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yourmilitarymoney

yourmilitarymoney has written 211 posts for Your Military Money

PCS Season: Time to Revisit the 8% Challenge

It’s spring and the PCS season is nearly upon us. Military moves are very expensive, and the dislocation allowance disappears quickly. Consider taking the 8% Challenge to build up a significant emergency fund as you move to your next duty station. The principle is that if you save 8% of your take-home pay each month … Continue reading

Best Places to Retire for Military Families

Money Magazine has just released their annual list of the Top 100 Places to Live. I’m always attracted to the list because as I get closer to my military retirement I’m often asked where I’ll live. For many this question is a foregone conclusion. They’ll return to their home of record, closer to family, their … Continue reading

Value of a military retirement

Simply put, the value of the retirement benefit depends on the life expectancy of the veteran. According to the Social Security Administration, a male retiree 45 years old will live for about another 32 years(http://www.ssa.gov/OACT/STATS/table4c6.html). If he retired from the military as an O-5 with 22 years of service, his retirement benefit would be $4274 … Continue reading

Roth TSP Limitations

If you’ve deployed in the last 10 years to a combat zone you probably made some TSP contributions that were tax exempt. About 10% of my own TSP balance today is tax exempt. Earnings from that portion of my portfolio will be taxed as ordinary income when I take them out.  If I could move … Continue reading

Markets Break New Records: Time to Rebalance Your TSP?

If you’ve been following the stock market for the past two weeks you already know that we’re at all time highs on the Dow Jones Industrial Average. If you’ve been fully invested in the C-Fund in your TSP account, you might be asking yourself if you should take some profits at this level, or as … Continue reading

Max Out Your TSP in 2013

For the fourth year in a row we’ve calculated the required percentage of your military pay to max out your TSP. Here’s the link. Here’s how you use it. In this example, a Major (O-4) with more than 18 years of service would go to MyPay.gov, select the TSP link, and select 20% as their … Continue reading

5 Financial Moves for Military Families to Make in New Year

angela7dreams / Foter / CC BY-NC With New Years just around the corner it’s a great time to set goals and re-evaluate your financial plan. Here are five financial moves military families should consider making right now. Take the 8% Challenge. This is a great way to increase your emergency fund and prepare for life’s … Continue reading

Get Ready for a Pay Raise

According to Government Executive magazine, military members will see a 1.7% increase in their paychecks in January 2013. While some may argue that this lags the true rate of inflation, it will provide some much needed cashflow in the new year. What should you do with this raise? This site will always recommend that you … Continue reading

Expanding Civilian Job Certifications for Military Veterans

http://www.defense.gov/news/newsarticle.aspx?id=116587

10 Tips Military Members Miss

Robert Powell is a frequent contributor to MarketWatch.com, a favorite resource for YMM. In his article, “10 Overlooked Retirement Tips” he offers differing views on various retirement savings techniques. Here we examine 10 more techniques for military members, some that might be misunderstood and that create paralysis of action, preventing you from achieving your early … Continue reading

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