Military Retirement Cuts: Prelude To Coming Social Security Changes
Forbes ^ | 20 Dec 13 | Robert Laura
Posted on Saturday, December 28, 2013 8:50:47 AM by SkyPilot
As someone who is constantly researching retirement, I find the recent funding cuts to military retirees very disheartening. Worse yet, I see this as a move to establish ground zero for the testing of changes to Social Security benefits.
On Wednesday, the Senate passed a bipartisan budget that scales back cost of living adjustments for working age military retirees starting in 2015. Several sources including Military.com suggests that qualified participants could lose between $3,700 and $6,200 per year, or an aggregate between $83,000 and $124,000 before they retire based on rank, age and years of service.
Despite some protests, a few web articles, and assorted angry Facebook posts from former military personnel, it’s pretty much a done deal. The message seems clear: if you’re young (under the age of 62) and capable there will be no perks for you.
Whether you support the decision or not, the rapid process by which these benefits were stripped and seemingly limited public and media anger, may just be setting the stage for related actions within the Social Security program. It’s well documented that the Social Security fund is set to go bust by 2033, with some experts suggesting it could happen sooner. Whether it’s ten, fifteen or even twenty years away, that insolvency date needs
to change for the system to survive, and the logical and now accepted way to do it is on the backs of those who can, and already are paying into the system.
(Excerpt) Read more at forbes.com …