I was talking to my military friend Phil last night (name changed to protect the innocent!). Phil is reenlisting in the military next week and will be receiving a $28,000 reenlistment bonus. That’s some sweet cash, and he wasn’t sure exactly what do with it. He asked me what he should do with his reenlistment [...]
Airmen across the globe are feeling the effects of budget cuts. These issues are not only affecting the weapon systems they use to protect our nation, but it is affecting their quality of life as well as their mission and in some cases, whether or not they have a job.
Expect around 5,000 Airmen to be [...]
The military budget has gone through a lot of changes in the last few years. The ongoing War on Terror has stretched the budget thin, to the point of almost breaking. Each service needs an influx of billions of dollars to restock and refurbish their equipment and supply the ongoing war efforts.
But how much of [...]
Congratulations to all military retirees in the State of Ohio! Veterans who receive military pensions no longer will have state income taxes taken from their monthly retirement checks.
On 20 Dec 2007, Ohio Governor Ted Strickland signed legislation that exempts military pensions from state income tax. House Bill 372 allows tax exemption of military retirement pay, along [...]
MSN and CNN both report about the rise in retention bonuses being paid to troops to maintain force strength. The military is having a hard time keeping its personnel numbers at high enough levels to sustain current operations. The hardest hit are the Army and Marines as many troops are getting out due to the [...]
A bill was recently introduced to the House of Representatives that would exempt all active duty military pay and benefits from federal taxes. Read the full text of the bill.
Rep. John Culberson, R-Texas, is the chief sponsor of the bill, HR 1559, which is being called Armed Forces Tax Relief Act.
Culberson said the the Armed [...]
Legislation was recently introduced in the Senate by Sen. Hillary Rodham Clinton, (D-NY). The proposed legislation will enhance GI Bill benefits, VA Home Loans, and Small Business Loans for Veterans.
Proposed Enhancements:
GI Bill: The proposed new version of the GI Bill would eliminate the requirement to pay into the system, and would only require the [...]
Not too long ago, I attended a financial briefing given by Commissioner Paul Atkins of the Securities Exchange Commission (SEC). The briefing was held at our local military installation, and was geared toward military members. During his briefing he gave us all several links to helpful websites, one of which, www.saveandinvest.org, is geared toward helping [...]
The National Defense Authorization Act for Fiscal Year 2007 lifted the cap for military retirement pay. Previously, retirement pay was limited to 75% of the base pay for 30 years of service. Anyone who served more than 30 years did not receive any additional compensation.
Military members who retire under the Final Pay or High 36 [...]
The Army is having a difficult time recruiting enough troops to meet mission needs. The war in Iraq and Afghanistan is making it difficult to not only keep good troops, but also to recruit new troops. To help combat these problems, the Army is offering new recruitment incentives to help recruits accrue up to $45,000 [...]
The military is having a hard time keeping its personnel numbers at high enough levels to sustain current operations. The hardest hit are the Army and Marines as many troops are getting out due to the deployment requirements or competitive job offers in the civilian sector. The article reports that bonuses range from a few [...]
The Pentagon recently put forth a plan to streamline the more than 60 different specialized pay categories into 8 different groups. The House of Representatives supports this initiative which should maintain current specialty pay levels through FY 2008. Changes may be seen in FY 2009, but some of those changes may be for the better [...]
MyPay has stronger on-line security features than many financial institutions. Earlier this year, Defense Finance and Accounting Service (DFAS) announced implemented a new security measure to myPay, the on-line website for military and civilian pay. The new security feature is a virtual keyboard used to input your PIN information.
Users are required to input their PIN information [...]
Investing for your retirement is one of the most important actions you can do for your financial health. Even if you receive a military pension, it will not likely be enough for you to retire in style. That is why it is important to invest for your retirement now.
This should help federal government workers and [...]
The DoD has pushed for a limit on the interest rate that payday loan companies can charge military members, claiming that the high interest rates payday loan companies charge hinder military readiness levels and destroy the morale of troops and their families.
Last October, Congress passed the “Military Annual Percentage Rate” law, which will effectively limits [...]
