USAA Study Finds Many Military Members Undecided About New Retirement Plan
According to a recent survey commissioned by
Of those surveyed who are planning to stay in the current retirement plan, many intend to serve 20 years (42 percent). Some also believe the current retirement plan is better than the new system (35 percent) and believe the existing plan is something they can count on (33 percent).
Of those who plan to switch to BRS, more than one-third believe they will have more control over their retirement (37 percent), will have more opportunity for investment returns (36 percent) and like the new government contribution (31 percent) to the military's version of a 401(k), the Thrift Savings Plan.
"The
Military members surveyed are split equally between thinking that the new system will help them save "more" and that they will save the "same" or "less."
"The reality is that the decision of which military retirement system will benefit the service member most depends on his or her likelihood of retiring from the military," said
Fifty-five percent of those polled view the BRS as a positive change, and in fact, the new plan with its automatic and matching TSP contributions, has the potential to positively impact the 81 percent of military members who the
Military service members can learn more about the retirement changes and how to better prepare for their financial security by visiting usaa.com.
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Read the full story at http://www.prweb.com/releases/2016/11/prweb13826109.htm
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