Retired Military paydays are once a month. Military retirement pay is paid on the 1st of the month, unless the 1st is on a weekend or holiday, in which case it is paid on the previous business day (the last business day of the previous month.) Military retirement pay is paid in arrears, meaning that… | Read More…
Your Military Retirement Move: Travel, Household Goods and Storage
Your military retirement move can be a big step in the transition to civilian life. Retiring military members are authorized a move from their last duty station to a home of selection. This includes the movement of household goods and the transportation of eligible family members. This post is part of The Comprehensive Military Retirement… | Read More…
2023 Contribution Limits for Thrift Savings Plan and IRAs
The IRS has announced the 2023 contribution limits for tax-advantaged retirement plans. Take advantage of your increased military pay for 2023 to beef up your contributions and save more for retirement. Don’t forget that you can contribute to both a 401(k)/TSP type employer-sponsored plan and an Individual Retirement Arrangement (IRA), and that non-working spouses can… | Read More…
Preparing Today, For The Someday When You Leave The Military
Every day, I talk to military family members who are facing transition out of the military. Whether it’s the end of a four-year enlistment, a medical separation, or retirement after 20 or 30 years, it is a major life change when you leave the military. Many of the service members and spouses feel unprepared! That’s… | Read More…
The Survivor Benefit Plan (SBP) “Payback” Period
This post is part of a larger series about the Survivor Benefit Plan. Here’s the complete list of posts. Everything About The Survivor Benefit Plan Understanding the SBP-DIC Offset Life Insurance or SBP? Asking The Right Questions Retiring Military: Should You Choose SBP? 10+ Places To Learn About The Survivor Benefit Plan The Survivor Benefit… | Read More…
2023 Increases In Military Retirement Pay (plus VA Disability and Social Security)
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…
Be Sure You Are Keeping Up With These Retiree Newsletters
It can be hard to keep up with changes in benefits, laws, and programs. One of the best ways to remain informed is to read the various retiree newsletters published by each branch of the military and the Defense Finance and Accounting Service (DFAS). This stuff isn’t just for retirees – there is useful information… | Read More…
Should You Continue Serving To Earn A Military Retirement? The Golden Albatross Might Help You Decide
Every military member, no matter how enthusiastic, wakes up one day (or comes out of a frustrating meeting) and asks themselves, “How much longer do I want to do this?” Invariably, this question is complicated by the cliff-vesting nature of the military retirement pay system. Get out before 20 years of service, and you leave… | Read More…
Military Retiree Medical: Tricare Prime, Select, or USFHP?
The choice of a military retiree medical plan can feel overwhelming. One of the big questions during military retirement is: Which Tricare healthcare coverage should I choose? Or maybe you’ve been retired for a while, and you’re wondering if the Tricare health plan you’re using is the right one for your situation. Or you’re moving… | Read More…
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