Comprehensive Financial and Retirement Planning Resources for U.S. Active Duty Military Service Members

Wrestling with your finances while serving? Here’s a no-nonsense guide to the best resources that can help you secure your financial future.

1. Military OneSource

Overview: Offers a wide array of free resources and counseling services for service members and their families, including financial planning and retirement advice.

• Financial Counseling: Personalized consultations for budgeting, debt management, and planning.
• Retirement Planning: Guides to understand your retirement options, including the Blended Retirement System (BRS).

2. Thrift Savings Plan (TSP)

Overview: A retirement savings and investment plan for federal employees and service members, featuring various investment options.

• Investment Funds: Information on TSP funds and their performance.
• Contribution Options: Guidelines for contributing to your TSP account, including government matching contributions.

3. U.S. Department of Defense (DoD) Financial Readiness

Overview: Provides tools to help service members manage finances, budgeting, saving, and retirement planning.

• Budgeting Tools: Templates and calculators to help you create and maintain a budget.
• Retirement Resources: Information on retirement planning, including understanding your pension and TSP.

4. Defense Finance and Accounting Service (DFAS)

Overview: Manages pay and financial services for the Department of Defense, including retirement pay and benefits.

• Retirement Calculators: Tools to estimate your retirement pay based on your service record.
• Leave and Earnings Statement (LES): Information on how to read and understand your LES.

5. Military Family Advisory Network (MFAN)

Overview: Provides resources and advocacy for military families, focusing on financial education and support.

• Financial Education: Articles on managing money, saving, and planning.
• Support Services: Access to additional financial assistance and educational programs.

6. The National Military Family Association (NMFA)

Overview: A nonprofit that supports military families, including financial resources and retirement planning.

• Financial Workshops: Educational resources focused on financial planning and managing military benefits.
• Advocacy and Support: Resources to navigate financial challenges.

7. Personal Financial Management (PFM) Programs

Overview: Offered at various military installations to provide financial counseling and education.

• Counseling Services: One-on-one financial counseling for budgeting, saving, and debt management.
• Educational Materials: Access to seminars, workshops, and online resources.

8. BRS Opt-In Website

Overview: Provides detailed information on the Blended Retirement System, including how to opt-in and the benefits associated with it.

• BRS Overview: Detailed explanations of the BRS components and benefits.
• Opt-In Process: Instructions for transitioning from the legacy retirement system to BRS.

9. Veterans Affairs (VA) Financial Assistance

Overview: Offers financial assistance and resources for veterans and active-duty members, including retirement planning.

• Benefit Information: Details on VA benefits, including retirement and financial assistance.
• Financial Counseling: Resources and counseling for managing finances and planning for retirement.

Conclusion

Accessing the right financial and retirement planning resources is crucial for military service members to effectively manage their finances and plan for a secure future. By utilizing the resources listed above, you gain valuable insights and support to navigate the complexities of financial management and retirement planning. Stay informed and seek assistance when needed to make the best decisions for your financial well-being. Feel free to explore the links provided for deeper insights into each resource. If you have questions or need personalized advice, consider reaching out to these resources for assistance.