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 […]
Guard & Reserve Retirement Points – How to Earn More Points Before Retirement
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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. […]
New Military Retirement Plan – Military Bloggers Discuss The Pros and Cons
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 […]
2018 Retired Military Pay Dates and Retirement Account Statements
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 […]
New Military Retirement Plan – Blended Retirement System (BRS)
The Senate Armed Services Committee recently passed the FY 2016 National Defense Authorization Act, which features several major proposals, including military retirement reform, personnel reform, and headquarters and management reform. One of the primary goals of the 2016 NDAA is to find areas where the government can cut back and save money. This will come […]
Understanding Guard and Reserve Points – How to Earn Points, and How they Affect Your Retirement
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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 […]
National Guard and Reserves Retirement Benefits Guide (Podcast 011)
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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 […]
Retired Guard and Reserve Health Care Options – TRICARE & Private Health Insurance
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. It’s cost is very affordable, coming in at roughly $50/mo for a member, […]
Active Duty Military Retirement Benefits (Podcast 010)
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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 […]
Military Forcing Some Officers to Retire with Enlisted Pay
Update: Rep. Glenn Thompson (R-Penn.) is stepping up to introduce the Proudly Restoring Officers of Prior Enlistment Retirement (PROPER) Act. The bill would modify existing discharge authority to allow military officers appointed from the enlisted ranks with at least 20 years of service to retire as an officer with only four years of service as […]