Prepare for Retirement With Resources From the Department of Labor
You work hard for your military paycheck. Make sure you achieve the retirement you deserve through wise planning. Discover how preparing now can help you maximize your resources in retirement. The Department of Labor, or DOL, promotes the welfare of wage earners, job seekers and retirees. It provides resources for all types of retirees including those who no longer plan to work and those who want to pursue a second career.
The DOL makes it simple to identify and learn about the two main types of retirement plans: defined benefit and defined contribution. The National Defense Authorization Act for Fiscal Year 2016 created a new retirement system — the Blended Retirement System, or BRS — for members of the uniformed services. The BRS blends the traditional legacy retirement pension, also known as a defined benefit, with government payments made into your individual Thrift Savings Plan, or TSP, also known as a defined contribution. The DOL walks you through each type of plan and how planning and contributing now will impact the amount you receive once you retire.
The DOL also offers the Veterans’ Employment and Training Service, or VETS. The program is committed to helping America’s veterans, separating service members and military families by preparing them for meaningful careers, providing employment resources and expertise, and protecting their employment rights. VETS provides employment workshops for the Transition Assistance Program, or TAP, that teach service members about realities of the civilian job market. TAP holds helpful employment workshops all over the world for separating service members.
The DOL also recognizes that military spouses play an important role in the short- and long-term financial success of their families. DOL provides a free webcast that covers employment, training, benefits and financial education for military spouses. Tips and resources in the webcast show how to make the most of employer benefits including retirement savings plans.
Use Department of Defense Office of Financial Readiness resources for more helpful information on planning for a sound financial future. Follow FINRED on Facebook, Twitter and Instagram for tips to prepare for retirement. Look for more on YouTube and the FINRED blog.
