The Survivor Benefit Plan (SBP) is one one of the most debated topics for transitioning service members. It is a form of life insurance that provides cost of living adjusted income, to eligible dependents of retirees who elect to participate in the program. While most of us feel as if we'll live forever, the fact remains that our lives can end … [Read more...] about 5 Factors You Should Consider When Evaluating the Survivor Benefit Plan
The other day, I just finished my last spring physical readiness test (PRT) for the Navy. As I finished my second-to-last fitness test, I celebrated to myself—one more PRT, and I’m done! My entire career, I’d thought of the PRT as paying rent—every six months, you pay up. You don’t get credit for doing any more (not in the Navy, at least). … [Read more...] about Four Ways Physical Fitness Impacts Financial Fitness
This article has to do with the challenges service members face when trying to obtain a mortgage on a new home purchase as they’re transitioning or retiring from the military. However, this is a topic that I feel other people might be better at addressing than I am. So, for this article, I’ve brought in Jennifer Lear, an attorney and Accredited … [Read more...] about Buying a Home During Your Military Transition – What If It Becomes a Rental Property?
So, today is Monday, May 2. As of yesterday, I officially have one year until my planned retirement ceremony. With that said, I wanted to update you on two significant events since my last retirement journal entry. So, I went in for ringing in my ears, and came out with a broken nose…. Let me explain. As I’ve always advised people, I’m trying … [Read more...] about Military Retirement Journal – 1 Year from Retirement and Counting…
My first book, Military In Transition's Guide to the Survivor Benefit Plan, is available on Amazon. Previously, I wrote about the Military Survivor Benefit Plan (SBP). That article’s primary purpose was to take the ambiguous information that resides on the DFAS website & consolidate it into an organized manner which you can clearly … [Read more...] about Why You Should Strongly Consider Not Participating in the Survivor Benefit Plan
This article was published a couple of months ago online, but I’ve made some changes specifically to point out how estate planning should matter to you throughout your military career. I was recently at a financial planning conference, when I listened to a presentation by Natalie Choate, a prominent estate planning attorney from the Boston area. … [Read more...] about Why Estate Planning Matters to You in the Military (Even if You Think it Doesn’t)
I wrote this article a couple of months ago, which you can find here. However, I've made some changes, because there are some things you should consider when buying a house in the military. The largest purchase most people will make in their lifetime is their home. It’s also the longest-lasting purchase most people will make. With that in mind, … [Read more...] about Three Rules of Thumb for Buying a House (in the Military)
This is the second in my series of retirement journal blog posts. Although this post isn't an update on my personal situation, I wanted to cover something that I have been thinking about since I wrote my last post--what TAP looks like now--or at least the pre-separation counseling portion. If you know people who went through TAP 'a few years … [Read more...] about Military Retirement Journal – Pre-Separation Counseling Checklist