Starting at age 38, COLA'd for life with lifetime health insurance? That doesn't sound too bad to me.
compared with what is available in the private sector, it's ok, but not great, considering how low base pay is--although with trends in the American workplace being what they are, it comes off in a better light.
compared with the benefits of the officer corps, it is a pittance.
I don't knock the military at all for being able to retire after 20 years. I was in the military myself for four years active duty. It's a hard life. Most enlisted guys I knew near retirement age when I was in were in pretty sorry shape both physically and mentally. They paid a pretty steep price for that $1600 a month.