New Financial Literacy App Preps Sailors for Blended Retirement Choices
From Chief of Naval Personnel Public Affairs
WASHINGTON (NNS) -- A new application for mobile devices designed to enhance financial literacy for Sailors is available today and helps provide the latest info on the Blended Retirement System (BRS) that goes into effect in 2018.
The app is designed to provide Sailors with anytime, anywhere access to both training and resources that will help them make informed decisions about their financial future, which is especially critical as the military gets ready to begin BRS Jan. 1, 2018.
"This is a very important time for Sailors to be aware of their finances and this app covers a wide range of topics that will keep them on top of their money," said Jim Simpson, Office of the Chief of Naval Operations (OPNAV) N170. "Whether they are opting-in to the new retirement system, looking to make smart car-buying choices or planning for their children's future, this gives them one spot to start building that knowledge."
Targeted primarily for active duty and reserve service members, the app also serves as a valuable tool for Navy family members. Users will be able to explore issues like managing their credit, building a spending plan, home buying, moving, as well as how to navigate survivor benefits, insurance and the Thrift Savings Plan (TSP) among many other topics.
Outside of the standard financial topics, there is a BRS resources tab that includes infographics, frequently asked questions, as well as training links that will be refreshed as new courses and training materials become available. Once finished, the retirement calculator for BRS will be included as part of the app as well.
BRS is effective Jan. 1, 2018 and service members eligible to opt-into BRS will have until the end of 2018 to decide if they want to switch to the new plan. Everyone serving today can stay under the current system, while those with fewer than 12 years of service as of the end of 2017 will have an opportunity to opt-into the new retirement system. New Sailors will automatically be enrolled into the new system as of start of 2018.
The U.S. Navy Sea Warrior Program (PMW 240) produced the app and Tracen Technologies Inc., a company that specializes in integrated mobile and web solutions, was the software developer.
The Navy Financial Literacy mobile application is available for download from the iTunes and Google Play online stores. To find the free app, search "Navy Financial Literacy" in the app stores or in your Web browser.