In the year you retire from the military you have to be especially careful about your TSP contributions and contributions to civilian retirement plans. Contribute too much to TSP and you could miss out on matching. Exceed the annual limits and you're looking at double taxation.
Sometimes life after the military doesn't go exactly as planned and you may want or need to get to funds in your retirement accounts before age 59 1/2. Is there a way to do that without paying penalties?
TSP is an excellent investment option for active-duty military members. It's a fine place for retired military officers and NCO, to let funds grow. Changes are coming to TSP investment options. Are they good, bad or ugly?
The Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9 percent cost-of-living adjustment (COLA) for 2022 (That's also what you will get on your military retirement and VA Disability Compensation).
It's pretty typical that a retired Senior Military Officer or NCO in a second career has a 401(k) or similar plan. You may want to get to that money before you retire, retire. You might just be able to.
As a retired Senior Military Officer or NCO you could find yourself in the role of a C-Suite executive. And as a C-Suite executive, your company may offer you a Supplemental Executive Retirement Plan. Before making any changes to your current retirement savings strategy, review these considerations first.
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