“The figure of $120,000 is for the entire lifetime payout, not per year.”
Yes, so if it were a 5% reduction that translates to a $2.4M retirement package.
For a 2.4 million total retirement package, I’ll have to live until I’m 98. And I’m one of the highest paid military retirees around.
Now, explain what good things the Congress is going to do with this $600 Million each year. Cut the deficit? Reduce taxes? BWAHAHAHAHAHAHA!!!!!!!!!!!!!!
This has one function, and one only - to punish those the Democrats dislike, and reward those they do. And the idiots in the GOP think it is swell...:>(
“The figure of $120,000 is for the entire lifetime payout, not per year.”
“Yes, so if it were a 5% reduction that translates to a $2.4M retirement package.”
No, it translates to a $120,000 retirement package.
$120,000 in a lifetime. That’s all, folks. No millions. $120,000 doled out $10,000 per year, or maybe $22,000 per year, but not, not, not, not, not $120,000 per year.
The absolute highest military pay is $12,827.10 per month, and there aren’t many of those—although there are too many. These fortunate few—mostly chair-warming office politicians—get about $76,962.60 per year. At that rate, they would have to collect for 13 years to get even one million dollars. That’s not as likely as it seems, as it takes a while to attain that rank, and it takes a lot out of you.
I knew an HTCM (E9) who had a heart attack and died right in front of the doctor at his retirement physical. I’ve known others who drank themselves to death, or just faded away.
Many retire at the rank of E6, and collect around $1,843. That’s $22,116 per year. At that rate, the warrior would have to collect for 45 years to approach even one million.
Compared to the date upon which the first income tax was signed into law, the dollar is now worth less than two cents. Imagine what it is likely to be worth twenty years from now...or tomorrow, for that matter.
Listen, it’s time for you to pull an Emily Latella and drop the “millions in retirement” thing.