Military veteran & CFP Jeff Rose has started another movement over at Good Financial Cents! The Roth IRA movement raised a huge awareness in the financial independence corner of the blogosphere. Now he's trying to do the same for life insurance. Today, 22 August, hundreds of personal-finance bloggers are posting their takes on … [Read more...] about Military insurance: SGLI, VGLI, SBP, and other benefits
Archives for 2012
A reader e-mailed a new question on an old debate: I have a younger relative about to reach 15 years in the Army. Currently he is an E-7 and was presented with the pension choice of taking $30,000 and a 10% haircut on the pension along with 1% less COLA down the road. Off the top of my head I told him it was a horrible choice. I'm … [Read more...] about Over a decade later, REDUX still sucks
A reader writes: Sir, your post on "IRS Denies Military Retirement Net Disability Exclusion" could not have been more timely. I am a retired warrant officer working for the military, and recently there was an ad in the base newspaper stating "You may be entitled to a refund from the IRS". It had the typical pitch as you had … [Read more...] about This is why we blog: another “net disability exclusion” story
Another content-heavy, link-filled post to get you through the weekend! I recently read a Reddit question that also describes how servicemembers turn into landlords: I'm in the military, eligible for a housing allowance based on my rank and typical rent levels for this ZIP code. I see the following three options for housing: 1) … [Read more...] about So you want to be a landlord.
Did you ever read a book that makes you feel as if your head's going to explode from all the new concepts? I don't mean the U.S. Navy's S5W Reactor Plant Manual, but Joe Dominguez' "Your Money or Your Life" certainly qualifies. I'd like to thank my friend John again for sending me a copy of Abundance. He's an … [Read more...] about Book review: “Abundance”
One of the book's contributors alerted me to this problem. Some military retirees (or their tax preparers) are incorrectly applying the net disability exclusion to their pensions. This error has floated around the Internet since at least 1999 and it's already introduced a number of veterans to their friendly IRS tax auditors. Here's a typical … [Read more...] about IRS Denies Military Retirement “Net Disability Exclusion”
This guest post is brought to you by Eddie Wills. My dad just turned 70 ½. It's a major milestone in the eyes of the IRS, as it marks the calendar year he must begin taking Required Minimum Distributions (RMD's) every year from his Individual Retirement Account (IRA). To celebrate this major milestone, we threw a big … [Read more...] about Ask your Dad if you should contribute to the Roth TSP.
Holy cow, the blog's approaching 300 posts. I've written a lot about financial independence and military retirement over those 300 posts, but I haven't spent much space on bridge careers. I've never had a "real" job, let alone my own bridge career, and after a decade of blissful unemployment retirement I find it hard to imagine … [Read more...] about Want to buy a franchise business in Hawaii?
It's hard to believe that it's been weeks since the last sea story, but our daughter just finished a month on the USS LOUISIANA for her Navy ROTC summer training. She was at sea for all 30 days, qualified to stand a sonar watch, ran a lot of drills, earned herself a deterrent patrol pin, and is pretty sure this is what she wants to … [Read more...] about Sea story: Titanium toilet valves
This guest post is brought to you by Marine Corps veteran Rob Aeschbach, who's started a new career as a personal financial planner. The Thrift Savings Plan does not offer matching contributions for service members, but the IRS does in some cases. Here is what you need to know about how the government will pay you up to $1,000 if you put away … [Read more...] about The TSP matches contributions for military members?