Posted on May 13, 2019
How does retirement work now? Is it all contribution plans?
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When I got out, 1980, retirement was a fixed amount for 20 years service based on rank. I understand that was done away with.
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Posted 5 y ago
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Blended means some is contributions. The rest is the same as before but you get 40% at 20 years. There is a lot of material on it. Just google blended retirement.
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I am no expert on BRS but will try to describe it nevertheless. The retirement annuity is 40% of your base pay after 20 years. Upon retirement you can ask for a lump sum. However, this lump sum will be discounted at 6.9% which acts like a penalty. The military will automatically give your TSP funds annually and will match funds to a certain percentage. You need to be 59.5 years of age to withdraw funds from the TSP in order not to incur penalties.
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Information on the U.S. Department of Defense Blended Retirement System.
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