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Category Archives: transition
Weekend Wrap-up: Military Personal Finance Articles You Should Read (3/25-3/31)
To round out the personal finance section, we have a side-by-side comparison of Roth vs. traditional IRAs (hint: the difference has a lot to do with before retirement tax rate vs. after retirement tax rate, as well as the length of contribution period). Also, FI Guide has a guide for those of you looking at post-military employment where HSAs are relevant. We have 4 ways to tell if you’re financially ready for retirement. If you’re looking for a new car, you might be interested in this Consumer Reports list of the 10 worst cars on the road. Finally, Claire Emory presents the perils of relying upon an inheritance before you actually receive it. Continue reading
Posted in military transition, sbp, transition, Weekend Wrap-up
Tagged college aid, emergency fund, ira, kate horrell, refinance, retirement, roth ira, sbp, sbp open season, traditional ira, transition
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What’s Your Biggest Concern About Your Military Transition?
Cash flow is king, or so the saying goes. Almost everyone that I’ve talked with has stated cash flow as a concern for their post-active duty life. It seems that a lot of these concerns boil down to two questions: Continue reading
What’s Your Five Year Plan?
One of the things you should always keep in mind is to have a five year plan. This plan should consist of things you plan to do in the military, as well as post-military, education, financial, and family aspects. Continue reading
Posted in retirement, transition
Tagged family, five year plan, military retirement, retirement, transition
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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
Three Reasons You Should Stay Local After Transitioning From the Military
There comes a time in everyone’s life where they have to make the decision to get out of the military. Whether it’s retirement or separation, everyone will eventually have to part ways with their service. In doing so, they will … 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
Retirement Journal (Initial Entry)
One of the things I wanted to do with this blog is to chronicle the transition from my military career to my new civilian career as a fee-only financial planner in the Tampa Bay area. One of my 2016 New … Continue reading
Military in Transition 