Thoughts for politicians everywhere
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Thoughts for politicians everywhere
Risk and Promise: Strategic Advice for Congress | John Q. Public
I couldn't find anything pithy to say.
So I'll let it speak for it's self.
PM
I couldn't find anything pithy to say.
So I'll let it speak for it's self.
PM
Exploiting pressure to strike a budget compromise, Ryan and Murray entered into an unholy alliance to reduce veteran pensions – including those already vested under previous covenants – by an average of $84,000 to $120,000.
CG
PS, I abhor the principle of robbing their pension.
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charliegolf - the reduction is the TOTAL lifetime reduction for those who with 20 years service (~40 years old). I don't know where the $120,000 comes from.
Here is a specific example:
Fight over military pension cuts to continue - The Washington Post
Here is a specific example:
The change provoking outrage among military and veteran groups this week would reduce retirement benefits for working-age retirees. Starting Dec. 1, 2015, cost-of-living adjustments for pensions of people under 62 would be modified to equal inflation minus 1 percent; then at 62, retirees would receive a “catch-up” increase that would restore their pensions to reflect levels as if the cost-of-living adjustment had been the full consumer price index in all previous years.
But they wouldn’t get back what was lost, meaning a reduction of nearly $72,000 in benefits over a lifetime for a sergeant first class who retires at age 42, by one group’s estimate. Sen. John McCain, R-Ariz., said a veteran of identical rank who retired at 38 would still wind up with $1.62 million in retirement pay over a lifetime.
But they wouldn’t get back what was lost, meaning a reduction of nearly $72,000 in benefits over a lifetime for a sergeant first class who retires at age 42, by one group’s estimate. Sen. John McCain, R-Ariz., said a veteran of identical rank who retired at 38 would still wind up with $1.62 million in retirement pay over a lifetime.
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The provision at issue retroactively renegotiated the deferred compensation of ........ military veterans – including .... thousands still serving in harm’s way — who did their duty in reliance on promises around which they structured their lives.
So US vets are on an average pension of $204,000? What am I missing here?
US military pensions have traditionally been half of base pay (not including flight pay, housing allowance, etc) starting at 20 years of service. With more than 20 the percent goes up to a max of 75 percent at 30 years. There are annual cost of living raises based on cost of living. The change is to pay a reduced percent until age 62 and change the way cost of living increases are calculated. The reduction numbers are based in life time payments.
US military pensions have traditionally been half of base pay (not including flight pay, housing allowance, etc) starting at 20 years of service. With more than 20 the percent goes up to a max of 75 percent at 30 years. There are annual cost of living raises based on cost of living. The change is to pay a reduced percent until age 62 and change the way cost of living increases are calculated. The reduction numbers are based in life time payments.
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With 149 working days to do before retirement after 37 years, I wish that I was looking forwards to 75% of my pay for the rest of my days.
Live long and prosper.
Escaping before 2015 kicks in
Live long and prosper.
Escaping before 2015 kicks in
T_m,
Are you on PAS and AFPS05 terms? If so you might be pleasantly surprised....
According to my calculations, when I retire my pension will be 51% of my RAF gross pay. However, given tax brackets, lack of NI payments on a pension, etc, I calculate that my "take home pay" when retired will be 64% of "take home pay" while serving. Given that I will be a few years short of 37, I suspect that if your answers to both questions above are "yes", then you might be pleasantly surprised with the effective size of your pension! You might be nearer to 75% than you realize!
Enjoy!!
Are you on PAS and AFPS05 terms? If so you might be pleasantly surprised....
According to my calculations, when I retire my pension will be 51% of my RAF gross pay. However, given tax brackets, lack of NI payments on a pension, etc, I calculate that my "take home pay" when retired will be 64% of "take home pay" while serving. Given that I will be a few years short of 37, I suspect that if your answers to both questions above are "yes", then you might be pleasantly surprised with the effective size of your pension! You might be nearer to 75% than you realize!
Enjoy!!
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Yes to both questions though capped at PAS level 20.
Not that I am complaining
.... And unlike the trend, I am planning on completing my last day. The reason is that I cannot see how the common rumour of leave a day or so early and get 2 tax free payments can possibly take into consideration longevity. ....and my family tend to live well beyond their sell by date. I am not planning on a full time second career.
Not that I am complaining
.... And unlike the trend, I am planning on completing my last day. The reason is that I cannot see how the common rumour of leave a day or so early and get 2 tax free payments can possibly take into consideration longevity. ....and my family tend to live well beyond their sell by date. I am not planning on a full time second career.
