Veterans are eligible for retirement support because of their service in the form of military retired pay or the veterans pension program, which could be one reason they feel more financially secure. Such loss of high skilled manpower results in void in the services skill matrix and is counter productive to the armed forces and which is why the pension entitlement is being reviewed, the letter states. SeniorLiving.org Report on Military Veterans More than half of all veterans are over the age of 551 and will soon be making decisions about retirement if they have not already. Only eight percent report having a medical alert device. When contacted, a senior officer in Army Headquarters confirmed the authenticity of the letter to The Indian Express. Immediately after the contents of the letter were shared on social media platforms like Twitter, Facebook and Whatsapp there were adverse comments on the move to cut pension and memes of General Rawat lampooning him for the move started circulating all over. Retired medically from the U.S. Army, Navy, Air Force or Marine Corps. Military retirement … ©2020 SeniorNews.com. Who Should I Contact: DFAS, the VA or the Military? We asked military … The increase in retirement age (excluding Army Medical Corps and Military Nursing Service) proposes a Colonel to retire at 57 years of age as against 54 at present, Brigadier at 58 years, as against 56 at present, and Major General to retire at 59 years as against 58 at present. Veterans understand the importance of leisure activities, with 80 percent considering them either “extremely” or “very” important. Department of Defense     Department of Veterans Affairs     Military Employment Verification     Warrior Care Website     Defense Contract Mgmt Agency Qualified Reserve Component (U.S. Army Reserve and Army National Guard) personnel begin to draw retired pay when they have accrued 20 qualifying years of service time and reached age 60. 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Here are two ways to tell the difference: Military retirement is taxable but a VA pension is tax-free. While retirement travel often makes people think of far off destinations, many veterans want to see more of their own country with 44 percent planning to only travel domestically.  DoD Forms     Department of State     Civilian Personnel Mgmt Service     DTS Travel Center     System for Award Mgmt (SAM)  We asked about their financial preparedness for retirement, what fears they have about retirement, their opinions on senior living options, travel, income and more. Though it was behind travel, spending time with family and friends, and pursuing hobbies, over 20 percent of veteran seniors did list volunteerism as a retirement goal. We publish research on issues facing assisted living and aging, and cover governmental programs, and economic and social issues facing seniors. For a Brigadier rank officer, the retirement age would be 58 years instead of 57 years and a Major General rank will work till the age … The Indian Express is now on Telegram. * The moderation of comments is automated and not cleared manually by, Copyright © 2020 The Indian Express [P] Ltd. All Rights Reserved, Military proposes pension cut, increase in retirement age in armed forces, sparks criticism on social media, The proposals indicate that the pension for officers seeking premature retirement will be cut between 50 per cent to 75 per cent , with only those officers who complete their service till age of retirement receiving the full pension. Changes in retirement age. The proposed changes in retirement age if implemented would mean a Colonel can serve upto 57 years, an increase of three years. Over 80 percent plan to stay in their home even if they were to need assistance with activities of daily living, which is in line with what American seniors as a whole have expressed6. Travel is the number one retirement goal listed by the veteran respondents with almost two out of three listing it, and the same percentage deeming it “extremely” or “very” important. Indeed, there are already many ways for veterans to save money when traveling with discounts on hotels, transportation, entrance fees and more3. All Rights Reserved. To inquire about being a contributor to SeniorNews.com and Senior.com, please click here. Of those not yet retired, more than 60 percent planned to retire within 10 years. All interviews were done in October 2020. You may be qualified for U.S. Military Retirement if you: The following types of service count towards your qualifying years of service: Eligibility for Reservists More than half of all veterans are over the age of 551 and will soon be making decisions about retirement if they have not already. Broadly speaking, the following types of service time count towards your qualifying years of service: Reserve Officers also may use service as a contract surgeon or acting dental surgeon to qualify for retire­ment through the Qualified Reserve Component. “General Rawat had made it very clear that the increase in retirement age would come through by 2021 as it was the need of the hour. Veterans at or near retirement want to relax and have fun during their later years, and many seem on track to hit their goals. New devices can track health statistics in addition to falls which could help veterans age at home like they prefer. Eligibility for Military Retirement Pay. We asked questions about retirement plans, financial stability and wellbeing in aging. Only a small percentage of those who qualify for this benefit have ever applied and it can be worth thousands of dollars per year7. The military has been grappling with methods to bring down its pensions bill which at present constitutes around 28 per cent of the overall budget of the MoD in the current financial year. You may be qualified for U.S. Military Retirement if you: Served on active duty in the U.S Army, Navy, Air Force or Marine Corps for a period of 20 years or …

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