“I retired in 1982 and am by no means a millionaire. My retirement pay at that time was $600/mo. On that I also had to pay income taxes.”
If you make $10,000 per year in benefits, at 1% interest in a bank, you would have to have $1,000,000 to earn that interest.
You can adjust from there if you make more, or if you can earn more interest, but the point is clear.....to get the benefits that you have now, you would need to have well north of $1M today.
I don’t understand your point. What does a bank have to do with the benefits that I earned? If I had invested in a 401K or other civilian retirement plan, how much would I draw? On the pay I received, I couldn’t afford to invest in anything except food and clothing. During my 20 years, I qualified for welfare, but got second jobs instead. Now, I’me being told that I don’t deserve the benefits that I worked for. I just don’t understand your reasoning.