The Military Spouse Residency Relief Act (MSRRA) of 2009 is the first of two amendments to the Servicemember Civil Relief Act (SCRA) that extend privileges and protections to service members’ spouses. Amendments under the Veterans Benefits and Transition Act of 2018 expanded those benefits. According to MilitaryOneSource, “MSSRA allows military spouses to maintain legal residence […]
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Active-duty U.S. military members are eligible to receive financial relief and protections under the Servicemembers Civil Relief Act (SCRA). The SCRA, formerly known as the Soldiers’ and Sailors’ Civil Relief Act, is a federal law enacted in 2003 that restricts or limits actions against military personnel currently serving on active duty. The act was designed […]
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The Internal Revenue Service has announced 2022 Thrift Savings Plan (TSP) contributions limits. In 2023, Thrift Savings Plan participants can contribute up to $22,500 in elective deferrals, according to the Internal Revenue Service. Participants age 50 and older can make an additional $7,500 contribution, for a total of $30,000. The IRS announced the TSP contribution […]
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Veterans who receive, or are eligible to receive, the Department of Veterans Affairs compensation for service-connected medical issues may be qualified to receive Social Security Disability Insurance, also known as SSDI. A second Social Security benefit, Social Security Insurance, offers government funds to help those in need (with or without military service). These benefits are […]
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For Reserve and Guard service members, calculating military retirement pay is an important part of financial and life planning. Eligibility to receive military retirement pay is based on service points earned during service. Those points rely closely on the professional choices a service member makes. Do you need to know how to calculate Reserve or Guard […]
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United States military members will likely see their largest-ever pay increase in 2023 – a 4.6% hike, according to the Bureau of Labor Statistics’ Employment Cost Index (ECI) and the draft 2023 defense budget. The White House released its 2023 defense budget proposal in March, and so far congress has upheld the 4.6% bump. Basic […]
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Enlistment bonuses and reenlistment bonuses are an old concept, but in modern times there are added complications, taxation, and the availability of bonuses for the new recruit’s chosen career field. Other issues include the availability of jobs in fields paying such bonuses, and whether or not a new recruit or someone reenlisting has the skills […]
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Some service members will receive a basic needs allowance beginning January 2023.
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Should service members go on terminal leave before retiring or separating from the military? Or should they choose to sell back that leave instead? What is the best use of your accrued leave on your way out the door from your military duty and into your new life as a civilian? In spite of our […]
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Military retirement pay is an important part of the benefits offered to service members. In fiscal year 2020 alone, more than $62 billion was paid to more than two million retirees and survivors of military members. A portion of those funds are paid to those drawing medical disability retirement pay as a result of having […]
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