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?
Blended Retirement System
Here’s the latest information and tools to make your military Blended Retirement System decision-- and a new way to think about your career and your choices. [Note: I'm participating in Kate Horrell’s #BRSBlitz initiative. I’m not compensated by USAA for this campaign and you won’t see any FTC disclosures like “#USAAPartner”, "#ad”, or … [Read more...] about USAA And The Final Month To Opt In To The Military Blended Retirement System
[Nords note: You have five weeks to decide about opting in to the Blended Retirement System. Get it done before 31 December 2018. We've had some strong pushback on my last post, "Your BRS: It's Not About The Money", and I offered Warner25 the opportunity to explain his legacy High Three perspective. He's reminded me that we first met on an … [Read more...] about “11 Years Of Service: How I Chose Legacy High Three Over The Blended Retirement System”
[Full disclosure: On this post, I’m not about the money either. I’m not paid to write this, it's not sponsored by anyone, and I’m not earning revenue from the links.] Our group of military personal-finance bloggers is sending out a #BRSBlitz about the opt-in decision. You may have seen some of these links on my social media before, and … [Read more...] about Your Military Blended Retirement System: It’s Not About The Money.
Quick review: the military’s Blended Retirement System offers matching contributions to your Thrift Savings Plan, and in 2018 you can contribute up to $18,500. In 2019 you can contribute up to $19,000. [12 November 2018 update: This post has a minor (but important) revision after further confirmation with the TSP staff. I've also added the 2019 … [Read more...] about Maximizing Your Thrift Savings Plan Contributions In A Combat Zone
November 2021 update: The Dept of Defense has released their memo for the 2022 Cost Of Living Adjustment! You’ve already heard of 5.9% for retirees. Now we can dig into the fine print for those who retired in 2021: If you retired in 2021 under High Three then your COLA is a little lower: January 1 - March 31: 5.7% April 1 - June 30: … [Read more...] about How Much Is The COLA On My Military Pension?!?
A reader asks: I'm in the National Guard. I'll be deployed for about 45 days into a combat zone. I'm signing up for the BRS and I'm contributing my 5% in order to get the DoD's 5% match. I'm employed in the civilian world by a corporation that contributes 6% of gross pay into my 401(k). I can also make 415(c) after-tax contributions to my 401(k) … [Read more...] about Thrift Savings Plan Contributions In A Combat Zone With The Blended Retirement System
[This post is brought to you by Dan, who's done a lot of data runs with the BRS calculator. His new website KeepInvestingSimpleStupid.com is under construction, so please check on its progress! If you're interested in contributing at The-Military-Guide.com, then see our posting guidelines.] It’s the Final Countdown to the … [Read more...] about “Should I Opt In To The Military’s Blended Retirement System?”
I really wanted to use the titles "Hidden Secrets Of The BRS!!" or "Shocking Urban Legends Of The BRS Revealed-- #4 Is Jaw-dropping!!" But this is a serious life-changing decision. I've had a ton of reader BRS questions and feedback. The good news is that a group of us military personal-finance bloggers have tracked down the answers with the … [Read more...] about Tricky Details Of The Military Blended Retirement System
[Ah, good, the DoD BRS calculator has been officially released.] A reader asks an outstanding question: Does it make sense to opt in to the military's new Blended Retirement System in 2018? One of our NCOs has a pessimistic view of the BRS, especially since they're over 12 years of service and don't see how the BRS will benefit them. In … [Read more...] about The Military Blended Retirement System: “Dude, Where’s My Calculator?”