News Focus
News Focus
Followers 63
Posts 79176
Boards Moderated 1
Alias Born 04/13/2003

Re: fuagf post# 165470

Sunday, 01/15/2012 11:34:41 AM

Sunday, January 15, 2012 11:34:41 AM

Post# of 575035
Another point Gates made related to the financial condition of the nation and if the military should share in the sacrifices everyone else is going to have to make - Gates was very clear the military will have to share in the sacrifice and becoming more efficient is the first step.
Gates went further and said he tried to change the system with regard to what if anything the avg enlistee has when he/she leave the military after giving, say, 5-10 years of their life to the defense of the nation - they have nothing other than what they may have saved on their own. Also, he is concerned with those who remain in the military for 20yrs and retire with 40% of their pay - the nation can no longer afford that in terms of $$$ AND in terms of security as most of the 20yr folks are college grads and when they leave, at approx 42yrs old, the nation suffers because they they take all that experience with them + they retire with 40% of their pay.
Gates would like to see all military personnel have a 401-k plan so they have something when they leave before 20yrs...and for those who remain, extend the 20yrs to a least 25yrs befoce they can collect 40% (he did not indicate if the 40% should be reduced).
Gates' plan called for those currently committed to 20yrs be grandfathered to the original agreement.
According to Gates, his proposal has ever been seriously discussed - yet.






"If you don't think too good, don't think too much"
-Ted Williams

Discover What Traders Are Watching

Explore small cap ideas before they hit the headlines.

Join Today