“Today, the retirement benefit package makes each member of the military defacto millionaires - even multi-millionaires.”
////////////////////
I retired in 1982 and am by no means a millionaire. My retirement pay at that time was $600/mo. On that I also had to pay income taxes. I spent over 20 years moving where I was told to go, did the job I was told to do, and ate when I was told I could eat. I don’t think the military is being put above anyone. They have earned the medical care that they were promised.
The gov has already broken their promise to me on educational benefits. They changed the rules and told me that my benefits has expired. That was not in the contract I signed. There was no mention of the benefit expiring (the old GI bill). Now they want to change the rules again on medical care. I’m getting very upset with the whole gov system!
“I retired in 1982 and am by no means a millionaire. My retirement pay at that time was $600/mo. On that I also had to pay income taxes.”
If you make $10,000 per year in benefits, at 1% interest in a bank, you would have to have $1,000,000 to earn that interest.
You can adjust from there if you make more, or if you can earn more interest, but the point is clear.....to get the benefits that you have now, you would need to have well north of $1M today.