WASHINGTON—The Defense Credit Union Council (DCUC) has released a publication developed to help educate servicemembers about the changes to the military retirement system that take effect next year. On Jan. 1, 2018, the new Blended Retirement System comes into full effect.
The guide, titled “Blended Retirement System: Guide to Military Retirement,” is a 36-page illustrated reference explaining the mechanics of the new system and offers information for making an informed decision between each retirement option, explained CUNA.
“The new system offers automatic and matching contributions to a tax-deferred account and will now extend these retirement benefits for all service members. This is an added benefit for junior servicemembers and for those who separate before serving 20 years. Current military members must choose to permanently ‘opt-in’ to the new system or automatically remain in the current system, stated CUNA. “The DCUC is distributing copies of the Blended Retirement System: Guide to Military Retirement to each of our member credit unions to assist installation Personal Financial Managers with ongoing financial readiness campaigns.”
The guide contains fundamental retirement planning considerations, describes why saving is important, and offers guidance for meeting both immediate and long-term financial goals, noted CUNA.
The DCUC will distribute copies of the guide at the Pentagon Financial Fair next week, which is also Military Saves Week. Copies are also available at defense credit unions, and on the DCUC website.