“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.
While I was on active duty we were in the yards and my MMCS walked into the Naval hospital at Portsmouth and went into arrest in the lobby. He likely had about 16 years in. He was one of the lucky ones. He not only made it but stayed in till retirement.
I've kept in touch with a hand full of shipmates from my shop on the ship. All but one have had issues related to hearing, feet, back, or other problems. I was lucky my division officer and Chief put all incidents in my record in the division office copy and handed it to me as I got out. AS a result I have needed hearing aids I would otherwise not have. The Medical Officer had me on hearing conservation. I worked on the Chillers.
I was on active duty all four years of the Carter fiasco. Despite the Carter fiasco we always were able to get the darn boilers fired and get underway. Each time a Liberal be it DEM or GOP wants cuts the first place they look is defense. When TSHTF due to maintenance not being done they sacrifice a couple of Captains to the media gods for appeasement. That's like punching your wife because your dog crapped on the floor. Case in point the Kitty Hawk and JFK Captains after 9/11. Everyone knew JFK was being cannibalized during Clinton's term {with a GOP two house majority too boot} and highly under funded as a reserve ship.
Career military especially in deployed units or ships ages a person fast physically and mentally. Chiefs are 30 something in age going on 50 something in looks and likely health. In just four years it got my knees, back, and ears. I did not file on it but later because of more added issues filed under Social Security. Even if I wanted to stay in {I was offered around 15-18K} I would not have health wise made my twenty year mark.
Here's something else. Disability payments in the armed forces unlike Social Security are based on percentages IIRC. A loss of limb for example has a low compensation. Few get 100% and getting disability after you get out is a long drawn out and made almost impossible process. I've read post in forums of guys needing to verify events on board ship that lead to injury. Twenty years later it's all but impossible. Guys are coming back messed up and all the enlightened Murray/Ryan can say is well screw you for getting hurt we have illegals and Global Warming to care for.