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Blended retirement
Dear Doc Jargon,
Since the beginning of this year, my spouse has been talking more and more about the “Blended Retirement System.” She’s a specialist now and still has a long way to go before retiring from the Army, but is this something we should be talking about and planning for now?
Signed
Forward-Thinking Army Husband
Dear Forward Thinking,
You are so right in asking this question now and so is your wife!
According to information provided by James Wade, financial adviser at Army Community Services at Fort Riley, the Blended Retirement System is a modernized retirement plan for all new entrants into the Uniformed Services who entered service on or after Jan. 1, 2018,
Features of the Blended retirement system include:
A defined contribution, consisting of government automatic and matching contributions, to a service member’s Thrift Savings Plan; A defined benefit, also known as a pension or monthly retired pay for life, after at least 20 years of service, a mid-career bonus called continuation pay and a new lump sum option at retirement.
Though your spouse is new to the Army still and has a ways to go before reaching full retirement, make sure your spouse takes and thoroughly understands the blended retirement system and how to maximize her benefits within it. It’s all too easy to pencil-whip that training but, if she did so, it would behoove her and you to return to that information for a thorough understanding. Both of your futures depend on it. Take full advantage of your financial benefits and allow the financial counselors at Army Community Service help you plan for and reach your money management goals.
For further information, call Mr. Wade at 785-239-5032. And thank you for your service and support of your Soldier!
Sincerely,
Doc Jargon
Doc Jargon, cutting through the jargon that is the U.S. Army. Send your Army terminology questions to fortrileypao@gmail.com.
| Date Taken: | 03.25.2022 |
| Date Posted: | 03.25.2022 15:34 |
| Story ID: | 417195 |
| Location: | KANSAS, US |
| Web Views: | 25 |
| Downloads: | 0 |
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