Check your 2021 TSP contributions now! I’ve heard from three different servicemembers that the Defense Finance and Accounting Service and the Thrift Savings Plan have failed to stop their TSP contributions after reaching the elective deferral limit ($19,500 in 2021). This problem is caused by a glitch in a January software change for catch-up … [Read more...] about Did DFAS And The TSP Let You Contribute Too Much?
The 2021 VA Disability Compensation Rates are effective as of Dec. 1, 2020. If you receive VA disability pay, you will notice the increased amount in your first check, which you should receive in January 2021. There was a 1.3% increase from 2020, following a 1.6% increase from 2019. The government uses the same COLA rates for military retiree … [Read more...] about 2021 VA Disability Compensation Rates – Updated Veterans Compensation Benefits Rate Tables
Military members will receive a nice pay raise in 2019, a 2.6% increase above 2018 pay rates. The 2.6% pay raise was the largest since 2010. The pay tables on this page went into effect on January 1, 2019, and were reflected in the first mid-month paycheck, which was sent out on January 15, 2019. Military members are paid in arrears, usually on … [Read more...] about 2019 Military Pay Charts – Officer and Enlisted Members Receive a 2.6% Raise
[September 2020 update: We have a new answer on this question! Financially, you'll get the biggest pension boost from retiring on 1 March of your chosen year. See the end of this post to download Douglas Fowler's research paper and review the math. You'll still have to pick the best date for your family, your bridge career, your travel plans, … [Read more...] about How Much Is The COLA On My Military Pension?!?
Military members received a 2.4% pay raise in 2018, a nice increase across the board from the 2017 pay rates. The 2.4% pay raise was the largest since 2010. The pay tables on this page went into effect on January 1, 2018, and were reflected in the first mid-month paycheck, which was sent out on January 15, 2018. Military members are paid on the … [Read more...] about 2018 Military Pay Charts – Officer and Enlisted Members Receive a 2.4% Raise
Are you ready to make your choice about the military's Blended Retirement System? Are you a leader who has to advise younger officers and enlisted how to decide between High Three and the BRS? Are you a veteran like me who's asked the question several times a week by their family (and their readers)? USAA can help with … [Read more...] about USAA’s Military Retirement Comparison Tool And The Blended Retirement System
This post is brought to you by Daniel Kopp, an Air Force officer and founder of MilitaryLifePlanning.com. If you're interested in contributing at The-Military-Guide.com, please see our posting guidelines. [Nords note: this post was updated on 4 March 2017 with a direct link to the DoD's PSMC website as well as a sample statement. Scroll down … [Read more...] about How Much Is Your Military Pay Really Worth?
This post is brought to you by Rich of RichOnMoney! If you're interested in contributing at The-Military-Guide.com, please see our posting guidelines. BLUF: In college I paid off $32k in student loans in a year. On a military salary I paid off a $280k mortgage in seven years. I've bought several rental properties with cash. I did this … [Read more...] about 3 Steps to Retire Early on a Military Salary
Military members will receive a 1.6% Pay Raise in 2017. President Obama recently sent a letter to Congress echoing his support for the 1.6% military pay raise over the 2016 military pay. He states: This decision is consistent with my fiscal year 2017 Budget and it will not materially affect the Federal Government's ability to attract and retain … [Read more...] about 2017 Military Pay Chart – 1.6% Pay Raise
The Army has released the "unofficial" names of the Sergeant First Classes selected on the Master Sergeant Promotion List. Here is the full list of Regular Army Soldiers who were considered and selected for promotion to Master Sergeant. The official list will be released on May 10th. The soldiers who were recommended for promotion are shown … [Read more...] about 2016 Master Sergeant Promotion List