So is USAF retirement pay just like the other branches?
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so if you serve and qualify for the retirement, is it the same as the other branches? the reason im asking this is becuase i read this on the usaf website about retirement pay "The Air Force retirement plan is arguably the best retirement deal around. Airmen are eligible to retire after 20 years of service with the Air Force and begin receiving benefits the day they retire — no matter their age. The Air Force retirement plan requires no payroll deductions. If you’d like to save a little extra each month, all Airmen are also eligible for the Thrift Savings Plan (TSP), which allows participants to place a portion of their monthly pay into an account similar to a 401(k) investment plan. TSP contributions are considered pretax dollars and therefore reduce the amount of income subject to tax, and the accounts grow tax-free. Enrollment is available when members first join the military and anytime thereafter. Unlike traditional military retirement, which requires a commitment of at least 20 years of active duty, money invested in the TSP belongs to individual members, no matter how many years they serve. Income contributed to the TSP is not taxed until withdrawn from the account. Withdrawal before age 59-1/2 may be subject to penalty; however, the TSP account can be rolled over into an IRA or another employer’s retirement account. " so is the TSP just something extra? thanks :D
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Answer:
The retirement plan is the exact same for all branches. TSP is an additional voluntary plan that you contribute to.
Matt at Yahoo! Answers Visit the source
Other answers
All pay and Benefit are equal among the four branches of service. The only change between them is re-enlistment bonuses. Those are based on the needs of the service.
Whiskey
All the services have exactly the same retirement rules because they all are funded by the DOD budget. None of them can offer a better deal..
USAFisnumber1
EVERY branch offers the Thrift Saving Plan. It's basically a 401K, meaning you can make money or lose money. It is not an Air Force only program.
mustangsally76
I am pretty sure they are the same all around, all the branches offer retirement after 20 years. If the Air Force`s is better, it`s not by much, and only in certain things.
Sic Semper
Same across the board for all branches. It will be changing soon though.
Don
Yes it is just like the other branches. And yes the TSP is extra. It is like a mutual fund. That is all. It is an OK deal, I was a briefing once where they said if you maxed if you started off from your first paycheck and maxed it out for 20 years then you would have $400K in it when it was ready to be taken out. I think a normal mutual fund is a better idea. The TSP paid crappy interest, but it was something.
Stewie
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