Re: Should I be worried?
Welcome to the board, Worried.
I recommend that you plug your numbers into FIRECalc and see how the withdrawals look. You might have to show the pension as two separate pensions: your current non-COLA pension that "ends" at age 62 and your COLA pension that starts at age 62.
Then add in your Social Security, your savings, and your expenses to see how your income matches your spending.
But if you're saving $2500/month of your current pension then I doubt you guys are going to be choosing among cat foods. Between the COLA and your savings I think you'll stay well ahead of inflation.
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.