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The DoD has released a report that projects that 5.2 percent of retiring officers and 22.8 percent of retiring enlisted will be enticed into taking the lump sum of cash in exchange for deep cuts in their future retired pay. This controversial feature of the new Blended Retirement System (BRS) gives retirees the option to forfeit 25 or 50 percent of their earned retired pay until age 67 in exchange for a six-figure lump sum buy-out. Read more about this study and the impact it could have on future retiree's long term retirement benefits.
After reading it through myself I hope that they are wrong about how many will cash out. I would counsel them to stay in until 20 or if they do cash out that they take the cash and invest it.
Well, I see a huge increase in the sales of full size pickups and sports cars in the future. What a shame.
The government shut down that business that used to offer a lump sum in exchange for so many years of a persons SSA or VA disability payments, said it was un-ethical. Now the government it's self is doing it.
Military personnel face a critical choice for their retirement plan
Changes to the system will impact millions of current and future service members.
The new retirement program combines a traditional pension with a defined contribution plan.
Financial education is key to the program's success.
Sharon Epperson | Katie Young
Published 1:02 PM ET Sun, 7 Jan 2018 Updated 1:15 PM ET Tue, 9 Jan 2018
Quote:
The U.S. military is a launching a new mission this year, one that aims to ensure more of those who serve are also saving for their financial future.
Pentagon officials are calling the move the biggest update to the military's pension and benefits since World War II. The dramatic changes to its retirement system will impact millions of current and future service members.
Military service has long brought with it a highly valued pension for members of the armed forces, who have made their careers in the U.S. Army, Air Force, Marines, Navy and Coast Guard.
Until this year, all military members could potentially receive a guaranteed pension of at least 50 percent of their base pay for life. But to earn it, they must serve for at least 20 years. Most never stay that long.
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