Budget Agreement Would Cut Retirement Benefits For Military
When we’re talking federal money, we’re talking big bucks. But the changes for veterans don’t necessarily reach the same heights.
Right now vets get a cost of living adjustment. It keeps up with the Consumer Price Index, which roughly tracks inflation.
That’s usually a two-to-three percent increase.
The new bill lowers the raise by one percent.
However, when retirees reach 62 years old, their retirement payments catch right back up to where they would have been without the changes.
That’s why the folks at Still Serving Veterans believe younger retirees can handle the adjustment.
SSV Director Bill Koch predicts, “Right now people are up in arms about it. If it passes, people will adjust to it, and that will be the end of that.”
After all, Kock notes that most retirees under 62 go ahead and get other jobs.
At Still Serving Veterans – it’s not about the specific numbers; it’s the fact that veterans have to carry the banner of sacrifice yet again.
Koch says, “It’s the principal of the thing. Why do they keep going after the veterans, when the veterans have sacrificed so much? It’s not a matter of the actual dollars and cents of it, because that amount is very small compared to my income.”
However, the budget agreement does manage to scrap some unpopular defense cuts included with sequestration.
Koch, a veteran himself, says he’s willing to stomach minute cuts to avoid more federal shenanigans, “If it’s going to help the defense of this country, then I’m all in, and most veterans are.”
Keeping federal dollars flowing for greater defense missions may coax veterans into accepting a tinge more personal sacrifice.
Koch notes, “There’s other countries in this world that are increasing their defense spending. They’re building up their armed forces, and we’re attacking ours.”
The agreement in Congress could stem the tide on that front.
And Koch thinks the veterans affected will weather the storm just fine.