Get Retirement Ready
Do you feel confident in your ability to retire comfortably? See how you compare to our 2008 Financial Confidence Survey of military servicemembers. Below are summary results from the survey, as well as links to financial tools and calculators to help you get retirement ready.
Survey Highlight: Calculating Savings Needs
Nearly one-third of respondents (32 percent) believe they will need to save $1 million or more for retirement, compared to only 18 percent of respondents from the civilian workforce.
- This is good news for the military. Being realistic about how much you need to put away for retirement can save you a lot of grief later. Have you determined your savings needs? Use the SaveAndInvest retirement calculator to find out how much you will need for your retirement years.
Survey Highlight: Ways to Save
The Thrift Savings Plan (TSP) was the leading savings vehicle used by servicemembers saving for retirement, with 68 percent of such servicemembers reporting contributing to the TSP. However, more than 1 in 5 servicemember respondents (22 percent) were unaware of the existence of the TSP.
- Interested in the Thrift Savings Plan, but not sure what it is? Learn how you can invest in the TSP in our Money & Mobility TSP Section to build your retirement nest egg—whether you remain in the military until retirement or not.
Survey Highlight: Investing Advice
Sixty-eight percent of servicemember respondents saving for retirement report using the advice of a financial professional when making decisions about their retirement savings and investments.
- Working with an investment professional can help you plan your financial future and make investment decisions. But make sure to do your homework before selecting a broker or firm. Use resources on SaveAndInvest, such as FINRA BrokerCheck, to help you make the best choice.
Survey Highlight: Managing Your Money
Approximately half of servicemember respondents report being very (11 percent) or somewhat (36 percent) confident that they will have enough money to live comfortably throughout their retirement years.
- It’s good news that military servicemembers feel confident in their ability to retire comfortably, but the tricky part is getting there. Managing your money requires continued vigilance. SaveAndInvest offers smart money management resources to help you make good decisions and achieve your retirement goals.
You can review more results from the 2008 Military Financial Confidence Survey (PDF 48 KB) and the related news release on SaveAndInvest.org. If you would like to receive additional financial information of interest to servicemembers, subscribe to our email newsletter.
About the Survey
The FINRA Investor Education Foundation, in cooperation with the Employee Benefit Research Institute® (EBRI) and Mathew Greenwald & Associates, conducted the Military Financial Confidence Survey (MFCS) to determine the level of financial security among military servicemembers. The survey gauges the views and attitudes of U.S. military servicemen and women regarding retirement, their preparations for retirement, their confidence with regard to various aspects of retirement, and related issues. The survey was conducted between October 13 and November 14, 2008, through a 19-minute internet survey with 716 active duty military personnel.