Use: I am about a year out from retirement and weighing getting out / post service employment / education / other options and wanted to visualize income streams across pension, disability compensation, and withdraw rate from assets.

Sub doesn't allow for direct image post and I'd rather not link to a PDF / spreadsheet, here's an IMGUR link:

https://imgur.com/a/76SEKhe

I utilize this calculator to help me visualize how much a mil retirement is "worth" in terms of FIRE. By plugging in the cash value of my retirement - plugged in for a 20yr AD E-6, and the amount you have saved, in this case ballparking $1.5m,

The area to the bottom left calculates the SWR as a percentage and displays both annual and monthly amounts.

The middle section displays what the annual and monthly amounts are for VA ratings (base ratings w/ 1 dep only, not getting into all of the various add-ons / SMC / TDIU / etc.)

The "w/ret" column displays that VA amount in addition to the entered retirement amount.

Then the rest of the columns graph out the relationship between retirement, disability, and SWR. For example if I want to know what I'd be pulling in if I were rated 50% and pulled 2% of my savings I can go to that tab and see it's $73,284.

I then have it color coded to reflect RED for under 80k, yellow for 80k to 99k, and green for over 100k as my targeted lifestyle is in that range. Red meaning I'll likely have to work to bring in additional income, yellow I should be OK go to barista-FI, green I just might hit true FI/RE.

I have a million tools drafted like this, not sure how helpful they'd be to others but hopefully it helps someone out.

Ok, back to BO6 zombies I guess.

All VA loan questions belong in this thread.

Start with the VA.gov benefits page here before asking your question: https://www.benefits.va.gov/homeloans/

Self promotion, solicitation, or promotion of any company is a violation of the r/MilitaryFinance rules and will result in a warning and then a ban.

This is a monthly thread to discuss or ask questions about military benefits on credit cards.

In general: American Express, Chase, and some other banks waive the annual fees on credit cards for active duty, Guard and Reserve on 30 day or greater active orders, and dependent spouses.

These individuals are known as "covered borrowers" of the Servicemembers Civil Relief Act (SCRA) and Military Lending Act (MLA).

The simplest definition of a covered borrower is active duty military personnel, Guard and Reserves on 30 day or greater active duty orders, or dependent spouses of any of the above.

The simplest way to check if you will receive MLA or SCRA protections on your account is to check the MLA Database or SCRA Database.

The MLA and SCRA database are the same databases that the credit card companies check to determine if you qualify for MLA or SCRA benefits.

If you are not listed as eligible in these databases, you will not receive MLA and SCRA benefits applied to your account.

You must be listed as eligible in these databases for the credit card companies to apply your military benefits.

Are military spouses eligible to open their own card accounts?

Yes, military dependent spouses are eligible to open their own card accounts on Chase, American Express, Citi, U.S. Bank, and Bank of America and receive their own annual fee waivers.

Check the MLA database before applying MLA Database to ensure you will receive your fee waiver without any issue. If you are not listed in the MLA database, check DEERS to ensure your Social Security number and name are listed correctly.

You must be listed in the MLA database when the account is opened / established or you will not be eligible for fee waiver benefits. For example, if you opened an Amex or Chase card before you married the active duty servicemember, that account will never be eligible for MLA benefits. The account must be established while you are eligible for MLA benefits, as confirmed in the MLA database.

What Cards are Eligible for SCRA or MLA benefits?

American Express

• The Platinum Card® from American Express
• American Express Platinum Card® for Schwab
• American Express® Gold Card
• American Express® Green Card
• Marriott Bonvoy Brilliant™ American Express® Card
• Marriott Bonvoy Bevy™ American Express® Card
• Delta SkyMiles® Reserve American Express Card
• Delta SkyMiles® Platinum American Express Card
• Delta SkyMiles® Gold American Express Card
• Blue Cash Preferred® Card from American Express
• Hilton Honors American Express Aspire Card
• Hilton Honors American Express Surpass® Card

Chase

• Chase Sapphire Preferred®
• Chase Sapphire Reserve®
• Southwest Rapid Rewards® Plus Credit Card
• Southwest Rapid Rewards® Priority Credit Card
• Southwest Rapid Rewards® Premier Credit Card
• United Explorer Card
• United Quest Card
• United Club Infinite Card
• Aeroplan Card
• Marriott Bonvoy Boundless
• Marriott Bonvoy Bountiful
• Ritz-Carlton Credit Card
• IHG One Rewards Premier Credit Card
• Disney Premier Visa Card
• World of Hyatt Credit Card
• British Airways Visa Signature® card
• Aer Lingus Visa Signature® card
• Iberia Visa Signature® card

Citi

• Citi® / AAdvantage® Platinum Select® World Elite Mastercard®
• Citi® / AAdvantage® Executive World Elite Mastercard®
• Citi® Premier® Card
• Citi® Prestige® Card

U.S. Bank

• U.S. BANK ALTITUDE® CONNECT VISA SIGNATURE® CARD
• U.S. BANK ALTITUDE® RESERVE VISA INFINITE® CARD
• U.S. BANK FLEXPERKS® GOLD AMERICAN EXPRESS® CARD

Bank of America

• Bank of America® Premium Rewards® Elite Credit Card

​

*For Citi, you must send a copy of your active orders and your MLA certificate from the MLA Database to MILITARYORDERS@CITI.COM and request MLA benefits. You must also have a statement balance on your account in the month you are charged the annual fee or you will not receive the MLA annual fee credit.

Which Act Applies, SCRA or MLA?

The military benefits you receive on credit cards depend on when you establish or open the account.

Open account before active duty = SCRA

Open account while on active duty = MLA

If you apply for the account prior to active duty orders, you are eligible for Servicemembers Civil Relief Act (SCRA) benefits while you are on active duty orders.

If you apply for the credit card account while you are on active duty orders, a Guard and Reservists on 30 day or greater active orders, or a dependent of an active duty servicemember, you are eligible for Military Lending Act (MLA) benefits while you are on active orders or a dependent of someone on active orders.

The banks and credit card companies may deny you SCRA benefits if you opened the account while on active duty. In that case, confirm they are applying MLA benefits and if they are not, check MLA database and then apply for MLA benefits.

SCRA & MLA Covered Borrowers Details

To qualify for SCRA benefits, the credit account must be established before active duty orders start.

Covered borrowers of SCRA defined as:

• Active duty US military on Title 10 orders in the Army, Navy, Air Force, Space Force, Marines, or Coast Guard
• National Guard or Reservists on 30 day or greater active duty orders (such as Title 32, Title 10)
• Public Health Service and NOAA Commissioned Officers

To qualify for MLA benefits, the credit account must be established while your or your active duty sponsor is on active duty orders of greater than 30 days.

Covered borrowers of MLA are defined as:

• Active duty member of the Army, Navy, Marines, Air Force, Space Force, or Coast Guard
• Guard or Reservists on 30 day or greater active orders
• A spouse or child dependent of an Active Duty member of the Armed Forces as defined in 38 USC 101(4)

Best Starter Credit Card

Check your credit score through your bank, Credit Karma, or Credit Sesame.

If you don't have a credit score or your score is below 700, start with a no annual fee credit card from USAA or Navy Federal Credit Union (NFCU).\

Or, apply for a secured credit card from another military friendly bank or credit union. That should be your best option to build a higher credit score.

What Fees Are Waived Under MLA and SCRA?

In general, the following fees are waived by Chase and American Express

• Annual Membership fees
• Authorized user fees
• Overlimit fees
• Late Payment fees
• Returned Payment fees
• Statement Copy Request fees

American Express and Chase are very cryptic in the benefits they actually provide under MLA or SCRA. Usually the customer service reps just read a script if you call and ask. This is not helpful and why we've collected this data here.

If you have additional data points, please share them, as this information is only as accurate as the data points we collect.

If you have any other questions on credit cards in the military, please comment below.

Reminder: no referral links or solicitation of referral links.

I’m PCSing with a 6-9mo TDY-en-route (rated pipeline). Should I be keeping food/gas receipts for the whole TDY, or just the travel to the TDY and then to my PDS for tax deductions?

Im already contributing 10% into a ROTH TSP

My first question is: Should I contribute to my TSP even if I'm most likely not gonna do a full 20 years?

I was told that it's not really worth it unless you plan on doing 20 years, and to just open a roth ira or a 401K instead so I can keep contributing after my contract.

If I should keep contributing, Is roth or traditional tsp the better option?

So after a whole year trying to sort out a BAH back pay issue my forms was sent to finance. For more context I have a shitty S1 that was sending bad forms to finance when I was clearly sending him the right ones but never acted upon it. Basically now he sent the right forms to finance and I wanted to know how long it takes for the military to pay me my back pay of BAH. I was suppose to receive it during OSUT (Florida 33193 approx $2500) which took place at Fort Leonard Wood August 1st-December 15th. Do I receive 12k or is it deducted tax?

Hey all, I’m a young A1C who has been in the Air Force for about a year. In that year, I have absolutely fumbled my finances. I have 500 dollars in checkings and no savings. And I have nothing to show for the money I spent, either. Not even a car or useful things. Just spent it all on alcohol, food, and having “fun” with “friends” (recently realized those times weren’t fun and those people weren’t my friends).

I recently started seeing a therapist for other reasons and it’s kind of sobered me up, and now I really want to change my habits, and start making smarter decisions. I’m only 19, and the military is my first job, so I was completely unprepared for dealing with my own finances. But I’m ready to grow up now.

I feel like I’ve wasted a year of my life, and I hate feeling behind like this, so I’m humbly asking for any advice from smarter people who actually know how to take care of themselves and their money.

Does anyone have some advice? Some good habits to start doing?

Thanks!!

Welcome to the getting started thread for military money. This will cover 90% of what you need to know to be successful with your military paycheck and build wealth in the military.

Some of the most frequent questions in on this subreddit goes:

• "I have $X, what should I do with it?" or
• "How should I handle my debt/finances/money?"

Processing img hb8cye3bq8sd1...

Step 1: Budget and reduce expenses, set realistic goals

Fundamental to a sound financial footing is knowing where your money is going. Budgeting helps you see your sources of income less your expenses. You should minimize your required expenses to the extent practical. Housing costs, utilities, and basic sustenance are harder to eliminate than entertainment, eating out, or clothing expenses.

There are many great apps available to discover what you're spending money on and where there are opportunities to save money. Monarch Money, YNAB, Copilot Money, EveryDollar are just a few of the apps available.

Once your budget is figured out, you need to figure out what your goals are. Financial independence? Retire early? Military retirement? Buy a house? Save for a car?

Setting SMART goals - Specific, Measurable, Achievable, Relevant, and Timely goals can mean the difference between financial success and failure. For example, you might want to finish your first enlistment with a $100,000 net worth or achieve early retirement after 20 years of service. These are SMART goals.

Step 2: Build an emergency fund

An emergency fund should be a relatively liquid sum of money that you don't touch unless something unexpected comes up. Unexpected travel, essential appliance replacement, and cars breaking down are all real world examples of emergency funds in action.

If you need to draw from your emergency fund at any time, your first priority as soon as you get back on your feet should be to replenish it. Treat your emergency fund right and it will return the favor.

Start with a $1,000 emergency fund. Eventually build it up to 3-6 months of expenses or a few of months of expenses plus

How should I size my emergency fund?

For most people, 3 to 6 months of expenses is good. Or maybe you want to cover a few months of expenses, plus a roundtrip airfare for you and your family to go back to your home stateside.

What if I have credit card debt?

Credit cards generally have very high interest rates (typically 15-25% APR) and that is a pretty big deal. If this applies to you, you should prioritize paying down the debt first.

A smaller emergency fund of $1,000 (or 1 month of expenses) is temporarily acceptable while paying off credit card debt or other debts with interest rates above 10%.

What kind of account should I hold my emergency fund in?

A checking account, savings account, or a high yield savings account (HYSA). Something FDIC insured and accessed in a few days.

Step 3: 5% Into the Thrift Savings Plan

The Thrift Savings Plan (TSP) is the military and government's version of a 401(k) retirement savings plan. All servicemembers enlisting since 2018 are covered by the Blended Retirement System (BRS). The BRS has 3 primary components to help servicemembers save for retirement:

1. 5% matching contribution to the TSP
2. Continuation pay bonus between the 8th and 12th year of service (depends on branch)
3. Military pension. A 2% mutliplier is used for each year of service. So if you retire after 20 years of active duty service, you'll earn an inflation adjusted, lifetime pension of 40% of your base pay. (20 years * 2 = 40%)

After 60 days of service, the Department of Defense (DOD) will automatically contribute 1% of your base pay to the Traditional TSP.

Starting in the 25th month of service, your contributions are matched, up to 5%. So if you contribute 5%, the DOD will contribute 5%. This is a risk free, 100% return on your contributed funds.

The default investment for anyone in the BRS is a Lifecycle fund with their birth year + 65. For example, if you were born in 2005, you'll be placed in the Lifecycle 2070 Fund.

The Lifecycle Funds are a mix of the 5 TSP Funds, designed by professional fund managers.

The 5 TSP Funds are:

• C Fund - Tracks S&P 500, made up of the 500 largest companies in America. You can use the ETF SPY or VOO to track it.
• S Fund - Tracks Dow Completion index, basically all the mid- and small- capitalization companies in America outside of the S&P500. ETF equivalent VXF.
• I Fund - International stocks. MSCI ACWI IMI ex USA ex China ex Hong Kong Index. 5,500 companies in this index. representing 90% of the investable world market cap outside the US. Similar to ETF VXUS but without Chinese or Hong Kong stocks.
• F Fund - Fixed income. Corporate bonds. Use ETF AGG to see performance.
• G Fund - Lowest risk, lowest long term return fund. The G Fund invests in a special non-marketable treasury security issued specifically for the TSP by the U.S. government. This fund is the only one in the TSP that guarantees the return of the investor’s principal. No comparable ETF.

Step 4: Pay down high interest debts

Once you're taking advantage of the 5% BRS TSP match, you should use your extra money to pay down your high interest debt (e.g., debts much over 4% interest rate).

In all cases, you should make the minimum payments on all of your debts before paying down specific debts more quickly.

There are two main methods of paying down debt:

• With the avalanche method, debts are paid down in order of interest rate, starting with the debt that carries the highest interest rate. This is the financially optimal method of paying down debt, and you will pay less money overall compared to the snowball method.
• With the snowball method, popularized by Dave Ramsey, debts are paid down in order of balance size, starting with the smallest. Paying off small debts first may give you a psychological boost and improve one's cash flow situation, as paid off debts free up minimum payments. The downside is that larger loans (that may be at higher interest rates) are left untouched for longer, costing more in the long run.

As an example, Debtor Dan has the following situation:

• Loan A: $1,100 with a minimum payment of $100/month, 5% interest
• Loan B: $3,300 with a minimum payment of $300/month, 10% interest
• Sudden windfall: $2,000

Dan needs to first pay $100 + $300 = $400 to make the minimum payments on loans A and B so the payments are recorded as "on time." The extra $1,600 can either go towards Loan A (smallest balance, snowball method), eliminating it with $600 left to go towards Loan B, or Loan B entirely (highest interest rate, avalanche method).

What's the best method?  tends to favor the avalanche method, but do not underestimate the psychological side of debt payments. If you think that the psychological boost from paying off a smaller debt sooner will help you stay the course, do it! You can always switch things up later. The important thing is to start paying your debts as soon as you can, and to keep paying them until they're gone. You can use unbury.me to help you get an idea of how long each method will take, and how much interest you'll be paying overall.

Should I be in a hurry to pay off lower interest loans? What rate is "low" enough to where I should just pay the minimum?

Depending on your attitude towards debt, you may want to stop paying more than the minimum payment on loans with low interest rates once you have paid all other loans above that threshold. A common argument is that the long-term return from investments in the stock market will likely exceed the interest rate from a low-interest loan. While this has been true in the past, keep in mind that paying down a loan is a guaranteed return at the loan's interest rate. Stock performance is anything but guaranteed. The rough consensus is that loans above 4% interest should be paid off early in the debt reduction phase, while anything under that can be stretched out.

Step 5: Max out Retirement Accounts - Roth IRA and Roth TSP

The next step is to contribute to a Roth IRA for the current tax year. You can also contribute for the previous tax year if it's between January 1st and April 15th. See the IRA wiki for more information on IRAs.

Roth IRA and Roth TSP contribution limits are different and do not cross over. You can contribute the maximum out your Roth IRA and your Roth TSP. Matching contributions do not count against your personal TSP contribution limit.

• Roth and Traditional IRA limits on IRS.gov
• Roth and Traditional TSP limits on TSP.gov

The most often recommended places to open a Roth IRA are at Vanguard, Fidelity, or Schwab. Most banks offer substandard Roth IRA products and you should not open Roth IRA accounts there.

Should I do Roth or Traditional?

Read Roth or Traditional.

For most servicemembers (O-3 and below), you'll be better off contributing to the Roth IRA, since military pay is so low taxed. Much of our military pay is untaxable allowances, such as Basic Allowance for Housing (BAH), Overseas Housing Allowance (OHA), and Basic Allowance for Sustenance (BAS).

Why contribute to an IRA if I have the TSP?

Roth IRA's have access to low cost investments similar to what you'll find in the TSP. However, you can always withdraw Roth IRA contributions at any time, tax and penalty free.

After you've fully funded your Roth IRA, you can look at maxing out your Roth TSP.

Before saving for other goals, you should save at least 15% and up to 20% of your gross income for retirement. If you are behind on retirement savings, you should try to save more than 15% if you can. If you can't save 15%, start with 10% or any other amount until you are able to save more.

Step 6: Save for other goals

Military servicemembers and spouses covered by TriCare are not eligible for Health Savings Accounts (HSA0.

• If you wish to save for college for your kids, yourself, or other relatives, consider a 529 fund in your state.
• Save for more immediate goals. Common examples include saving for down payments for homes, saving for vehicles, paying down low interest loans ahead of schedule, and vacation funds.
• Save more so you can potentially retire early (also see "advanced methods", below), only using taxable accounts after maxing out tax-advantaged options.
• Make an impact through giving. One of the rewards of practicing a sound financial lifestyle is that giving becomes easier. If you're on top of your health care costs, future education costs, and you've made it to this step, you can help make a difference for others by giving. If you can't afford to make monetary donations, there are other ways to give.
• Maybe you're interested in financial independence or retiring early, also known as FIRE? There are many resources out there on military financial independence and early retirement.

The time frame for these goals will dictate what kind of account you save in. For short-term goals (under 3-5 years), you'll want to use an FDIC-insured savings account, CDs, or I Bonds. If your time horizon is longer or you can afford to adjust your plans, you might consider something riskier like a balanced index fund or a three-fund portfolio (both are a mix of stocks and bonds). The best savings or investment vehicle will vary depending on time frame and risk tolerance.

Keep in mind that (especially for a young person) the more time your money has to grow, the more powerful the effects of compounding will be on your savings. If the goal is early retirement (even before the age of 59½), you should definitely maximize the use of any available tax-advantaged accounts (IRA, 401(k) plans, HSA accounts, etc.) before using a taxable account because there are ways to get money out of tax-advantaged accounts before 59½ without penalty.

If you are using a taxable account for any goal, you'll want to have a decent grasp on asset allocation in multiple accounts and tax-efficient fund placement.

Military State Taxes

Your home of record is the place you enlisted or commissioned from. This cannot be changed unless there was an error.

State of legal residence is the state that you claim as your residence. If you only have military income, you will pay state income tax only to this state.

You can establish residency several ways:

• Registering to vote in that state
• Obtaining a driver’s license in that state
• Titling and registering your vehicle in that state
• Drafting a Last Will and Testament naming that state as your domicile
• Purchasing residential property in that state
• Changing your military and finance records to reflect residency in that state.

The simplest way to establish residency is to PCS to that state and establish residency while you are a resident.

State with no income tax include: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. Many other states have no tax for military servicemembers stationed outside the state.

Simply engaging in one of the above acts alone will not likely render you taxable by a state; however, the more points of contact you make with a state increases your chances of becoming a taxpayer to that state. It is important to concentrate the majority of your points of contact in the one state where you intend to pay state taxes; otherwise, you may find yourself owing taxes to more than one state as a part-year resident.

Source: Fort Knox Legal Assistance Office

Military Spouse Residency Relief Act

Thanks to the Military Spouse Residency Relief Act, Veterans Auto and Education Improvement Act of 2022, and Servicemembers Civil Relief Act:

Military spouses can pick 1 of 3 options for their state of legal residence:

So either match the servicemember, keep your old state, or change to the current state you're in.

Military Bonuses

Military bonuses have federal income taxes withheld automatically at 22%. You may have state taxes withheld as well. Because your marginal tax rate is often much lower than this, you will receive a large portion of that withheld tax back when you file your tax return the following year.

If you don't know what to do with a military bonus, directing some of it to your Roth TSP is a great place to park it.

After reading all that, go ahead with any other questions you have about getting started with your military money.

I'm asking because even though I'm about to retire and enlisted something like that would have been a gigantic boon for my family when I started my military career.

Edit: Everyone has made excellent points for my understanding. I realize that my situation when joining wasn't typical of the enlisted when coming in, so I have a different outlook. Thank you everyone.

I've researched and am not seeing anything, but maybe someone knows of some little known or hard to find loan that my googling hasn't turned up?

Hello, I am trying to fill out my DD form 1351-2 for an advancement for my DLA before I PCS to the CSP portal. The form asks if my goods have shipped (I have it scheduled) it says if my household goods aren’t shipped I can’t apple for DLA. Do I put yes or no? Also, it asks for my itinerary but I haven’t left yet. Do I put projected dates or leave it blank? I already tried using smart voucher but it says I have to have dates but I don’t want to put dates of departure and arrival if I haven’t left yet. I’m hoping someone can help if u have filled this out before. I’m on leave right now so I can’t go to finance and prefer to do it asap.

I’m just started a short-term ADOS order that ends in January, with the possibility of extension through the end of the fiscal year and potentially beyond, as I plan to stay in the area for a while. Im currently debt free with decent amount of savings and ADOS is my main source of income, no civilian job held outside. I’m interested in buying a home and intend to use my ADOS income as the basis for a VA loan. However, I’m concerned because VA lenders typically require current orders, and my existing orders will reflect the January end date. Concerns: Order Duration and Lender Requirements:

With the short-term nature of ADOS orders, will lenders hesitate to approve a VA loan since my current orders show an upcoming end date?

Have others successfully purchased homes while on ADOS orders, even with frequent extensions (e.g., two 6-month orders per year or three 4–5-month orders)?

Risk of Non-Extension:

If my ADOS orders are not extended and I’ve already made an offer, what happens?

While I understand waiting for official orders is the safest route, I’m worried about losing the opportunity to buy a house I really like.

Questions:

Is it possible to secure a VA loan in my situation, given the nature of ADOS orders?(already have preapproved letter)

Are there any tips or strategies for navigating this process? Any shared experiences or advice would be greatly appreciated!

Good afternoon, Guys. I have a question in regards to the situation I am in. I am PCS’ing in a few months and need help. I am towing my car with another family member (using his truck) to my next duty station. When it comes to weighing my vehicle, trailer, and truck, how would I go about it. What would I weigh as my “Empty Ticket”. Would it be just the car? The car, truck, and trailer? Just the truck? I am also wanting to max the potential amount of money I want to make. Help would be much appreciated. Thank you.

Seeking some criticisms/advice on my financials. Getting promoted to O-2 soon. My plan is to do 8-10 years in the military, to secure my full GI bill and as many degrees/certificates as I can (officers do not start accumulating years toward the GI bill until their commissioning ADSC is finished). Not planning on doing a full 20 years in. Unmarried/but in serious relationship.

Goals, in order of soonest.

1. Save up to buy a nice pre-owned car in cash next year.
2. Travel 1-2x a year.
3. Save up for my wedding. Parental assistance will be minimal for us.
4. Use the VA loan (but still put 5% down) to buy a home around 2031, if the market is better than it is now.
5. Fully retire age 59.5 or earlier. Go part-time before then if possible.

Financials: $15,500 HYSA 4%+ annual yield +600/month (car savings+emergency fund) $600 in a new taxable brokerage account diversified REIT/ETF/stocks +150/month $7,200 TSP. Currently all in Roth, 80% C/10% I/10% S. Next year I will be maxing Roth, and starting to slowly increase traditional. Any thoughts on this?

Debt: No student/no credit cards/no car. Career starter loan 0.75% APR 18k remaining. I consider this negligible/not in a rush to pay it off because the APR is so low. Anyone disagree?

Expenses, percentages using net pay before TSP 30% Financial goals (retirement/investment/savings/career starter loan) 17% Housing (HCOL area but have a great deal) 11% Fixed necessities (Gas, groceries, insurance, gym, blah blah) 42% Flex necessities and personal spending (Car MX, activities, eating out, shopping, travel, etc) Is my “flex” category too high? Should I consider funneling more money into retirement, investments, or savings?

I am very fortunate to be an Officer and have financial flexibility that my people don’t have. I have been trying to help educate my people by teaching them how to set up their TSP, helping with budgeting, and the like. What are some valuable financial insights that would be good to share with my unit?

I appreciate any thoughts you have!

Edit: I have a misunderstanding in this post about ROTH TSP. I meant to say, I was going to reach 7k/year on Roth TSP, and then start slowly increasing my traditional TSP.

I recently took out the USAA career starter loan of $36,000 at 0.75%. I put $7000 into my Roth IRA into an S&P 500 ETF, and $10,000 into SNSXX as an alternative to a HYSA. I’m going to spend around $6000 on some stuff, leaving me another $13,000 lying around. I’ve been looking laddered T-Bills, but I’m not sure what to do with the rest yet. (I’m using Schwab for pretty much everything.)

I just recently got out of the military. I just saw my credit get knocked down 25 points because my star card credit limit decreased?! Obviously, this is due to me no longer receiving the military clothing allowance. I’m assuming there’s no way to fix this?

Perfect payment history on my auto loan with them (3 years now) and my credit card when I do use it.

Had a horrible emergency that’s going to cost me my entire pay check plus my savings.

I’m asking because I’m anxious since their collections department (that’s who I have to contact) is closed until Monday. I just want to hear the reality of if this is even possible. I don’t care if my final payment is larger to make up for the deferment. I can’t do a split option since I’m using all my monies already for this emergency.

I signed a lease in late September and got separation orders in early October. How long are my SCRA protections good for? I was told I have 90 days till the date my orders were issued to break the lease.

My Date of separation is in Mid December

Could any of you fine Americans please explain what the BRS actually is? I am an Army AD E-6, 7 years TIG, contributing 6% (yes I know it’s low) and I don’t fully understand the BRS.

I keep getting told by older leaders that I don’t get a pension after 20, and I have to wait until (insert a new retirement age every time I ask somebody). I also read that people in my situation will get a pension. Honestly I’m just confused and need some clarification. TIA.

We are currently stationed in West Virginia, but our state of record is Florida. We will be financing the new vehicle in West Virginia, Ohio, or Kentucky, but registering it in Florida. So when we finance the car, we will pay sales tax in the state we buy it in, I think, & then follow through the registration process paperwork with florida on our own, using the milpak Florida provides. I know we are exempt from the Florida sales/use tax since we won't be driving it in Florida for at least 6-12 months. I am wondering about the initial sales tax from the state we buy from, as I've heard different outcomes. Will we just have to suck it up and pay the tax, or will Florida reimburse us after processing our paperwork? Does anyone have any experience with these states in particular when purchasing a vehicle? Thanks in advance!

Happy Thanksgiving all!

I wanted opinions if I should refi.

Navy Federal offered me an additional 0.25 on a refi. My current APR is at 7.125, but the new refi would take me down to 5.875. I missed the minor dip a month back at 5.125, but I’m going on deployment soon.

No brainer or wait?

Used the search function but didnt see any similar posts.

I’m in a somewhat weird situation with my plans to buy a home. My wife and I are looking to purchase a home in AZ (stationed in FL) to move back home/do Skillbridge. I could start Skillbridge as early as this Oct (ADSC is March 2026) so we’re looking to purchase sometime in June/July to have the house ready to move in. We would have no problem meeting the 60 day move in requirement. As you know, Officers do not have an ETS until we apply for separation and the lender requires proof of income for up to a year. Im trying to understand the legality of holding off on the separation package until after purchasing the home to circumvent the income requirement. I fully intend to continue full time work after separation post-skillbridge but I wouldnt be able to provide a hiring letter til towards the end of skillbridge. I hope someone here can share some input about my situation.

Saw this today about AF pilot and civilian double income couple. The pilot is bringing in $200k per year. Is this right? O-5 working in the AF Reserves in mostly an office job doesn’t bring in 200k.

https://youtu.be/RHDeeOmDKvU?si=-vlf-PPhj1P2j0Hb

I am in the army and have been married since june 2024 yet I have not received bah it seems my s1 is so incompetent at their job I go in there every week and they’re acting like I didn’t just walk in saying the same thing the week prior. Is there a way I can file for bah myself I have talked to my chain of command yet they still tell me to simply just wait and let s1 do their job but that is all I have done is wait for months.

My husband retired a couple of years ago, and we were able to apply for and have approved secondary dependency for our daughter as she turned 21 to have her continue on Tricare Prime.

Currently she receives:

• SSI
• Additional VA disability based on my husband's 70% ratings

We expect her to receive in the future:

• Medicaid Waiver for community care
• Food Stamps
• Half of my husband's social security benefit when he claims social security

I know the re-evaluation will be coming up, and some of these benefits have been added since we initially applied. How does the military view each of these income sources? Do they count as her supporting herself or us supporting her? I've struggled to find documentation for how they count, so if you could link to official documents, that would be extra helpful.

We are easily able to document that we are currently providing more than 50% of her support, but if she receives food stamps and then the medicaid waiver comes through, we are concerned that we have to match those amounts for her to continue to qualify.

The benefit of Tricare is far more valuable than these others since she has needed hospitalizations in the past and we expect may again in the future, and they are very expensive and don't always accept Medicaid.

Can anyone help point me in the right direction? I don't want to turn down benefits that she qualifies for, but I really don't want her to lose Tricare for the rest of her life and a portion of my husband's pension after we both pass away.

Hello, we unfortunately are going through this process now. We lost our babygirl at 20weeks 3 days due to an incompetent cervix. They had to finish inducing labor since I wasn’t progressing on my own (risk of infection). She ended up being still born, obviously she didn’t get a birth certificate and doesn’t get an official death certificate. What do I submit? His unit has told us to go through the hospital to get records, but everything I’m seeing is showing “induction termination” - would that disqualify us from receiving the benefits? She was technically stillborn and I wasn’t given a choice I couldn’t just stop the labor without risk to my uterus and/or life. Just looking for some insight. Thank you

For anyone who has requested SCRA benefits on credit cards, do they apply the interest rate reduction on the entire balance or only a portion of the balance? Also, what banks gives the best SCRA rates and benefits?

I am about to retire for good. My income will include Social Security, High-3 retirement and VA disability.

I read that I cannot put my SS into a tax deferred account. Can I put my Army retirement into a tax deferred account? I searched high and low and couldn't find an answer.

Im currently trying to figure out what to do next with my finances as I feel like I’m in a very good spot but don’t know how to keep going from here. Was raised without money and I feel most of the people around me all are multiple kids, living pay check to paycheck. No one to really talk to about how to progress.

My wife and I are 23 and 27 respectively (I’m 8yr E5 in the AF, Wife is a nurse). Both have degrees paid off (wife through her father’s GI, I’ll finish mine with TA next quarter). We have two newer vehicles, one bought in cash after deployment, second has been paid off.

Our only real monthly expenditure is rent, $1950+$100 utilities. Will be buying after upcoming pcs in about a year.

Together we take home ~$10,000 a month after tax and TSP contributions (I put $800/M into TSP, which currently is at $15k; I started late with this. Was fairly dumb in my young airmen days with money. Planning on changing this next year to max out TSP).

Currently have ~$80k sitting in an Amex HYSA.

What the heck should we be doing now? I feel we have done well for ourselves considering our age, but what’s the next step from here to keep going?