Stanley McChrystal to retire with four-star rank.

[billt]

Which ever, it's not bad if you can tolerate the lifestyle. Except for top executives, I don't know where you could possibly match that in the private sector. I shudder to think what some of these lifetime Senators and Congressmen walk away with.  Bill T.

[Timothy]

Not sure, Bill.
I've always thought it was 60% for 20-29 years and 80% for 30+.
Some of the military guys or federal employees may shed more light.

I think it's 50% at 20 years then prorated from 21-29.  Goes 80% at 30 years and stays there.

Congress critters use the same scale though they have to contribute to their retirement now like normal people.  It's an urban legend that they retire at full salary.  Not true...

Don't feel like looking it up right now, but the average pension for "retired" congressman is less than 70K annually.

[billt]

What happens to a guy like Byrd who worked 1,000 years until he dropped? Does his entire pension go back into the "till", or are his wife and kids eligible for some, or all of it?  Bill T.

[Timothy]

What happens to a guy like Byrd who worked 1,000 years until he dropped? Does his entire pension go back into the "till", or are his wife and kids eligible for some, or all of it?  Bill T.

Doesn't answer the question but shed light on the amounts.....I'd guess the spouse continues receiving bennies, the kids?  Doubtful..

As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes.

Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Members of Congress have to serve at least 5 years to even receive a pension.

The amount of a congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.

According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006.

[Timothy]

Well, hell, between the two of us we got it worked out....now if all the nation's problems were that easy......  

Either way, it's way more dough than I see a month....      

Crazy thing....if he lives to 85, another thirty years, which is probably average for someone that retires at his age, his pension will increase pretty substantially to nearly 35K a month...

http://militarypay.defense.gov/mpcalcs/Calculators/FinalPayHigh3.aspx

[Sponsor]

[tombogan03884]

What happens to a guy like Byrd who worked 1,000 years until he dropped? Does his entire pension go back into the "till", or are his wife and kids eligible for some, or all of it?  Bill T.

They die 

[fightingquaker13]

They die 

As my stepfather (tragically and prophetically) said, "Retirement is that moment between the heart attack and your head hitting the desk". True for him, true for many of us.
FQ13

[Pathfinder]

As my stepfather (tragically and prophetically) said, "Retirement is that moment between the heart attack and your head hitting the desk". True for him, true for many of us.
FQ13

I knew it! You're a freakin' Zombie!!!!!

[Timothy]

As my stepfather (tragically and prophetically) said, "Retirement is that moment between the heart attack and your head hitting the desk". True for him, true for many of us.
FQ13

I may retire to abject poverty but I WILL stop working in 13 years, 4 months.

 

[billt]

Perhaps it's me, but this "War On Terror" sure seems to be eating up high ranking Generals. "Stormin" Norman Schwarzkopf called it quits after Desert Storm. Then there was this guy Sanchez. He disappeared after a short reign at the helm. And now McChrystal appears to be taking the long walk. Petraeus is no spring chicken, I'm willing to bet he heads for the Lazy-Boy after this mess in Afghanistan ends.

I think it's the combination of politics, coupled with military tactics that ultimately does them in. It's hard to be a warrior when your Commander In Chief hates the military, and keeps you on a short leash. Hussein has as much business directing a war as I do designing dresses for Saks Fifth Avenue.  Bill T.