Retirement Benefits
Once your service commitment is complete, the Military still has your back. Through organizations like the Department of Veterans Affairs (VA), you’ll be entitled to benefits like health and dental care, financial assistance, disability compensation, life insurance and home loans. You’ll also have access to the Blended Retirement System (BRS).
- What Is the Blended Retirement System?
The Blended Retirement System (BRS) is a mix of a savings plan and a pension for military members. Every month, 3% of your pay automatically goes into a Thrift Savings Plan, similar to a 401(k). After two years, your branch will match up to 5% of your contributions, and this money is yours to take with you if and when you leave the Military.
For those who choose to make the Military their career and serve for 20 years, you can opt to receive retirement pay in one of two ways: a lifetime monthly pension based on your pay and years of service, or a lump sum of 25-50% of your retirement money up front, with smaller monthly payments later on. This system helps you save while serving and provides options for receiving retirement benefits.
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Housing Benefits
The Military is unique among employers for its commitment to ensuring your housing needs are met. The majority of service members live on bases, where you’ll have access to a variety of accommodations based on your rank, income level and the local cost of living — from barracks and dorms to apartments and single-family homes. For higher-ranking service members living off base, the Military also provides an allowance to take care of rent, utilities and other expenses. In other words, wherever you live, you can expect stable, comfortable housing throughout your term of service.
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Amenities
Military bases aren’t just bunk beds and shooting ranges. Believe it or not, they’re more like midsize towns with medical and dental clinics, places of worship, gyms, schools and more. And, while you’re serving, you’ll have access to a variety of amenities, such as fast-food franchises and movie theaters, tax-free shopping centers and more. Ever hear of commissaries and exchanges?
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