Yeah, that's just not true. Retirement requires a minimum of 20 years, in which you will receive 50% of monthly pay. This is increased by 2.5% per year after 20 years, up to 75% (30 years). So, if you served 30 years, you would get 75% of pay on a monthly basis. Most retired military have found it more beneficial to retire after 20 years and use their military credentials to obtain a second career job, which will allow them to walk away with two retirement packages after 40 years of work (referred to double-dipping).
Now, retirement pay is dependent upon your rank, so if you want a good retirement package, you need to seriously consider obtaining an officer rank from the onset. So very few people become officers after becoming enlisted, it's not even worth considering.
This idea of "working your way up" has no true purpose, because you will simply not become an officer without somewhere along the lines obtaining a degree. And, despite the recruiter's sell, you will not be more respected merely for being enlisted before being an officer. Respect will be based on how you conduct yourself, how you manage others, and your rank. If enlisted personnel don't like you, they still have to follow your orders, but if a commanding officer doesn't like you, best get used to kissing the pavement.
Get your degree first, before entering the military. I recommend researching the Baccalaureate Degree Completion Program (BDCP). I think you'll find a reasonable option there to obtain your degree whilst paving the way for your military career. Also, you should discuss OCS (OTC if you're talking about British/Canadian/Australian military) with a recruiter, but accept nothing that is not written down. You are obligated to protect yourself, so ensure anything you sign states exactly what was agreed.
As to patriotism, that's a non-paying ticket. You're just going to be used and discarded. There's no great ticker-tape parade, no fanfare, no honor club for your time in service. If you wish to serve your country, there are plenty of social services that are far more beneficial to the nation, and which will provide you far more in the form of accomplishments and respect. Our military, for the most part, is not well-respected locally or abroad, and the use of our military is, at present, marginally patriotic in its application.