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.
The military recently adopted a new retirement plan called the Blended Retirement System which extends benefits to a lot more service members than the old plan. The good news: the BRS can put your service member on the path to long-term financial security. And, the more a service member contributes to their own retirement, the more the Department of Defense matches it.
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.
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.
The Uniformed Services Former Spouse Protection Act is a federal law that provides certain benefits to former spouses of military members.
The Survivor Benefit Plan, or SRB, allows retired service members to allocate a portion of their retired pay to a spouse or other eligible beneficiary after their death. Every retiring service member with an eligible spouse or child receives automatic enrollment in the Survivor Benefit Plan at the maximum level
Military OneSource helps service members and their families be the best guardians of their country, team and family by helping them find information, manage challenges and connect with the military community.
You have a unique vision of what you want the future to look like. Maybe you want to buy a home, send your children to college or you’re looking toward retirement. When it comes to planning for your “some-day” expenses, they become a lot more attainable if you start planning and saving early.
Transitioning Veterans is a free Military OneSource specialty consultation designed specifically for service members returning to civilian life. Whether you are 12 months out from retirement or separation or within 365 days of your last day of service, you are eligible for this personalized transition support. Through a series of sessions, a professionally trained consultant will help you identify goals and navigate benefits and resources.
MilTax preparation and e-filing software is available mid-January through mid-October. Powered by an industry-leading tax service provider, it’s designed to address situations specific to the military. This easy-to-use, self-paced tax software walks you through a series of questions to help you complete and electronically file your federal return and up to three state tax forms. Calculations are 100% accurate – guaranteed by the software provider.
Hanging up your uniform and transitioning to civilian life can be both exciting and confusing. It may come with a lot of questions. Have you figured out your civilian career? Found a health care plan yet? Secured a new home base?
Maybe you’re just ending your first tour of duty. Maybe you’ve fulfilled your obligation to your country. Now, you’re at a crossroads—re-enlist, reserves, transition out? How do you know you’re making the right call?
You don’t need to tackle issues like mounting debt or saving for college or retirement alone; Military OneSource financial counselors are available in-person, over the phone and video. Financial counseling gives you an opportunity to talk to a trained professional – one who is familiar with the issues that affect service members – about your questions and receive referrals to services and programs that meet your specific needs. Rest assured, Military OneSource financial counselors will not push products or plans on you.
More than one in four active duty service members tell us they intend to join the reserves. It can be a great option for lots of service members.
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.
Planning to separate or retire from the military one day? You may be able to place your eligible family member with special needs on a Medicaid waiver wait list now.