Personal Finance for Military, Veterans, and their Families
Disclosure: This article is part of a military personal finance bloggers #BRSBlitz education campaign sponsored by USAA. I am receiving a fee for posting; however, the opinions expressed in this post are my own. The Blended Retirement System (BRS) officially rolled out on January 1, 2018. Members who joined the military on or after January […]
The Blended Retirement System (BRS) is the new military retirement plan, which went into effect on January 1, 2018. The BRS was passed by the Senate Armed Services Committee as part of the FY 2016 National Defense Authorization Act (NDAA). The 2016 NDAA featured several major proposals, including military retirement reform, personnel reform, and headquarters and […]
Recently, I sat down with someone who asked me whether she should take the military’s Blended Retirement System (BRS). As most people know, the BRS is the military’s attempt to slowly move away from a defined benefit pension to a defined contribution pension. So her question was, “Should I take some money now, in exchange […]
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http://traffic.libsyn.com/militarywallet/TMW_026_Guard_Reserve_Points.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | Android | Google Podcasts | RSSThe Guard and Reserve retirement system is very different than the active duty retirement system. Instead of rewarding servicemembers with a retirement pay based on number of years served, Guard and Reserve members are awarded Points based on their service. […]
The new blended military retirement plan will take effect in January 2018. Those who are already in the military by that time will be grandfathered into the old plan. However, they will be able to opt into the new retirement plan if they wish to do so. Will members be better off for opting into […]
As we wrote in our military pay date schedule, the first step in creating a budget is knowing how much you will be paid, and when. The good news is that retired military pay dates are easy to remember: you usually receive your pay on the first of the month. The only exception is when […]
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http://traffic.libsyn.com/militarywallet/TMW_026_Guard_Reserve_Points.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | Android | Google Podcasts | RSSMembers of the Reserve Corps (the National Guard and Reserves) have a different pay and retirement system than Active Duty servicemembers. The Reserve retirement system is set up with the same principals as the Active Duty system, but instead of […]
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http://traffic.libsyn.com/militarywallet/TMW_011_Guard_Reserve_Retirement_Benefits.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | Android | Google Podcasts | RSSToday’s article and podcast both cover National Guard and Reserve retirement benefits. Retiring from the Guard or Reserves has some similarities to an active duty retirement, but there are some very important differences, including when you will receive your military […]
Members of the Guard and Reserves have different health care options than active duty servicemembers and active duty retirees. While still serving in the Guard and Reserves, members are eligible for TRICARE Reserve Select, which is a premium based health insurance program. Its cost is very affordable, coming in at roughly $50/mo for a member, […]
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http://traffic.libsyn.com/militarywallet/TMW_010_Active_Duty_Retirement_Benefits.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | Android | Google Podcasts | RSSToday’s podcast covers active duty military retirement benefits. We cover a wide range of topics in this interview with Doug Nordman, military retiree and author of The Military Guide to Financial Independence and Retirement. As a military retiree, Doug has a […]