Baby boomers outliving their 401(k)s

How about 27 years military pension followed by 10 years working as a Senior Analyst Programmer

iirc, you are receiving about four payouts. If you lived in Shinyland, some blowhard would be lecturing you on how evil you are for taking money away from the “JCs”, who are entitled to it. In Shinyland, 20-30 years of your life working to earn something doesn’t matter anymore.

This screed is from 1977:

‘Double Dip’ Paydays May Be Numbered

The practice of “double dipping” - allowing retired military personnel who get a job with the federal government to draw both military retirement pay and a civilian salary - has been outlawed for the future by the House Appropriations Defense Subcommittee.

Chairman George Mahon (Tex.) said it was “simply unfair for some people to draw two salaries when other people can’t get one.”

In 1964, Congress passed the Dual Compensation Act which said retired officers would have to give up $4,000 annually of their pensions if they took a government job. But that does not apply to enlisted men and reserve officers who make up 95 per cent of the double dippers.

https://www.washingtonpost.com/archive/politics/1977/05/28/d…

Those restrictions were removed in 2000:

New Rules on Dual Compensation

The Fiscal 2000 defense authorization act, signed by (some guy) repealed two laws that through the years have forced thousands of military retirees to give up large portions of the first check-for retired pay–as a precondition for taking federal civilian jobs.

The toughest restrictions had applied to retired regular commissioned officers and warrant officers. The Dual Compensation Act of 1964 limited them to keeping roughly the first $10,000 (at the current level) of the retired pay to which they were entitled, plus half of the remainder.

The second dual-compensation law, included in the Civil Service Reform Act of 1978, was more sweeping. First, its provisions included disability pay, granting no exemptions. Second, the law covered not only retired regular officers but all retired service members, whether officer, enlisted, or reserve.

This law put a limit on the total amount that any retiree could receive in combined civil service salary and retired pay.

https://www.airforcemag.com/article/0100rules/

I don’t see any changes since 2000, but I expect this issue to come back again…because this is Shinyland, where what you receive is divorced from what you earn.

Steve

iirc, you are receiving about four payouts. If you lived in Shinyland, some blowhard would be lecturing you on how evil you are for taking money away from the “JCs”, who are entitled to it. In Shinyland, 20-30 years of your life working to earn something doesn’t matter anymore.

All earned. In order of relevance I receive my military pension which I paid into for 27 years.

I also receive OAS (Old Age Security) which every Canadian over 65 who has lived in Canada for at least 10 years qualifies for.

https://www.canada.ca/en/services/benefits/publicpensions/cp…

I also paid into CPP (Canada Pension Plan).

https://www.canada.ca/en/services/benefits/publicpensions/cp…

Finally I receive a Disability (Hearing Loss) pension from DVA that is tax free and indexed.

There is mention of another allowance that may be available for Vets of a certain age who want to remain in their home. I’m still more than able to take care of myself in the condo and still use stairs rather than the elevator to get up and down the five floors.

The “JCs” don’t have quite the same authority in Canada as they do in US. They are not allowed to pay bribes to our politicians.

Tim

2 Likes