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)
While deployed to a qualifying combat zone, Military Officers have the option to participate in the Savings Deposit Program (SDP). If they do, they'll receive 10% interest on an account balance of $10,000 for the duration of their deployment to the combat zone.
SGLI is an important benefit provided to military members. It is important to understand how you sign up, who can be or are your beneficiaries and the tax treatment of SGLI proceeds when developing your financial plan.
Generally speaking service academy cadets and midshipmen have all their education expenses covered with the exception of books. This exception, combined with the fact that it is unlikely that their parents can claim them as dependents opens the door for the American Opportunity Credit.
Understanding the basics of retirement accounts is very important if you want to plan and invest for your retirement. Even though you may have a military pension, you should look into these accounts.
Military officers need to be ready to support widow(er)s of those under their command or supervision. One way they can do this is to understand the military tax break that allows military widow(er)s to roll SGLI proceeds into a Roth IRA.
While many military members will be able to use GI Bill funds to pay for their children's education, in many cases it won't be enough. Using a 529 plan to save for college expenses is a good idea. But you also need to understand how you can use 529 plan funds.
Under a special provision in the tax code military members can suspend the 5-year rule in order to qualify for the primary home exclusion. There's a pretty good chance your tax preparer won't know about this rule. Make sure you do.
When managing a spending plan, you always want more money coming in than going out. Follow these four tips to provide a solid future savings for your family cash flow.
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