9. Defined contribution retirement plans in the military
It is common that family members that served the military think of their retirement as being financially stable. However, the shift toward defined contribution retirement plans has put more burden on veterans, said Doug Nordman, a former member of the U.S. Navy’s submarine force and military financial expert.
Although the Department of Defense reduced the retirement expenses, it is even more difficult for the elder to save for their retirement, Norman said. “Just as we’ve learned with civilian 401ks, I doubt that the average young adult has the interest or the discipline, let alone the understanding, to make sure that they contribute enough to their TSP account for the full match.”
