Overview of Report
A report released from the Congressional Budget Office determined that Vietnam era veterans earned almost as much in retirement as the civilian counterparts of theirs, with all those over the age of seventy two producing more, typically, compared to civilians belonging to the exact same age group.
Based on the Census Bureau, there are almost fifteen million American men between the ages of sixty three and seventy eight, of that number around 5.5 million are actually Vietnam era veterans. The recently published study examined the overall private income of almost 246,000 guys born between 1940 – 1955, using information from the U.S. Census Bureau. Of that number, around 178,000 were non veterans and 68,000 were vets.
The study found very little distinction between races or those with no college degrees. This study only consisted of male veterans.
There were two studies were cited by the report, one carried out in 2008, when the majority of Vietnam era ex-serviceman were still in the workforce, and one from 2018, when nearly all of them had retired.
Earnings and wages
VA disability payments
The Reports Findings
When all of these sources of income had been added together, most Vietnam era veterans in fact earned much more than the civilian counterparts of theirs in retirement, although they earned much less when compared with civilians while in the workforce.
While working, the sampled veterans had mean earnings of $50k throughout 2008 which was twenty percent less than non veterans in the exact same age range, who made $62k.
Nevertheless, in 2018 when the majority of Vietnam era veterans had gotten to their retirement years, the differences were found.
The distinction narrowed as age increased
Throughout 2018, a 65-year-old veteran made an mean income of $56k, in comparison to the typical civilian earnings of $66k.
by the point they hit age seventy one (the current median age for a Vietnam era veteran), vets had an mean complete income of $65k, when compared with $64.5k for non veterans.
But older than seventy one veterans had a lot more income than non veterans. At seventy two, veterans attained $5,000 more yearly. By age seventy six, a veteran earned an mean salary of $68k as opposed to $56k for a non veteran.
The study also discovered that vets in the study had been not as likely to stay in the workforce once they hit retirement age as they were earning more from other sources. The Census said that close to ten percent more non veterans keep on working after age sixty five than veterans do.
Veterans in addition had much less income disparity than non veterans, which means that more vets had been solidly middle class with less of them being also very rich or poor.
Roughly fifteen percent of veterans had been in the lower quarter of earners, when compared to twenty two percent of non veterans; seventeen percent of veterans were in top quarter of earners, compared to twenty one % of non veterans.
One more tidbit of info found in the article said that almost three million of the nine million veterans receiving VA care were Vietnam vets.
You are able to view the entire report on the Congressional Budget Office ‘s site by clicking here