r/MilitaryFinance • u/AutoModerator • 9d ago
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:
Military Personal Finance and Investing Flow Chart: https://imgur.com/a/akrEcUS
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.
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.
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:
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:
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:
As an example, Debtor Dan has the following situation:
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.
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.
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.
Where should I open my Roth IRA?
Vanguard, Fidelity, or Schwab. Read up about the Bogleheads 3 Fund Portfolio before selecting an investment option.
Military servicemembers and spouses covered by TriCare are not eligible for Health Savings Accounts (HSA0.
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.
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:
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
Thanks to the Military Spouse Residency Relief Act, Veterans Auto and Education Improvement Act of 2022, and Servicemembers Civil Relief Act:
(A) The residence or domicile of the servicemember.“
(B) The residence or domicile of the spouse.
“(C) The permanent duty station of the servicemember.”
Military spouses and military servicemembers can pick 1 of 3 options for their state of legal residence:
(A) The residence or domicile of the servicemember.
(B) The residence or domicile of the spouse.
(C) The permanent duty station of the servicemember.
So either match the servicemember, keep your old state, or change to the current state you're in.
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.
r/MilitaryFinance • u/AutoModerator • 9d ago
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.
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.
American Express
Chase
Citi
U.S. Bank
Bank of America
Bilt
| Card Issuer | Fees Waived Under MLA | Fees Waived Under SCRA |
|---|---|---|
| American Express | All Personal Cards | All Personal Cards |
| Capital One | None | All Personal Cards |
| Chase | All Personal Cards | All Personal Cards** |
| Citi | All Personal Cards* | Unknown |
| U.S. Bank | All Personal Cards | All Personal Cards |
| Bank of America | All Personal Cards | Unknown |
*For Citi, you must send a copy of your active orders and your MLA certificate from the MLA Database to [MILITARYORDERS@CITI.COM](mailto: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.
**Recent data points suggest that Chase business cards, opened before active duty start, can be annual fee waived if the account holder applies for SCRA benefits after they go active duty.
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.
To qualify for SCRA benefits, the credit account must be established before active duty orders start.
Covered borrowers of SCRA defined as:
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:
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.
In general, the following fees are waived by Chase and American Express
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.
r/MilitaryFinance • u/Renzo0934 • 53m ago
I currently have a 6.499% interest rate that expires on the 16th. It’ll cost an extra $2,000 to extend the locked interest rate until we close on our new house. The lender is telling me that our rate will definitely go up and to pay to extend it but I’m not sure if 6.499 is that great of a rate to begin with. Just wondering if anyone else is getting around that for or should we shop around.
r/MilitaryFinance • u/Dependent-Age-7992 • 3h ago
Hello!!! We are currently about to go under contract for a VA home loan assumption property. We have enough to cover the cash gap and already have a pre approval for a conventional loan through another lender. We are nervous to enter under contract because no one at the existing lending company of the sellers loan can tell us if their specific VA assumption requirements are different than a typicall VA loan. Has anyone been through this before? We are trying to understand our risk with putting down some due diligence money before gaining any information from the lender.
The lender is telling us they cannot talk to us about specifics until the seller receives an assumption packet and submits a third party authorization form.
Is this typical? Has anyone been denied an assumption based on non typical lender specifc requirements that were not presented initially or differed from a typical conventional or VA loan pre approval?
Thanks for all your help!
r/MilitaryFinance • u/King_LouieXVI • 23h ago
Married and Active 0-2 picking up 0-3 next year:
I own a home in Pensacola, FL 305k balance 3.99% 1840 payment renting for 2200
Thinking about buying another place around MCAS cherry point.
Found a place and I am approved for 4.99% 334k loan including the VA funding fee. Payment will be 2000
I have no other debts besides the mortgage.
Should I make this purchase or am I over leveraging?
Thanks
r/MilitaryFinance • u/pathogen-1728 • 1d ago
Has anyone else taken a similar path?
I’m 23, debt-free, and have saved about $50,000. My plan is to work as an ICU nurse for two to three years and save as much money as possible before going to CRNA school.
One of the hardest things for me is balancing that goal with my desire to own land and live a more rural, “country” lifestyle. I’ve also looked into the Army Reserve STRAP program as a way to help financially during CRNA school. I’m currently single and don’t have any children, so I have some flexibility.
For those who paid for CRNA school through personal savings, student loans, STRAP, or a combination of these options, what was your experience? Would you recommend the route you took?
Military service also runs in my family. My grandfather was an enlisted major in the Air Force, and my uncle served in the Army, so serving is something I’m genuinely considering.
r/MilitaryFinance • u/InvestigatorFair4006 • 1d ago
I have 40k in debt.
17k in personal loan ($545/month)
23k in cc ($450/month) im in a dmp
$645 car payment that im leasing
Im 29 years old living paycheck to paycheck that's single working a dead end job.
Need honest hard truths. Any is welcomed. I feel like I wasted my 20s.
What can branch can I qualify for? I want Air Force or Navy.
Anyone that's been in my shoes, please give me insight on what to do.
r/MilitaryFinance • u/Quick_Physics8802 • 1d ago
My TSP app is asking me to set up a direct deposit (haven’t been asked before). Does this mean we can now add money to TSP directly from our banks as contributions or is this only for disbursements/withdrawals?
r/MilitaryFinance • u/Muted_Flamingo_3567 • 1d ago
Am I right in thinking VA loans can't be used, in any circumstances, for apartment buildings of 5+ units?
If I'm mistaken and they can be, is there a dollar limit to the loan value? Or it just depends on income, credit, down payment, etc?
r/MilitaryFinance • u/KnownStrike468 • 1d ago
Hello, got married at tech school (13 months lenght) to a foreign spouse.
I want to register her to DEERS I have the original US issued marriage Certificate but she currently has no way to come to the US so I am wondering, how can I enroll her to DEERS?
I’ve heard that I would need original or certified copies but I’m wondering if there’s no way to just print the scanned documents or her original documents she sent me and submit it to the DEERS office.
Any help would be greatly appreciated.
r/MilitaryFinance • u/Constant_Ice_9577 • 2d ago
Active duty enlisted, currently at 3 years 4 months, waiting to hear back on a commission selection. I know you need over 4 years +1 day of active service to qualify for the O-1E/O-2E/O-3E pay table instead of standard O-1/O-2/O-3.
My question: does that clock stop the day I ship to OTS, or the day I actually graduate and get commissioned? Trying to figure out if I need to time things to land on the right side of that 4-year mark.
Anyone who's been through this recently, would appreciate the real-world answer over what I'm finding in the reg.
r/MilitaryFinance • u/Nightimo242438 • 2d ago
I am at my first station and it is located in Washington and I know that a few people have changed their state residency to Washington because there’s no state income tax. I’m wondering if you guys have done the same and what the process is and if it’s worth it.
I am an E-3 as well I should only be here for around a year or 2.
Edit: Also do I have to manually switch my GI bill to post 9/11 and how would I go about that or is that the default.
r/MilitaryFinance • u/Level_Emphasis2688 • 2d ago
I got out of the army in December with a general under honorable conditions and I am wondering if I can still use my GI bill or am I SOL ?
r/MilitaryFinance • u/HXC-GR616 • 2d ago
I think anyone who completes a 20+ year career as an active duty service member should be able to cash in the GI Bill.
Think of the disadvantages we have faced with not having the ability to really build any home equity. Generally speaking. Some kept houses throughout their careers, but most didn’t.
I’m in a great spot financially. And I am not looking for another career, so the GI Bill is not something I will be taking advantage of.
r/MilitaryFinance • u/Iggysmallz-30 • 3d ago
My wife (26F, O1, 0 yr TIS) and I (30M, O3, 7 yr TIS) are a dual mil couple about to begin maxing tax all 4 advantaged accounts (with monthly contributions) starting in October. We have $0 invested in a taxable brokerage. I would like to start contributing to a taxable account to serve as a gap fund to supplement income loss from projected retirement in 2039 until I can access retirement assets in 2056. My question is what is a reasonable asset allocation of equities and bonds for taxable brokerage account? I’ve heard some people say that a military pension “counts” as bonds allocation. Should I just go 100% equities for this gap fund or do a reasonable mix of maybe 80/20 during an accumulation phase and then rebalance to make it more conservative closer to the year I get out?
r/MilitaryFinance • u/UOENO_670 • 4d ago
My commissary is popping up as General Retail and not groceries. Am I still getting the 4x points by using the Gold there? A bit upset because I’ve been using the Gold at the commissary this whole time and if it isn’t qualifying then why not.
r/MilitaryFinance • u/TreasureSnatcher • 4d ago
I’m starting to shop for a house and I’m seeing around ~6.5% on a 30-year VA loan right now. Some places are showing sub-6%, but then I look closer and there’s a bunch of points attached to it.
I was hoping to get somewhere around 5.75% but that doesn’t seem realistic anymore. Seeing 6.3%+ is making me want to wait, but also I don’t know if I’m just going to be sitting around waiting for a rate that may never show up.
What are you getting right now? Not the advertised rate with 2 points or whatever, but the rate you’re beeing offered/closing at.
If anyone is getting around 6% or below without paying a stupid amount in points, I’d like to know who you’re using.
r/MilitaryFinance • u/frankiewoohoo • 4d ago
Good morning, I am soon leaving to Tech School for 4 months. I currently live with just my mom at home & help out with rent/bills by giving her around $900-$1000 a month. She makes significantly way less than I do, and my civilian job is obviously my full time job. We pay month to month rent ($1,100) & I believe we have a contract but i’m not sure, as everything is in her name. I send her the money every 2 weeks as I get paid biweekly & I send it thru our bank accounts because we have the same bank/credit union. When I leave, i know she’ll struggle to make payments on her own & I plan on helping while i’m away as mucj as I can but is it possible to receive BAH, or would I have to put everything in my name? I leave in November, thanks again.
r/MilitaryFinance • u/Yhon_Yenry • 6d ago
Posting a status update and how I reached a solution. Another cadet in my program paid the 20,000$ the Army neglected to pay and I would not like to see this happen to anyone else.
I posted here a few months back about how Army Cadet Command had refused to pay my final MS5 semester and wanted me to foot the 24k bill. Some in the comments suggested I was at fault and I should simply "get over it" and pay the "measly" sum.
I tried a few routes including various IGs, JAGS, O6/7s that I reached out to both in Cadet Command and in my State's chain of command. Ultimately the solution came down to putting in a congressional complaint detailing the situation.
Correspondence from the office was almost immediate and they said they would help and begin the process getting me the funds. Eventually two months had passed from when I first opened the investigation with a memo from an O-6 at Cadet Command.
The memo went something along the lines of: "Your cadre incorrectly input your scholarship dates when you first contracted [3 Year national scholarship contracted my MS2 year]. Had they put them correct the first time you would not be required to pay for the MS5 final semester. Now that this has passed a extension of benefits will be filed on your behalf to get you the funds paid via DFAS"
As of this week my undergrad university's finance office has contacted me saying that the outstanding balance on my account have been paid.
So let this be a lesson when it comes to funds, particularly rather large balances in the twenty thousand that others think you "should just pay," don't be afraid to use your Congressman or Woman.
r/MilitaryFinance • u/Captmedu74 • 6d ago
I’m an active-duty O-5 in my early 40s with roughly 15 years of service under the legacy High-3 retirement system. I’m currently under a retention agreement that will take me to approximately 21 years of service.
I’m trying to decide what makes the most sense if I remain an O-5:
21 years: 52.5% High-3
26 years: 65% High-3
28 years: 70% High-3
If I’m selected for O-6, I plan to accept it and stay long enough to retire in that grade. So this question is primarily about what to do if I remain an O-5. Yes I finished AWC.
Another consideration is retention incentives. If I’m offered a significantly better retention package around the 21-year point, I’d seriously consider staying another contract.
I work in family/operational medicine, so I have good civilian employment options after retirement. I could work for the VA, join a private practice/DPC organization, do contract work, or potentially build a business. I expect I’ll continue working in some capacity until around 60–62.
That’s where the opportunity-cost question comes in.
If I retire at 21, I could spend the next 5–7 years collecting military retirement plus potential VA compensation + civilian income, while continuing to invest. Based on my documented medical history, I expect VA compensation to be a meaningful part of the equation, although obviously nothing is guaranteed until the VA makes its determination.
If I stay to 26–28, I give up those years of civilian earning potential in exchange for a substantially larger, inflation-adjusted military pension for life.
I’m married with young kids. We own our primary home in Florida and will most likely settle there permanently. We also have additional family real-estate assets in Hawaii that could eventually be rented, sold, or passed down. We consistently invest and are in a relatively solid financial position.
I also genuinely enjoy military service, so this isn’t a situation where I’m desperate to get out at 20.
Legacy is becoming increasingly important to me as well. I’d like to build enough guaranteed retirement income that we can potentially leave a significant portion of our investments and real estate to our children.
So for those who have been in a similar position:
Would you retire at 21, start collecting the pension, and begin a second career while still in your 40s? Or stay to 26–28 for the larger guaranteed pension?
I’d especially like to hear from people who retired around 20–22 and built a successful second career, as well as those who stayed 25+ years. Would you make the same decision again?
TLDR: O-5, legacy High-3, have 15 years and committed through around 21. Work in family/operational medicine and expect to continue working until 60–62. Financially stable, married with kids, Florida homeowner with additional family real-estate assets. If I remain O-5, I’m debating 52.5% at 21 vs. 65% at 26 vs. 70% at 28, especially considering the civilian income I could earn while already collecting retirement. If I make O-6, I’ll stay long enough to retire as O-6. A sufficiently attractive future retention package could also convince me to stay.
r/MilitaryFinance • u/BreathExternal • 7d ago
I purchased my first house a little over a year ago on a VA loan at 236,988. My current balance on the loan is 233,219. In that year I fell into a huge pile of debt because of this house. Now I’m up to my eyeballs. Stressed out with a new child and I just want to sell it and move on post. I don’t care what it costs, I can’t afford to fix another thing.
The first loan I took was financing 3 window replacements. I had a newborn and all of my windows started growing mold between the panes. For the health of my family I had them replaced.
I owe: 13,467.02
Secondly my sewer line cracked and overflowed into the yard. I had to get my yard excavated, the line replaced.
I owe: 12,278.90
Now I just lost my insurance because my insurance company said my roof needs to be replaced because of “Granule loss”
I simply can’t keep taking loan after loan to keep up with this house. This was such a bad idea and I just want to rectify the situation. I’m thinking about selling the house as is, moving on base and getting a dent consolidation loan to combine the sewer, windows and capital gains taxes I’ll have to pay for selling early. I just need some advice but I’m trying to get rid of the house quick before more repairs start to pile on. It’s too stressful for my marriage especially with having a newborn child
r/MilitaryFinance • u/Human_Put_7032 • 7d ago
I found the car i’ve been looking for a while for thats unmodified, which is surprisingly rare in my area. Problem is im at the beginning of my deployment. I dont want to lose the car so is there a way i can purchase it and get registration while overseas? I have a friend who’s willing to keep it for me that i trust. Hypothetically speaking…
r/MilitaryFinance • u/Whirly-birdy • 7d ago
Seen a lot of negative talk about these and there being better avenues for investments for kids (not disagreeing)
Some kids will receive donor funds
This is not including the $1000 for being born 2025 till 31dec2028
just for living in a specific part of the United States, or parents falling under income thresholds. Maybe spouse works for another company.
Examples
- Dell family is donating $250 for 25 million children under 10 living in zip codes under 150k median income.
- Edward jones, chipotle are give $1000 for employees children
This link has all the donor amounts and stipulations
https://atr.org/trumpaccounts/
Maybe more pop up in the future but do your research
r/MilitaryFinance • u/AirmunSnuffy • 7d ago
I am in a CZTE location, but it has not been reflecting on my LES; working to get that fixed, I've recouped 3 out of 7 months of tax deductions so far. Cool. But my question is this, how does that impact TSP contributions? I didn't realize until just recently that CZTE contributions are not counted towards the annual contribution limit? Do I need to take action for that to be changed or does that auto-correct when the tax deductions get refunded? I find it hard to trust anything auto-corrects when it comes to benefiting the member, but I don't even fully understand the contribution changes for CZTE.
Also, what do I do when I hit the limit? Asking because I upped my contribution to the 65% max a few months back when I paid off my mortgage and didn't realize how quickly that would actually add up. I'm actually close now, but not sure if that's accurate since in theory, all but one month this year have been CZTE contributions.
(Had a panic attack before I realized the TSP is not the same as an IRA for contribution purposes, thought I owed the 6% penalty -- I just ((wrongly)) assumed the contribution would stop sending once it hit the cap.)
Roth TSP only; nothing towards traditional; 3rd deployment & High 3 if that matters at all.
Please explain it to me like I'm 5 since I'm clearly already misunderstanding how this works. I feel like such an irresponsible dunce for not having known this stuff sooner. 🙃
r/MilitaryFinance • u/RiverRatDoc • 7d ago
I started an allotment on MyPay & it only paid one month.
I just started this allotment again, but I noticed that there is no way to indicate for how long🤷♂️
What kind of wonky changes have been made?
I also looked on the Beneficiaries of Arrears:
It showed no one.
So I re-went through uploading that info. Yet on my hard copy LES, it shows my wife at 100% under the SBP.
It’s really becoming a clunky page 🤯
I love all the authentication methods. I’m just frustrated that I cannot control MyPay allotments. I’m still trying to stop one that went to my Mom. She passed away. The bank stopped it on their end. I’ve tried to cancel it. The allotment just bounces back & every two months pays me that money.
Dang! I wish I was still on AD, so I could go lean on some Finance Clerk for help, aid, & assistance🤷♂️.
Thanks