The big news in the world of military finance last month was President Obama signing the FY 2016 National Defense Authorization Act finalizing the military retirement overhaul. There is much debate as to whether the military retirement changes are a good thing for our service members. With the new military retirement plan, starting in 2018, those who serve less than 20 years will get a retirement account (Thrift Savings Plan – TSP) with an employer match component! (Currently, service members can contribute to a TSP, but there is no matching contribution from the government.) Or, is the new military retirement plan a bad thing, as it could be the 1st step towards potential elimination of the well-known military pension plan? Keep Reading!
That’s my goal, plain and simple, I want a passive income! (Okay, maybe not so simple…)
What is a passive income? Investopedia defines passive income as, “Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.”
*Update! Read the latest post here.*
Are you in the military or considering joining the military? There’s a lot of talk about the proposed military retirement changes, so it’s important to take a look at how your benefits may change!
Before you freak out, if you’re currently serving, they say you will be grandfathered into the current retirement system, but you’ll have the option to opt into the new system. The current proposed effective date is 1 January 2018. Keep Reading!