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Roth TSP or Roth IRA | Your Military Money

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Live a Rich Military Lifestyle, Retire Well. Roth TSP or Roth IRA. March 17, 2012. Now that the official announcement is out regarding the ROTH TSP accounts, it’s time to evaluate the options. First, review the details. 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 free if account is held open 5 or more year and the taxpayer is over age 59 1/2 at the time of the distributions.

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The 8% Challenge | Your Military Money

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Live a Rich Military Lifestyle, Retire Well. March 29, 2011. I’ve written before about ways to set aside your emergency fund, including account types to use that allow you to access your money in an actual emergency, but that also set up “speed bumps” that make you think twice before you actually use the money. I recommend you also maximize your Roth IRA while doing the 8% challenge. If you can save more than that you can get pre-tax savings by contributing to the Thrift Savings Plan. April 5, 2013.

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Keeping Your Cool During Back To School | Your Military Money

https://yourmilitarymoney.wordpress.com/2014/08/10/keeping-your-cool-during-back-to-school

Live a Rich Military Lifestyle, Retire Well. Keeping Your Cool During Back To School. August 10, 2014. Back to school often mean a spending extravaganza, a budget bending binge where you have to have everything right now. Whether you are purchasing the 600 red pencils that the teacher says is “on the list” or it’s the new MacBook Pro, it’s easy to justify extraordinary spending on education. Paper, Pens, Rulers, and other supplies. And there are lots more. Prepping for Veterans Day Deals ». Preparing for...

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Should you pay for TSP advice? | Your Military Money

https://yourmilitarymoney.wordpress.com/2013/04/10/should-you-pay-for-tsp-advice

Live a Rich Military Lifestyle, Retire Well. Should you pay for TSP advice? April 10, 2013. The Thrift Savings Plan, or TSP, became available to military members more than a decade ago. It offers us the ability to save money before taxes come out, allowing the money to grow over time and then be taxed as ordinary income when we tap into it. Most military members are not professional money managers, and you might be confused about the different investment options. A less attractive but very popular choice...

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Preparing for a Delay in Military Pay | Your Military Money

https://yourmilitarymoney.wordpress.com/2013/09/08/preparing-for-a-delay-in-military-pay

Live a Rich Military Lifestyle, Retire Well. Preparing for a Delay in Military Pay. September 8, 2013. You’ve read that the government is quickly reaching its self imposed debt ceiling. This has, in the past, at least threatened a delay in military pay until congress acts. During my 25 year career we’ve seen the threats at least three times, but only once was there a delay in payment. Here are a few strategies that you can use to prepare for a delay in your military pay. Tap into your emergency fund (EF).

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Max Your TSP in 2014 | Your Military Money

https://yourmilitarymoney.wordpress.com/2014/01/05/max-your-tsp-in-2014

Live a Rich Military Lifestyle, Retire Well. Max Your TSP in 2014. January 5, 2014. Again this year Yourmilitarymoney. Has calculated the percentage of base pay you’ll need to allocate to the Thrift Savings Plan. Is simple to use. Just find your grade and years of service. You base pay (rounded to the next whole dollar) appears, and to the right of it is the percentage of that pay you’ll need to contribute each month to reach $17,500. A few points to consider:. Of $5,500, or $6,500 if aged 50 or older.

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Current Budget Crisis Averted | Your Military Money

https://yourmilitarymoney.wordpress.com/2013/10/19/current-budget-crisis-averted

Live a Rich Military Lifestyle, Retire Well. Current Budget Crisis Averted. October 19, 2013. Yes, Congress and the President did what needed to be done and passed a continuing resolution and raised the debt limit. These actions averted a potentially devastating government default. What this means for military families is that your November 1 paycheck will arrive right on schedule. Preparing for a Delay in Military Pay. Max Your TSP in 2014 ». Leave a Reply Cancel reply. Enter your comment here. Blog at ...

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Pack Your Chute: 5 Things to do Now to Get Ready for Transition | Your Military Money

https://yourmilitarymoney.wordpress.com/2014/04/28/pack-your-chute-5-things-to-do-now-to-get-ready-for-transition

Live a Rich Military Lifestyle, Retire Well. Pack Your Chute: 5 Things to do Now to Get Ready for Transition. April 28, 2014. Whether you are retiring from the military this summer, like I am, or still have years to go, there is value is putting a plan of action in place to be prepared for the transition financially. Sure, discussions of retirement locations, job transitions and career choices are a huge part of the transition, but this article focuses specifically on financial preparation.

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Baseline Questions | Your Military Money

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Live a Rich Military Lifestyle, Retire Well. What is a military retirement worth? What would an annuity cost that would throw off the income that a taxable military retirement does? How much life insurance would you need to offset the benefit of the Survivor Benefit Plan(SBP)? Is the SBP the best way to insure income for my spouse? Should I roll my Thrift Savings Account plan into a traditional IRA? If so, how should I allocate my proceeds? What are my retirement benefits? What does the VA have to offer?