In last week’s article, we reviewed the benefits of making a military service deposit or “buy back” and when it could make sense to do so. We saw that although every situation is different, for most buying back military time makes sense since it can reduce the time until retirement eligibility and increase the FERSContinue reading “What Military Service Can Be Bought Back?”
Tag Archives: Veteran benefits
Should You Buy Back Your Military Time?
If you’re a veteran, then you have likely heard the phrase “buying back your military time” on more than one occasion. But what exactly does that mean, and why is it important? In this article, we’ll discuss the answers to those questions, plus some key factors to consider when deciding whether you should buy backContinue reading “Should You Buy Back Your Military Time?”
8 Ways Veterans Can Cut Their Child’s College Costs
As college costs continue to rise, funding what could be a substantial education expense remains a common concern for many parents. And although there are several great ways to save for your child’s education, from 529 plans to Coverdell accounts, the best way to reduce the overall financial burden of higher education is to cutContinue reading “8 Ways Veterans Can Cut Their Child’s College Costs”
5 Things You Should Know About Withdrawing From Your TSP
Whether you are nearing retirement or still building up your nest egg, it’s important that you take the time to understand some of the complexities that are involved with taking TSP withdrawals. Understanding these complexities will help ensure you are not missing critical elements in the multistep retirement planning process. Read on to learn theContinue reading “5 Things You Should Know About Withdrawing From Your TSP”
The TSP Loan At A Glance
Like many 401(K)s, the Thrift Savings Plan (TSP) allows active participants to borrow from their accounts. However, before you can determine whether taking out a TSP loan is the right choice, you must understand how the TSP loan works. Read on for a quick review of the TSP loan nuts and bolts. How A TSPContinue reading “The TSP Loan At A Glance”
How Much Should You Contribute To Your TSP?
When you consider the Thrift Savings Plan’s (TSP) low fees, diversified funds, and generous government match, contributing is a no-brainer for most Federal employees. However, the question of “how much” to contribute is far more complicated. This question is difficult to answer because it depends on many variables, such as what age you begin toContinue reading “How Much Should You Contribute To Your TSP?”
Can You Have A Roth TSP And Roth IRA?
In this video, I’ll cover whether you can have both a Roth TSP and Roth IRA and some of the differences between the two. If you want to learn more read this article on the TSP.
How Is Your TSP Taxed?
The Thrift Savings Plan (TSP) is a qualified retirement plan, which means the plan meets specific IRS requirements and, as such, receives additional tax benefits and protections. The tax benefits you’ll receive and how your withdrawals will be taxed depends on whether you have a traditional or a roth TSP. Traditional vs Roth Taxation TraditionalContinue reading “How Is Your TSP Taxed?”
5 Things You Need To Know About Buying Back Military Time (VIDEO)
In this video, I’ll cover the 5 things you need to know about buying back military time. Use the DFAS Military Buy Back Estimator to get your estimated buy back cost. And if you want to learn more about the FERS pension, read this article.
The VA's Survivors' and Dependents' Educational Assistance Program at a Glance
Considering the rapidly increasing cost of college, it’s more important now than ever that veterans and their dependents understand and utilize the benefits that they have earned. The VA’s Survivors’ and Dependents’ Educational Assistance (DEA) program or Chapter 35 is one such benefit that all eligible dependents should utilize. The program offers monthly payments forContinue reading “The VA's Survivors' and Dependents' Educational Assistance Program at a Glance”