Every military member, no matter how enthusiastic, wakes up one day (or comes out of a frustrating meeting) and asks themselves, “How much longer do I want to do this?” Invariably, this question is complicated by the cliff-vesting nature of the military retirement pay system. Get out before 20 years of service, and you leave with what you have in the Thrift Savings Plan. Stay for 20 years of service, and you get lifetime retirement income, plus health care benefits, plus the ability to purchase Survivor Benefit Plan coverage for your spouse and any incapacitated children.
With this high-stakes cliff-vesting, many people make their decisions based on emotions and guesses. And let’s be honest, that’s not ideal.
Thankfully, my imaginary friend* Grumpus Maximus, has written a thoughtful, practical book that helps you look at the pros and cons of a defined benefit plan, considering both the math and the life implications. In The Golden Albatross: How To Determine If Your Pension Is Worth It, GM runs through the subjective and objective considerations, and lays out a framework for determining which considerations matter for your personal decision.
*imaginary friend: what my family calls my friends that I don’t see in real life, but communicate with via the internet.
I’m going to be up-front here. I really, really like this book. It speaks to me in a special way. I’m a little reluctant to write a review because I think there is approximately zero percent chance that I’m going to write a review as good as the book.
On the flip side, I want y’all to read it. So I will soldier on with the full knowledge that I can’t possibly do this book justice.
What The Golden Albatross Is About
This book is about the value of a defined benefit plan, often called a pension, and whether you should remain in a job because of that pension. The Golden Albatross explores how to quantify the value of your pension and pension-related Other Post Retirement Benefits. It helps you think about your pension in real terms: what the pension can do for you. It also shows you how to evaluate the security of your pension. Lastly, GM helps you look at the non-financial side of the equation: health, family, and opportunities outside of your current work.
The Golden Albatross helps you build a personal framework so that you’re prepared for the day you wake up and wonder whether it’s all worth it. Or, if you’re already at a critical decision point, this book helps you make a smart, informed decision based on facts and not emotions.
What I Love About The Golden Albatross
I like the way that this book takes a stressful, emotional dilemma and approaches it based on the individual elements, without oversimplifying the question into simply a math problem. Sure, math is important, but so is all the other stuff.
GM writes in an easy-to-read, conversational style. His friendly personality makes it easy to imagine that you’re talking about this stuff over a cup of coffee or a beer. He’s not afraid to discuss hard topics, like mental health, and how they factor into your choices. Despite the serious nature of the topic, I often found myself having to explain sudden outbursts of laughter. GM is funny, even when it is in a “gosh this sucks but it is totally relatable” sort of way. That might be familiar to to y’all military folks.
Who Should Read This Book
If your current employment includes a defined benefit plan, you need to read this book. Whether you’re in love with your job, struggling to gut it out to vesting, or even if you’ve already earned that pension, there is something in this book for you.
I’d also recommend it for the significant others of people in these jobs. As a military spouse who doesn’t have my own pension, I can’t genuinely understand the pressures that come with it. This book has helped me see a lot of things more clearly.
Where To Get The Golden Albatross
The easiest way to get The Golden Albatross is via Amazon. It’s available for Kindle, paperback or hardcover. I ordered a paperback copy and received it within 48 hours. (Amazon is currently offering me a digital credit for a Kindle purchase, too! Your mileage may vary.)
It is also available at Barnes and Noble and Kobo (E-book only).
Who is this Grumpus Maximus guy, anyway?
Grumpus Maximus is the pseudonym of a retired U.S. military officer, husband, father, blogger and first-time author. His blog, The Golden Albatross, shares information, experience, and encouragement to those who have a work pension, and those who are struggling to decide whether to “gut it out” to reach vesting. The Golden Albatross: How To Determine If Your Pension Is Worth It is GM’s first book, but I hope it won’t be his last.
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I am talking to a deployed soldier who is in Afghanistan. Said he has been there 18 months. Said he received a large amount of cash and is sending to me for safe keeping. It got held in LA, Ca by customs. He is being asked to pay a VAT tax of $7250.00 and is asking me to help him. He has a daughter in a boarding school here in the US. Is this a scam? Is there such a thing as VAT tax? I got emails from the shipping company asking for the money. We talk in the Hang Out app. Please advise!
Ana Maria – almost definitely a scam. Please consider reporting it to the appropriate authorities. https://www.army.mil/socialmedia/scams/ Sending you hugs!
I have pictures that he sent me. He said he is in the Air Force but his uniform says US Army. I was giving him the benefit of the doubt and this really breaks my heart. I tried to look him up in Las Vegas where he says he has lived and found some people with his name but the age does not match.
Also, he has sent me more than one picture of himself and they are all of the same soldier. How is it possible that he can have more than one picture of the same person if he is a scammer? I guess you can call me dumb but I am trying to give this guy the benefit of the doubt. I liked everything about him and things were going great until this came up with the package. Is there any way I can get verification that he is really who he says he is? I only have his name and date of birth. Thank you!
One more question.. is there a way I can find out if he is really on a deployment mission in Afghanistan? I really want to make sure before I make the report!
Generally no. To protect service members, there is no way to verify their location. There is a tool to verify if someone is currently on active duty, but of course he could be using a fake name and date of birth.
It is simple enough to pull photographs off someone’s Facebook profile. That’s a common way to set up these type of scams.
Hope you didn’t fall for this. It’s a common “romance scam” approach, asking if they can trust you to help with their awesome kid by receiving a large sum of money that you actually front in some way in the end.
I want to thank you for your help. I now have confirmation that he is a scammer! I asked him for his military email and he said he didn’t have one..only a personal one! I should have never doubted you and I apologize for that. I will definitely report him because I owe it to the handsome soldier in the pictures he is using. He deserves justice as no American soldier should ever be a victim of these criminals! I am so glad I never sent him a dime! Thank you again!
A great review. I’m hoping he comes out with another.