Military retirees have one of the best pension plans in the US. After only 20 years, military retirees can retire with 50% of their basic pay, full medical coverage, and a slew of other benefits that will stay with them throughout the remainder of their lives. It is not a stretch to say that a [...]
Opening an IRA is a great way to save for retirement because it gives you the opportunity to make tax advantaged contributions which may produce larger gains than investing in an account without similar tax advantages (where are the best Roth IRA rates?). Most people are eligible to open Traditional and Roth IRAs, and depending [...]
Balancing long term and short term financial goals can be difficult – something always pops up. Whether it’s debt, a major purchase, or an unexpected expense, it can be tempting to dip into your retirement savings for the cash to take care of your new expense. The problem is unless you are at retirement age, [...]
I recently received a reader question regarding the CSB / REDUX Retirement System and whether or not it was worth it to take the cash and reduced retirement pay, or stick with the High 3 Retirement System. In almost every situation, the High 3 Retirement System results in a higher monthly pension for military retirees. [...]
The IRS has made a few changes to federal tax brackets and increased the maximum contribution levels of several retirement plans for 2009. The big changes came to employee sponsored deferral programs such as the Thrift Savings Plan and the 401(k) plan – and similar plans such as the 403b, 457, 401a Plans.
Retirement Plan Contribution [...]
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 [...]
