Precise101
Member
- Joined
- Jan 22, 2021
- Messages
- 94
So here's thinking ahead - does the Army offer a retirement/pension plan? Someone recently told me they do not anymore.
Is it then that it's not as good anymore? I was told it is now a 401K plan instead of a pension.Yes!
So here's thinking ahead - does the Army offer a retirement/pension plan? Someone recently told me they do not anymore.
I can only assume you’re not in the military because if you are, your finance office will make sure you know about your retirement benefits.So here's thinking ahead - does the Army offer a retirement/pension plan? Someone recently told me they do not anymore.
The change in 1979 was from retirement pay based on highest pay received to retirement pay based on average of your highest three years pay which is also the way that some civilian police retirements work. Changes that were much more recent bring in some more civilian-type options but you can still do 20 (or 30) and receive a substantial pension starting immediately. There is also a "Thrift Savings Plan" which is similar to a 401k which is a substantial improvement for current servicepeople.I can only assume you’re not in the military because if you are, your finance office will make sure you know about your retirement benefits.
1979 was the last year to get 50% of your base pay after 20 years of service; 75% after 30 years. I think the retirement benefits now are similar to civilian accounts where you have several options to choose from.
Thanks for the information. It’s so long ago that I just wait for 75% pension every month.The change in 1979 was from retirement pay based on highest pay received to retirement pay based on average of your highest three years pay which is also the way that some civilian police retirements work. Changes that were much more recent bring in some more civilian-type options but you can still do 20 (or 30) and receive a substantial pension starting immediately. There is also a "Thrift Savings Plan" which is similar to a 401k which is a substantial improvement for current servicepeople.