Resources for Servicemembers & Their Families
The Blended Retirement System will go into effect for those joining the military after January 1, 2018. Additionally, many currently-serving members are eligible to opt into the new system. Generally, the BRS lowers the amount of the retirement annuity you can get after 20 years from the existing retirement plan, but adds up to a 5 percent match for TSP contributions and a continuation pay bonus of at least 2.5 times base pay at the mid-career point in exchange for additional service.
If you take advantage of the BRS, consider maximizing the employer match for TSP by contributing at least 5 percent of your pay to TSP. That’s free money! For more information on BRS, see the Department of Defense’s BRS page (opens new window) and MilitaryOneSource (opens new window), and talk to your base’s financial manager/specialist.
Those who serve, or have served, our country should not have to worry about falling victim to unfair, deceptive, or abusive financial practices. The CFPB’s Office of Servicemember Affairs (opens new window) works to ensure that military personnel and their families have a voice. Learn more about CFPB’s resources for servicemembers or contact the CFPB for complaints about financial products.
The National Resource Directory is a partnership of the Departments of Defense and Veterans Affairs. This online directory connects service members and veterans with resources to benefit them and their families.
The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. The TSP is a defined contribution plan, meaning that the retirement income you receive from your TSP account will depend on how much you (and your agency, if you are eligible to receive agency contributions) put into your account during your working years and the earnings accumulated over that time. For more information, visit: www.tsp.gov (opens new window).
Managing money and legal affairs are part of mission readiness. Military OneSource provides strategies on consolidating and paying down debt, saving for retirement or college, investing for income growth and creating a financial plan that will lead to security. Explore estate planning and legal paperwork that protects you and your family from mishaps. And find out how MilTax, Military OneSource’s free tax services, can make quick work out of tax preparation and filing. Set financial and legal goals for your future by tapping into the information and resources available through Military OneSource.
Military Consumer is a joint initiative to empower active duty and retired servicemembers, military families, veterans and civilians in the military community. Use these free resources as the first line of defense against fraud and make better-informed decisions when managing your money. Also, file complaints about scams with the FTC.
Military Saves is part of the Department of Defense’s Financial Readiness Campaign and has been a partner with DoD since 2003. Military Saves is a part of America Saves, the larger nation-wide campaign for all Americans. Military Saves encourages all servicemembers, their families, and civilian employees to take the Military Saves pledge (opens new window). For more information, visit: www.militarysaves.org (opens new window).
It’s crucial that military personnel have access to financial education resources that enable them to make prudent saving and investing decisions for themselves and their families. This site offers online and on-the-ground training to support military personnel at key financial milestones.
Here, servicemembers, veterans, and their family members (opens new window) will find information about the federal laws that protect their rights. The Department of Justice protects a servicemember's civilian employment rights by enforcing the Uniformed Services Employment and Reemployment Rights Act (opens new window) ("USERRA"), voting rights by enforcing the Uniformed and Overseas Citizens Absentee Voting Act of 1986 (opens new window) ("UOCAVA"), and financial security through the Servicemembers Civil Relief Act (opens new window) ("SCRA"). Servicemembers who believe their rights under USERRA, UOCAVA, or the SCRA have been violated will be able to file a complaint with the Department of Justice on this site. Servicemembers, veterans, and their families will also find information about where to obtain legal assistance.
Learn more about help for veterans and service members, joining the military, and more.