It
ought to be worth millions, given that you work your tail off, for significant less pay, and get that pay
instead of the civilian 401(k) you could have.
Let's look at an E-9 Master Chief, the highest enlisted rank. Their basic pay is $9267 a month[0]. If they're in for 30 years, and get the High-36 retirement plan[1], then they get 75% of that — $6950/mo — afterward. That's certainly not chump change.
However, the kind of person with the drive, leadership skills, political savvy, and work ethic to become a Master Chief would rise to least a director or VP, or a senior VP, at a civilian company. So yes, their military retirement's quite good, but at a substantial opportunity cost.
To be super clear, my main argument is that the military should earn more, especially for the sheer amount of work they put in. They earn it.
[0] https://www.military.com/benefits/military-pay/charts
[1] https://militarypay.defense.gov/Pay/Retirement/