[January 2015 update: this inequity has been resolved. The Army O-3s affected by the 2014 Officer Separation Board will remain eligible for officer pensions instead of reverting to an enlisted pension. This happened because people spoke up and drew attention to the problem. If you have a similar issue, let us know how we can help.] A reader … [Read more...] about Ask The Readers: What Law Allows An Officer To Be Retired On Enlisted Pay?
. A reader asks: "What is your recommendation between early retirement from active duty or a Reserve retirement? I qualify for the Temporary Early Retirement Authority if I get passed over for promotion to major. I have about a total of 16 years of active duty (10 Army commissioned, six enlisted) and about 14 enlisted Reserve years from the … [Read more...] about TERA Early Military Retirement Or A Reserve Retirement?
It's that time of year again: Congress is debating the annual federal budget proposals. My e-mail and social media have exploded with outraged commentary on the proposals to overhaul the military retirement system and to get rid of Tricare Prime. How does that affect your retirement? How does that affect your family's healthcare?!? Well, it … [Read more...] about No More Military Retirement or Tricare Prime?!?
Here's a post of topics that are too small for individual posts. These leftovers won't make a financial independence meal on their own, but together they're a 1400-calorie luau. Sanctuary for Reserves and National Guard First up is the Navy's sanctuary instruction. (Even if you're not in the Navy, keep reading to see why you … [Read more...] about Mixed Plate: Military Sanctuary, Disability, And Civilian Pensions
Today's post is an "ask the readers" question about military retirement after service in both enlisted and officer grades. (Nearly 80% of this blog's readers find a post through a search engine. This post uses keywords about officer and enlisted retirements and the accompanying legal issues that can be difficult to research. The same keywords … [Read more...] about Military Retirement With Enlisted And Officer Service
A reader asks: "Thank you for your words of wisdom in your blog and being a source of motivation. I have a quick question and I would appreciate your advice. I have 18.5 years towards my military retirement and plan to go another 10 years or so. That would put me at 50 years old which is my goal retirement age. Unfortunately along the way I have … [Read more...] about Can I Count On A Military Pension?
A reader made a comment about tax-deferred investing that's worth expanding into an entire post: I have been reading about early retirement a lot lately since we're years out from military retirement, wanting to know where to stash our extra income for those seven years, and where we can have access to it before 59½. After maxing out both Roth … [Read more...] about Handling Your Cashflow After the Military
Let's talk about contingency financial planning. I don't mean life insurance or a medical crisis-- I mean how you'll maintain your financial independence when a leg of your retirement stool is kicked out from under you. Notice that sentence is "when", not "if". I generally ignore the news on military legislation until it's been signed into law. … [Read more...] about Congress Cuts Military Pensions
A reader writes: "I've read your book and have been following your website for a couple of years. I really enjoy your advice and perspectives and want your advice on an issue I'm having: I've focused so much energy on setting up my finances for our impending military retirement lifestyle (in five years) that I literally find it hard to stomach … [Read more...] about Hanging on for the military pension
The Department of Veterans Affairs has failed to provide adequate warning to Veterans that their Veterans Identification Cards (VIC) can be scanned to reveal their Social Security Numbers. Anyone with an IPhone or Android smart phone can download a QR code app and scan any VIC issued since 2004. Once scanned, the cardholders’ social security … [Read more...] about Veterans ID Cards Can Be Scanned With QR Code Reader