The increase in retirement age will consequently lead to the stopping of re-employment being offered to Colonels and Brigadiers after retirement. Not surprisingly, those who said leisure was important to them were much more likely to be making time for it every day or several times per week. ©2020 SeniorNews.com. An advocate dealing with military affairs contended that the move will be challenged in court as terms of engagement and entitlements could not be changed summarily by DMA. Both the measures would lead to substantial financial savings as the increase in retirement age will also lead to lesser intake of officers at cadet level.” the source said. 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. 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. So, how do our nation’s service members plan on living their senior years? Hearing problems are the most prevalent service-related disability among veterans8, and more than one million veterans receive disability compensation for hearing loss. Department of Defense Department of Veterans Affairs Military Employment Verification Warrior Care Website Defense Contract Mgmt Agency It also states that there are a large number of personnel who are boarded out of service in view of lesser vacancies and some service restrictions. Eligibility requirements for Reservists are slightly different. The letter dated October 29 states that a draft Government Sanction Letter (GSL) be processed for the two proposals of pension cuts and increase in retirement age for the persusal of General Rawat by November 10. The Indian Express is now on Telegram. The letter states that there will be no change in entitlement of pension of battle casualties. With the average length of retirement at 18 years2, planning financially for long term leisure is an important step in keeping retirement goals. 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 “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. We asked military veterans ages 55+ more than 30 questions on topics from retirement to financial security to leisure. Freedom of Information Act DFAS Hotline Accessibility / Section 508 EEO / No Fear Act, Providing payment services for the U.S. Department of Defense. Veterans Pension Versus Military Retirement. SeniorNews.com does not endorse the content in any way. Highly placed sources said that these proposals had been enunciated by General Rawat during the recently concluded Army Commanders Conference held at New Delhi. Click here to join our channel (@indianexpress) and stay updated with the latest headlines. Studies show volunteering is a key way to live a more purposeful lifein retirement, which is associated with increased happiness and a longer life4. 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. Of those not yet retired, more than 60 percent planned to retire within 10 years. 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. 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. For most, this preference of staying at home is not due to a dislike of senior living as 77 percent view independent living at least somewhat favorably, and 68 percent view assisted living at least somewhat favorably. All interviews were done in October 2020. Eligibility for Military Retirement Pay. 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DMA proposes increase in retirement age of military officers, cut in pension The move by the DMA is part of a series of reforms aimed at ensuring efficient use of resources and manpower PTI, … So, how do our nation’s service members plan on living their senior years? All Rights Reserved. Only eight percent report having a medical alert device. SeniorNews.com started in 2002 as a website to share articles about aging and health. Our mission is to provide educational content and resources so you can live the life you deserve. About SeniorLiving.org (https://www.seniorliving.org) Research and This Report. 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