[quote=Always studying]This is one topic that I can actually add value to. I’ve been lurking on here for years. I retired from the Marine Corps last year, as an E-8 with 22 years and 1 week. My retirement pension is worth just under 30K a year, it will never decrease and will only increase with whatever COLA raises we get. It is not enough to live on but it helps.
We do have medical insurance that covers our family, this year it only costs $548; which is great, however, in the next few years it will increase upwards to $1500 a year.
I was 40 when I retired, during my service I used tuition assistance to earn a bachelors degree and the post 9/11 GI Bill to earn an MBA, so I was able to find a second career after I retired.
The pension helps in the wage gap in the civilian world. I had to start over at a software company, I am not complaining I really enjoy my job and my coworkers, but the average 40 year old at my company is making much more money than I am, because they have much more time in the civilian workforce. My pension helps close that gap.
The military is looking at switching to 401K systems; the problem is that whoever joins now is signing up for the pension system, so whatever changes are made will not take effect for at least 20 years. The pension and other benefits are a great retention tool, although most service members get out after their initial contract, but those of us who stick it out and take advantage of the benefits are pretty lucky and happy.[/quote]
Thank you for your contribution, Always studying. You are fortunate enough that you made it as far as E-8 from your humble beginnings as a post-HS graduate enlistee. I have no doubt your savvy decisions to continue your education both on and off base and on shipboard and actually obtaining a bachelor degree and post-grad degree while STILL in helped you rise through the ranks. The vast majority of enlistees only obtain a few undergraduate credits while in and finish their bachelor degree work after they get discharged or retire. You obviously must have had a very supportive spouse/family who didn’t mind you constantly studying in your scant precious time at home and likely during standdowns and leave.
You didn’t mention (perhaps you haven’t been “retired” long enough to know) that for several recent years, military retirees (along with OASDI-SS, SSI, SSD and VA disability recipients) received zero COLA, due to the Federal Gov’t determining their had been no inflation the previous year.
You also didn’t elaborate on your personal working and living conditions during all the years while still earning this pension. I seriously doubt too many young Piggs here have lived aboard ship in a 27″ bunk with another bunk both above and below and have only a 1-2 sf by 6 ft high locker to store all their “worldly possessions.” Nor do they sleep on concrete floors in a line with their heads on a seabag and eat out of vending machines in military airports while waiting 4-30 hours on the “manifest” taking turns boarding planes as they trickle in one by one to pick them up. And these are the “good” working conditions which would not be considered to be forward deployed or stationed in the thick of a “war zone” :=0
IMO, you have “earned” every penny of your “pension.” Congrats on your ability to obtain civilian employment right after retirement!
