Personal Finance for Military, Veterans, and their Families
Continuation pay under the U.S. military’s Blended Retirement System (BRS) is effectively a bucket of cash provided to mid-career servicemembers as an incentive to stay in uniform. However, the number of dollars in that bucket varies widely depending on an individual’s specialty skills or career area as well as external factors such as retention rates […]
For those of us who have ever sifted through our daily emails and realized that we never subscribed to half of the messages in our inbox, the concept of automatic enrollment is quite familiar. In order to stop receiving advertisements, sales notifications, or updates from stores or websites that we visited one or more times, […]
Earning a military retirement can be complicated, especially when your service status changes throughout your career. Complicating factors can include changing branches of the military, transitioning between active duty and the Guard or Reserves, or earning your commission after starting your career as an enlisted member. Several service members have contacted me regarding the qualifications […]
Will you have a pension plan to help fund your retirement dreams? A defined benefit pension plan can make a huge difference in your retirement planning. We’ll take a deeper look at how having a pension impacts your retirement, and what you can do to create regular income streams if you a pension will not […]
Are you on track to retire? I’ll share my current progress and show you some steps you can take to ensure you are moving in the right direction. One of those steps is getting a free retirement review from USAA. Disclosure: This article is part of the #LifeUninterrupted campaign sponsored by USAA, which is designed to […]
Disclosure: This article is part of a military personal finance bloggers #BRSBlitz education campaign sponsored by USAA. I am receiving a fee for posting; however, the opinions expressed in this post are my own. The Blended Retirement System (BRS) officially rolled out on January 1, 2018. Members who joined the military on or after January […]
The Blended Retirement System (BRS) is the new military retirement plan, which went into effect on January 1, 2018. The BRS was passed by the Senate Armed Services Committee as part of the FY 2016 National Defense Authorization Act (NDAA). The 2016 NDAA featured several major proposals, including military retirement reform, personnel reform, and headquarters and […]
Recently, Michael Kitces published an article titled, “Why Paying Yourself 5% Interest On A 401(k) Loan Is A Bad Investment.” My first thought was, “If it’s a bad idea for a 401(k) loan, it must be even worse for Thrift Savings Plan loans.” After all, the interest on a TSP loan is nowhere near 5%…it’s […]
Congress created the Thrift Savings Plan as part of the Federal Employees’ Retirement System Act of 1986. The Thrift Savings Plan offers the same tax and retirement savings benefits that individuals receive from their 401(k) plans through private corporations. It was available to federal civil service employees upon its creation. But, members of the uniformed forces, […]
John is an Active Duty Coast Guard Officer, currently stationed in Massachusetts. He has been helping his wife escape $107,000 in student loan debt. Together with their dog and a new baby on the way, they are on the path to Financial Independence and Early Retirement. He blogs about the journey at MilitaryFIRE.com. Check him […]