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In case you missed it, 2018 was the first year that the U.S. military introduced its new retirement program called the Blended Retirement System or BRS. This has already impacted thousands and will continue to encourage additional retirement savings for millions of future service members.
Before we dive into the BRS, let’s look at the current set-up. There are two arms to the retirement plan and they are the Thrift Savings Plan (TSP) and the pension. For those not familiar with the TSP, it is the military and U.S. government’s “401(k)” equivalent. Pre-tax funds are contributed to the TSP account via salary deferrals and there is a dollar-for-dollar match up until 4%. So, if you are contributing 4% of your pay, you are also receiving a match of 4% from your employer, assuming you have been working for two years. Two years of service is required to receive the matching contribution. read more…
On Friday, August 31, 2018, President Trump signed an executive order which aims to make it easier for small businesses to join together and provide their employees with retirement plans. The order also directed the Labor and Treasury department to review the rules that require retirees to take Required Minimum Distributions (RMDs) once they turn 70 ½. These rules haven’t been updated since 2002. read more…
Are you someone who checks the weather all the time? What about the news? Does the next, new round of tariffs cause you to worry? What about the mid-term elections or our President’s daily Twitter activity?
Here are some things you might worrying about when it comes to your retirement portfolio:
- How much you spend.
- How much you save.
- When you would like to have the choice to quit working.
- Where the economy has been, where it’s at, and where it might go from here.
- Where the markets are, where they’ve been, and where they may go from here.
- Who your President is, or which parties control the House and Senate and how different combinations affect our money.
- Domestic concerns, both financial and otherwise (i.e. – Tariffs)
- International concerns and geopolitical threats.