U.S. military (ret.): Military retirement package is among the best - Money, Military Retirement - Air Force Times

U.S. military (ret.): Military retirement package is among the best

I recently had the opportunity to speak to a room full of military retirees during a Veterans of Foreign Wars indoctrination dinner. My topic was the value of a military career and the benefit package that comes with serving to retirement.

With a half-hour to speak, my basic theme was that even in a period of upheaval and uncertainty, with our troops actively engaged in a variety of tough missions, the military retirement package is still worth the 20 years of service required to earn it.

Although there have been many studies about possible changes to the military retirement system, it remains an example of the “defined pension” model that is rapidly dying out in the private sector — it pays out monthly from the day you retire until the day you die, and is indexed to inflation to maintain your purchasing power.

What really sets the military package apart, however, is the benefits. Setting aside the long-simmering debate over “free health care for life,” the fact is that the health care benefits provided to military retirees are among the most robust, and least expensive, of any health care plan in the nation.

Then you can add in the fringe benefits that start with unlimited post/base exchange and commissary privileges, which almost always offer good savings over prices outside the gates.

You can avail yourself of the wide variety of morale, welfare and recreation programs on military installations, and you have space-available flight privileges to travel for peanuts to many locations at home and abroad, if you’re flexible with your itinerary.

The concern, of course, is what lies ahead — nothing is forever, and the budget climate in Washington has many retirees thinking that sooner or later someone on Capitol Hill will come gunning for our benefits.

That’s why I often put out a call to retirees about the importance of making your voices heard to your elected representatives in Congress.

That said, it has been several decades since any major changes have been made to the basic foundations of the military retirement package.

As 76 million baby boomers prepare to retire in the next decade, many, if not most, are wondering whether they will be able to maintain a decent standard of living in their golden years.

I’m not saying military retirees are totally free of such concerns. But with the guaranteed lifetime monthly pay, low-cost health care and many other benefits, look around today and tell me who has a better deal.

Retired Command Master Chief Alex Keenan served 28 years in the Coast Guard. Email him at retired@militarytimes.com.