fired him in what they thought was before his 10 year anniversary... but a secretary miss-typed his start date and they had just fired him after he got 10 years... they tried to accuse him of fraud so they would not have to pay.. and he had won their best salesman award so many times they stopped giving it out... so it was not like he was not good...