Military Retirement Pension
Military Retirement
So you want to join the military and are considering possibly doing 20 years and retiring? Airman Vision has you covered for both situations!
We do our best here at Airman Vision to help you set your life and future up for success
Quick military retirement fact
A majority of people join the military expecting to do 20+ years and retiring and in reality only about 15% actually do 20+ years and retire. So it’s always best to set yourself up for retirement no matter what happens, whether you do 4 years or 30.
The Military Retirement Plan
There are two ways to earn retirement benefits from the military. The first is investing in the TSP which is basically the 401k for the military which you can access until 59.5 years of age. The second is to do 20 or more years and earn a pension which is a monthly payment you’ll get for the rest of your life once you get out of the military. To maximize the military retirement benefits you’ll need to contribute to your TSP and do 20+ years. That’s just to fully maximize the benefits, you can still benefit even if you don’t do 20+ years. Remember, only around 15% of people do 20+ years and earn a pension, but 100% of people who join can benefit from the TSP. That’s why we take the time to explain what the TSP is, and how to maximize it for your benefit while you’re in the Air Force! The military pension plan payout depends on how much time you serve. Someone who does 20 years will make less in retirement than someone of the same rank who does 23 years.
For the full article about military retirement and breaking down how a pension works and how to maximize the TSP retirement account, become an exclusive content member where you’ll earn exclusive access to several hours of informational videos to help you prepare for BMT and life in the Air Force including retirement and investing in your TSP account. Become a member here
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Save money starting TODAY
If you’re looking for additional ways to save money for your future and you want to get yourself and me $5 for free, I highly recommend the app Acorns. Acorns has a referral program where we both earn $5 if you use our referral link. Help us help each other by investing with the Acorns app today! It’s similar to a TSP and an stock investment app. You can contribute money to your account and they invest your money for you. You can select between multiple portfolios that range from aggressive to conservative. This has been my go to app for investing my money. I use it as an emergency fund and a few years ago it helped me pay $3,000 for car repairs. I’m so glad I’ve been saving money and letting it grow with Acorns because I’ve not had to stress when emergencies come up.