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Again this year Yourmilitarymoney has calculated the percentage of base pay you’ll need to allocate to the Thrift Savings Plan to max out your annual contribution. In 2014 you can save $17,500 plus a catch-up provision of an additional $5,500 if you are over the age of 50. In addition, if you serve in a … Continue reading
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
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
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
Now that the official announcement is out regarding the ROTH TSP accounts, it’s time to evaluate the options. First, review the details. ROTH TSP: Contributions are post-tax No income limitations for ROTH TSP contributions Contribution limits are $17,000 for taxpayers younger than 50 years (plus $5,500 catch up if older than 50) Earnings are tax … Continue reading
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