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Military Pensions: Servicemembers Need Better Information to Support Retirement Savings Decisions
In 2016, DOD and the military service branches began providing training to help servicemembers make informed decisions about the military's new retirement system. The training courses incorporated many effective financial literacy practices. However, some of them do not assess servicemembers' financial literacy. DOD could use such assessments to ensure its courses are effective and revise the courses in areas where servicemembers need more assistance. DOD could also do more to help servicemembers understand how lump sums - an optional form of payment for some retirement benefits under the new system - are calculated.
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