Four out of five troops say they would be willing to wait until age 50 to begin drawing military retirement checks in return for a 1 percent basic pay raise now.

That finding, from a new report on perceptions of military benefits to be released Thursday, is proof of a long-held belief among military personnel planners that troops prefer cash now rather than later, said author Todd Harrison of the Center for Strategic and Budgetary Assessments, an independent think tank.

The Pentagon could save money and improve the perceived value of its compensation package by making that trade-off, said Harrison, whose report looks at the value service members and retirees place on benefits.

Service members up to age 29 said they could accept waiting until age 50 for retired pay if they received as little as $250 more a year in pay. Those aged 30 to 39 would want about $520 more a year, while those 40 and older put the figure at $650 or more a year.

The average age to begin drawing retirement pay is 47 for officers and 43 for enlisted members, Harrison said, so waiting until age 50 to draw the pay would put a bigger hit on enlisted members.Click here to read more