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Category Archives: military
Weekend Wrap-up: Military Personal Finance Articles You Should Read (3/18-3/24)
This issue starts with a couple of Kate Horrell articles:
Texas law changes for military homeowners
Tax changes when you retire
LIFE: An Acronym to Live By (actually a guest post by USAA’s JJ Montanaro)
From there, we have 10 Keys to Proper Estate Planning, by Michael Chamberlain. Also, since it’s tax season, it’s not too late to Continue reading
Job Risk Mindset After Retirement – How to Mitigate Your Cash Flow Risk
This article is a follow up to my last one about your job risk mindset after your military career ends. If you haven’t read my first article, you might want to read it here before continuing on. In it, I … Continue reading
Posted in military, Uncategorized
Tagged cash flow, employment, job, military, retirement
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Job Risk Mindset After Retirement – What to Consider When Starting Your Second Career
While I normally try to write to people looking to either retire or separate, this article is intended for people who plan to retire. However, there are some items of consideration for separating members as well. This article is the … Continue reading
My Personal Experience With the Post 9/11 GI Bill
When the Post 9/11 GI Bill was signed into law in 2008, one of the first things that I did was review the Navy’s instructions for transferring benefits to my children. At the time, one of the stipulations was that I had to agree to an additional 4 years & sign a Page 13 (Administrative Remarks) that started the clock. I knew that I was planning to retire, but I wanted to start the clock as soon as possible so I did not have that hanging over my head. In my opinion, this turned out to be a stroke of fortune, as I’ve talked with several of my colleagues at other commands who were burned because the paperwork wasn’t routed properly (probably a shock, since the military is known for making sure the paperwork doesn’t get lost, right?). In one case, a shipmate had to postpone his retirement because he reached the 20-year mark before he realized that his paperwork got lost, and the time he was tracking did not count. Continue reading
Three Things to Consider About a VA Loan
1. You can finance up to 100%, but should you?
Lenders generally require a 20% down payment on the purchase of a home, or they will require that the borrower obtain private mortgage insurance. This is to protect the bank’s investment in the case of a default. However, there is another argument that can be made: ‘skin in the game’ is an important consideration. Continue reading
Retirement Journal – January 2016
This is the second in my series of retirement journal blog posts. In case you missed my first article, you can read it here. Although this post isn’t an update on my personal situation, I wanted to cover something that … Continue reading
What is the Survivor Benefit Plan, and What Does It Mean to Me?
When a military retiree passes away, their pension automatically stops. Without a plan to replace this lost income, the family’s quality of life could definitely be at risk. In 1972, Congress established the Survivor Benefit Plan (SBP) and its reserve counterpart under Title 10, specifically to help military retirees and their families protect themselves from the risk of financial loss.
SBP and its reserve component counterpart, RC-SBP, are annuity plans designed to replace a military pension once a military retiree passes. Under SBP, you pay a certain percentage of your retired pay (currently capped at 6.5%) in exchange for the right for your dependents to receive 55 percent of your retirement pay. For example, if you have $1,000 per month in retired pay, you’d pay $65 per month for SBP. When you die, your spouse would receive $550 per month. After 360 months and you reach the age of 70, you are considered ‘paid up’ and there is no additional cost to you.
Here are four unpublished reasons you should strongly consider SBP: Continue reading
What You Should Know About the Affordable Care Act & Form 1095
If you’re like me, you might have spent some time wondering about that new 1095 form. You know, the one that DFAS will start dropping into our MyPay accounts by the end of January. Don’t know what I’m talking about? … Continue reading
Forrest Baumhover Introduction
Hi. I’m Forrest Baumhover, and I’m a transitioning military member. My family and I have decided to retire to the Tampa Bay area, wrapping up a 24 year Navy career at the end of my tour at MacDill Air Force … Continue reading
Military in Transition 