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The Magic Cafe Forum Index » » Not very magical, still... » » A Pension Before Age 40: Are Military Benefits Too Rich? (5 Likes) Printer Friendly Version

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Natural Mystic
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"The military retirement system permits members of the armed forces who serve full time for at least 20 years to retire as early as age 37 with a defined-benefit pension. On Jan. 29, the Military Compensation and Retirement Modernization Commission released a report that recommends no changes to the benefit-eligibility requirements for the military’s pension plan, though it did recommend some significant changes in its structure."

http://blogs.wsj.com/totalreturn/2015/02......oo-rich/
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tommy
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When they win, the soldiers ought to be getting their share of the spoils and be coming home rich.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

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Kabbalah
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You serve twenty years in military service to the United States and come back and let us know.
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landmark
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The elite for whom the wars are fought couldn't care less about the soldiers. They care about their profit. Soldiers are expendable cannon fodder. As are teachers, cops, factory workers, old people, and white and blue collar workers. The only ones who do not have to worry about their pensions and golden parachutes are the super-rich.

https://www.youtube.com/watch?v=Tt8_0MHo7-0

Perhaps, one day, soldiers will understand that that is the system they are giving their lives to defend.
tommy
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The Military-Industrial Complex, the private companies, bankers, oil companies etcetera are the ones who make the money from war as opposed to the people and yet it’s the people that pay and not the big boys. War is racket and racketeers ought to pay. Least they ought to something. The big oil companies for instance, who got the contracts after Iraq war, what did they pay the soldiers? It seems to me that the soldiers ought to get share in these companies instead of bits of tin to pin on their chest. That should be part of the contract.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

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Magnus Eisengrim
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No it's not too rich (we have roughly the same rules here). Soldiers are not highly paid while in service, and are not richly pensioned when out. In their 40s they can take that pension and build a second career. Between the two pensions, they can get a decent and well-earned retirement.
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rockwall
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Quote:
On Feb 8, 2015, landmark wrote:
The elite for whom the wars are fought couldn't care less about the soldiers. They care about their profit. Soldiers are expendable cannon fodder. As are teachers, cops, factory workers, old people, and white and blue collar workers. The only ones who do not have to worry about their pensions and golden parachutes are the super-rich.

https://www.youtube.com/watch?v=Tt8_0MHo7-0

Perhaps, one day, soldiers will understand that that is the system they are giving their lives to defend.


I think what landmark is trying to say is, "No, the benefits are not too much."
landmark
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Correct, and.
Kabbalah
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Quote:
On Feb 8, 2015, landmark wrote:

Perhaps, one day, soldiers will understand that that is the system they are giving their lives to defend.


Tell that to my U.S. Army Airborne! Brother, Peter Kuch.

On second thought, I wouldn't advise it!

"Long may magicians fascinate and continue to be fascinated by the mystery potential in a pack of cards."
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"The greatest tricks ever performed are not done at all. The audience simply think they see them."
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w_s_anderson
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This year I turn 37, I will also have completed 20 years of military service. Military retirement is based on ones "base" pay. For many Soldiers your base pay is only 50% of your actual check. So at 20 years, your pension is roughly 25% of what you were making before. You go up 2.5% every year you stay past 20, so a 30 year veteran would receive 75% of their base pay. That is still less than 50% of your total check. Not many can fully retire off of that.

To answer the question of if the benefits are too rich? They are not, the benefits are what we agreed to accept when we signed up.

Are they not enough? Nope, they are what we agreed to accept when we signed up. It's a volunteer military. You honor your end and we'll honor ours.

If they changed the benefits for future troops coming in, you may see a lot less career officer and enlisted folks. Which could lead to a lack of depth and experience in the future.
Dannydoyle
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Perfect answer.
Danny Doyle
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landmark
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Quote:
On Feb 8, 2015, Kabbalah wrote:
Quote:
On Feb 8, 2015, landmark wrote:

Perhaps, one day, soldiers will understand that that is the system they are giving their lives to defend.


Tell that to my U.S. Army Airborne! Brother, Peter Kuch.

On second thought, I wouldn't advise it!


And yet some would dare to cut his benefits.
Now who's spitting, Kay?
landmark
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On Feb 8, 2015, Dannydoyle wrote:
Perfect answer.

Agreed. As it is for teachers, cops, factory workers, and all the rest.
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Absolutely. If it is agreed to when the job is taken it must be lived up to in ALL cases. The question is what to offer moving forward. Not to cut things in hindsight.
Danny Doyle
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<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
LobowolfXXX
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Quote:
On Feb 8, 2015, landmark wrote:
Quote:
On Feb 8, 2015, Dannydoyle wrote:
Perfect answer.

Agreed. As it is for teachers, cops, factory workers, and all the rest.


How can you consider that a perfect answer in light of your past statements that some people are underpaid? Unless I'm misreading Scott's answer, he's basically saying that nobody is overpaid or underpaid.
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Guess they forgot to tell Bill Buckley.

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tommy
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One might ask why the military should be paid anything at all: After all they are only fighting for the cause, so why can’t we just thank them for their service? If we pay them, then does it not make them mercenaries?
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

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balducci
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Military ranks and pay and such:

http://www.military-ranks.org/air-force

http://militarypay.defense.gov/

http://militarypay.defense.gov/retirement/

For many ranks, the basic pay is certainly not excessive.

My nephew is an officer in the U.S. Air Force. He's deciding whether to continue service to 20 or more years or not. I expect he will. It's true his salary may not be over the top, but he thinks his pension after something like 20-25 years of service will be enough for him to retire in his 40s and get by on if he lives modestly. I expect he will take a second career, though. He might even stay in the Air Force for longer, depending on how things go.

Question for w_s_anderson ... the military pensions are defined benefit, correct? Both the employee (soldier) and the employer (the government) contribute toward it. What happens to the contributions a soldier makes towards his pension, if he leaves before taking one (i.e. before 20 years of service)? Does he get them back? Typically that is how it would work in the private sector. I can't seem to find any source describing what happens to them in the military system.
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Kabbalah
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Military personnel do not contribute to their pensions...nor should they, considering their abysmal pay.
"Long may magicians fascinate and continue to be fascinated by the mystery potential in a pack of cards."
~Cliff Green

"The greatest tricks ever performed are not done at all. The audience simply think they see them."
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w_s_anderson
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Excellent question Balducci. The employee does not contribute to the pension. They can contribute to a deferred compensation plan. If you leave the service before 20 years you don't get any portion of the pension, but you keep your contributions to the deferred comp plan.

@ Tommy- I'd fight for the cause for free, but would require payment if called to defend folks like yourself. Smile
tommy
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What’s the world coming to? They do not provide their own weapons, they get fed housed and clothed and if they get shot they don’t have to pay to get the bullets pulled, they also want thanking for their service, medals and money!

Can I have my money back?
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

Tommy
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