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Defense board proposes military retirement changes

Last post Sat, Aug 27 2011 7:04 PM by Nords. 10 replies.
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  • Sat, Aug 27 2011 7:04 PM In reply to

    • Nords
    • Top 200 Contributor
      Male
    • Joined on Mon, Jan 24 2011
    • Oahu
    • Posts 209

    Re: Defense board proposes military retirement changes

    The key to recovering from the last retirement experiment, the 1980s mess that started as REDUX, is retention.  The military is keenly aware that the only effect on retention is:  money.  If a plan like this is ever enacted, Congress will be receiving monthly feedback and retention summaries... just as has been happening for the last month.  

    So although there'll be lots of scary rhetoric through the next 14+ months, I don't give retirement reform much chance of happening.  The first step will be a match on TSP contributions, which will actually require Congress and the Department of Defense to spend money up front to (hopefully) save money in 20-30 years.  Highly improbable.

    karenteacher:
    The only thing that stood out to me was the statement that 83% of military personnel don't get a pension because they don't make it to 20 years - and that causes me to think that perhaps some type of 401c or 403b might be appropriate, so people who are willing to serve the country have funds to show for it when they complete their terms of service - no matter how long or short that term is.

    One of the fascinating studies I researched for "The Military Guide" was a 44-page PDF from the Population Reference Bureau titled "America's Military Population".  It's seven years old but it's still a good glimpse into who's serving.

    http://www.prb.org/Articles/2005/AmericasMilitaryPopulation.aspx

    http://www.deomi.org/contribute/DiversityMgmt/documents/AmericasMilitaryPopulation2004.pdf


    Officially Recognized Stretchpert in the Military Family Finances forum

    Author of the non-profit book written by military for military: The Military Guide to Financial Independence and Retirement-- now on sale at Impact Publications. For more info see my profile.
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