That's a great question
@Hammerblow, and one I haven't been asked before. I can't say I regret staying on active duty for 30 years, for two reasons: 1) To my mind, the work I was doing was important, and I enjoyed the sense of purpose it entailed, and the camaraderie of the officer's corps, and 2) The way the U.S. Army's pension system works, one is eligible for retirement after 20 years service, at 50% of your base salary (averaged over your highest 3 years (36 months) average base pay plus 2.5% added on for every year of service over 20 years). So the difference in pension if one serves 30 years rather than 20 years is significant - My pension check is 75% of my base pay while I was on active duty, while a pension check for someone who retired after 20 years would be 50% of their base pay. Every year past 20 that one serves earns one an additional 2.5% of their base pay, so those extra 10 years make the difference between receiving 50% of one's pay or 75% of one's pay (and there is a guaranteed 2.5% cost of living adjustment added to the gross pension amount as a cost of living adjustment every year).
So once I decided to make a career of the army (and I didn't make that decision until earned my commission as an officer), I knew I was signing up for 30 years of service - 20 years wouldn't have provided enough of a pension to actually retire on, I'd have to start a second career.
Ironically enough, with the economy going down the tubes in the years before I retired, and two daughters just starting college, I had to do so anyhow - We were never able to save much money while I was on active duty, as my wife's parents both had severe health issues, and of course we had three kids of our own, with all of the associated expenses that come with them.
I don't find that I ever regret my 30 years in the army...If my own health had held up better, I'd most likely have tried to serve another five years, and top out at 80% of my base pay, which might have made it possible to retire altogether, rather than embark on a second career. The military retirement system is arguably the best retirement deal around these days, really - Unlike most retirement plans, the Armed Forces offer a pension, with benefits, that starts the day you retire, no matter how old you are. That means you could start collecting a regular retirement pension as early as
37 years old. What's more, that pension check will grow with a cost of living adjustment each year. The Bush / Obama mismanagement of the economy is something none of us saw coming...Everyone I'm still in touch with, all of my old army buddies, are in the exact same spot I am - Where our parents (who were, for the most part, also army officers) were able to retire comfortably after 30 years service, we find ourselves having to find a second job that has some sort of pension system of its own (in my case, a 401K savings plan, where the company matches every dollar I contribute, up to 10% of my salary), and wait until age 67, at which point we'll be eligible for 100% of our Social Security benefits. It's not as bad as it sounds, really, because the army starts paying one's pension immediately upon retirement, so right now, it's like I'm getting two paychecks - My pension check, and my salary from my current job. I also don't have to pay for healthcare, as part of the military retirement package is full health coverage for my wife and I, for as long as we live.
I am, of course, not very happy about having to wait until age 67 to retire, when I planned to retire at 52 for most of my life...And like most of the rest of the population, I'm furious about the corporate welfare that started with the great bailout of 2008, the scandalous mismanagement of the Veteran's Administration that was discovered in 2005 and
still has not been addressed, and the rest of all the brain dead wastes of money the past two administrations have engaged in - I understand the Trump phenomenon perfectly, even if I don't entirely approve of it - It's anger. People (including myself) are outraged at how the political class has thrown away our tax money on corporate welfare, foreign aid, partisan leverage, and corruption, and left us hanging out to dry. It is certainly going to be an interesting election cycle here in the U.S.
V/R
- b2g