Military spouses sacrifice as much or more for their nation as their spouse in uniform. When the military spouse is a female, she is likely to become a widow. Without proper planning her sacrifices earlier in life could be dwarfed by what she has to deal with after the military member's passing.
When your parents start reaching their later years, it can be difficult to choose the care option that best fits their needs and budget. Explore different options that will help them live in comfort without the financial burden.
Let "Uncle" help you with your retirement savings. Early in your career, you may qualify for the Retirement Savings Credit and reduce your taxes if you contribute to a retirement account. Senior Officers may qualify too, if deployed to a combat zone during all or a portion of the year.
Once you're retired from the military your military retirement and VA benefits will be taxed differently as will your Social Security. It is important that you work with a financial advisor that understands your unique retirement.
Military Officers have some unique life insurance needs and also some unique benefits to help meet the need. Use this four step process to help you calculate how much life insurance you need.
While deployed to a combat zone, military members have the unique ability to contribute tax-free combat pay to Roth TSP. This benefit can be very powerful especially for senior military officers who can contribute up to $18,500 to Roth TSP and never pay taxes on the contributions or the earnings.
Getting promoted to the next rank and getting that extra pay when you are a junior military officer is exciting, but you'll want to make sure you're using the money in ways that maximize your long-term benefits. Check out four ways to optimize your extra income and adjust your finances.
If you're covered by the Blended Retirement System, it is very important to understand how Thrift Savings Plan matching works. If you don't, you could end up with less money to spend in retirement.
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