Often times near retirement many military officers end up dealing with the passing of a parent. Dealing with the financial issues after death can be challenging, especially if you live far away from your parents, which is often the case. Here are some steps to help you.
The Survivor's Benefit Program (SBP) is an important benefit and should not be dismissed quickly by those retiring from the military. But what many don't know is that whether you're covered by SBP or not will affect your surviving spouse's access to the Federal Long-Term Care Insurance Program (FLTCIP)
Near the end of your career as a military officer or perhaps after you retire, you may inherit an IRA. The tax rules are complicated and a mistake can be very costly. Make sure you understand these four rules, as a minimum.
TSP is a good place to save for retirement. But, you want to make sure you keep your beneficiary designations up to date and you need to plan for how to pass the funds on to the beneficiaries, first and second generation, with the lowest possible tax load.
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