Should Congress implement pay & benefit reduction changes on themselves similar to which they produce for the military?

I am a firm believer that Congress should not get pay increases as long as the military and civil service are not. Additionally, I believe that Congress should not get a full pay retirement after 8 years in office. They should get one years pay and out the door. If they manage to stay there for 20, then a retirement might be warranted.

Yes, but don't hold your breath.
Nor the reduction, limitation, elimination of lifetime pensions for serving just ONE term

The 27th Amendment to the Constitution states "No law varying the compensation for the services of the Senators and Representatives shall take effect, until an election of Representatives shall have intervened". They do get to vote on their COLA, they should get the same COLA that the SS gets. Don't see this on getting overturned anytime soon, it only took 200 years to get it ratified. Semper FI.