Retirement Planning | The Blended Retirement System
You can get a solid estimate in less than five minutes using free retirement pension calculators for both the High-36 and Final Pay legacy retirement systems offered by the Department of Defense. Here’s how to use them – and what you can do to adjust the outcomes to fund your future retirement lifestyle.
As a member of your service member’s support network, you may have heard the good news that both active duty and reserve military personnel received a 3.1% military pay raise in 2020 – among the biggest in a decade. Beyond the salary bump, you’ll be glad to know that your loved one has several ways to be financially fit.
Military members who serve their country as part of the National Guard or a branch’s reserve component may qualify for retirement benefits – including a Blended Retirement System pension and Thrift Savings Plan retirement payments. You can estimate what your potential retirement payments may be with the official BRS military pay calculator.
Retirement can feel like a long way away, especially if you’ve only just started your military career. Still, what you save today will grow significantly by the time you’re ready to retire – even if it’s only a little bit each month.
It’s never too early to start saving for retirement. The best way to get started is the Thrift Savings Plan, a retirement savings plan for federal employees and members of the uniformed services that gives you two ways to sock away some cash.