The 2023 military retirement pay increase (aka retired COLA) has been calculated, and it’s a whopping 8.7% for those who retired prior to 2022! This projected increase is based on the Social Security cost-of-living adjustment. The Social Security adjustment changes the VA disability compensation rates by law. For military, retired COLA adjustments don’t happen automatically… | Read More…
Life Insurance or SBP? Asking The Right Questions
Life Insurance or SBP? (That’s the military’s Survivor Benefit Plan.) If I had a nickle for every time I was asked that question – well, I’d be able to go out for a coffee this week. And next week. And every week into the future. At least once a day, someone asks me some variation… | Read More…
Banks and Credit Unions With Early Deposit Of Military Pay
Who doesn’t love getting an early deposit of military pay? Everyone likes getting paid, and people really like getting paid early. Even when you’re financially secure, and you don’t need the money immediately, there’s a psychological boost from getting paid a day or two before the actual payday. (Not a psychologist, can’t explain why, but… | Read More…
Social Security Tax Repayment: What To Do With A Corrected W-2
Most military service members are finishing up the Social Security tax repayment from the deferral that happened in the last part of 2020. This will be a change in your paycheck and you may get a corrected 2020 W-2. What Were The Deferral and Repayment? From September through December of 2020, Social Security taxes were… | Read More…
Ten Alternatives To A Payday Loan
It’s not uncommon common to find yourself stuck in a situation where your expenses have grown a little too big for your paycheck. When that happens, it is easy to look for a fast and simple solution to your problem. Fast and simple solutions are rarely permanent solutions, and often they make the overall problem… | Read More…
12 Ways To Prepare For The Next Government Shutdown
As much as we all like to think that military pay is a sure thing, there are situations that can affect it. And, as always, having a plan is the first step in dealing with whatever life throws at you. What should military families be doing to be better prepared for the next government shutdown?… | Read More…
The Budget vs. Debt Ceiling: How Government Shutdowns Could Affect Military Pay
Editor’s note: Every time I publish something like this, I get a bunch of people telling me that I’m being dramatic, that the military will always get paid, and that I’m being irresponsible for getting people upset. That’s not the intent at all. If you’ve spent any time at all around these parts, you know… | Read More…
Five Things To Check On Your Military Retiree Account Statement
Retired military members receive a monthly account statement similar to the active duty Leave and Earnings Statement. When you’re still serving, you get an LES each month to list all your pays, allowances, deductions, and allotments. Once you transfer to the retired side, the same information is available on your Retiree Account Statement (RAS). Just… | Read More…
85 Ways To Get Through A Long Pay Period
Because months aren’t always 28 days long, and because military paydays don’t happen on weekends or holidays, there are times where there is a long stretch between military paychecks. Sometimes, it can be as long as 20 days! If you’re living paycheck-to-paycheck, or you budget pretty tightly, that can create some challenges to making sure… | Read More…
New To The Military: Understanding Military Pay Raises
One of the great things about the military pay scale is that there are regular raises built right into the system. When you’re first starting out, they come a little more frequently, then the pace tapers off after you’ve been in the military a while. There are three types of regular pay raises in the… | Read More…