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Financial life advice serving military and government employees.
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Cyber criminals have many motives and goals, but separating you from your hard earned cash is one of the most lucrative for the criminals and potentially devastating for you. I've put a checklist on my website at https://www.moneypilotadvisor.com you can download for free with more details and tips.Do you use the same password to log into multiple websites? Or use common phrases or personal information in your passwords? If someone gets your login for one account they may be...
This week I'm speaking at Military Money Conference near Raleigh, NC. It's the biggest gathering of the military and money community ever. If you've ever thought about a career in the personal finance field, this conference is for you. Attendees can expect inspiration and actionable advice and connecting within the personal finance community. Here's all the information https://milmoneycon.com/register/ Today I'll talk about some of the different career options related to pers...
You may have heard that the Thrift Savings Plan (TSP) may finally be joining us in the 2st century. There are some good and important changes coming, and there's going to be a transition period when you won’t be able to access to your TSP.According to TSP, it is launching its official mobile app that will give you access to your TSP My Account. You'll be able to log onto your account using biometric identification software on your mobile device, like fingerprint access and facial recognition ...
There are two types of 529 plans: prepaid tuition plans and education savings plans. Today I'm only focusing on the 529 Education Savings Plan which is an investment account you use to save for future education tuition and expenses. The plans are set up by each state. You to invest your savings in the plan, where your investment grows tax-free. And when you withdraw the money for approved education expenses, that distribution is also tax-free. You can use it to pay for higher education t...
Most of you already know that digital assets like Bitcoin, Etherium, and Nonfungible Tokens (NFT) experience huge price swings or volatility. Today's focus is diversification of your portfolio and digital assets. When you choose from among different investment options, you diversify. You likely already started do this by investing in mutual funds or exchange traded funds through a workplace retirement plan like the Thrift Savings Plan or a 401k. If you have a portfolio of stock and mayb...
I've put a small, tax season gift for you on my website moneypilotadvisor.com. You can go there and download a free checklist “What Should I Consider When Reviewing My 2021 tax return”. This information also should help you prepare your return. If you take the standard deduction and made cash contributions to qualifying charities you can deduct up to $300 if you single or $600 for married filing jointly. A deduction reduces the amount of income we have to pay tax on. Be sure to have your...
Hello and welcome back to the podcast. I was listening to something this week about Maslow's hierarchy of needs. You may remember this from school or reading. It’s basically a pyramid where one need has to be met before you are motivated and are able to address the next level up the pyramid. The most basic needs, at the bottom of the pyramid are physical like shelter and food. Then the next higher is safety and security. Above that is love and belonging, then the next up is esteem and respect...
I’ve had clients close to retirement to asking, “Should I pay off my mortgage before I retire?” The bottom line up front is that in the long run, dollar for dollar its very likely you would much better keeping a low interest mortgage and investing that cash in a moderate risk portfolio. But YOUR decision to keep or pay off your mortgage depends on a lot more than just a spreadsheet. First do you have the cash available to pay off your mortgage or some extra income now that yo...
When you separate from military or federal employee service without a retirement or a family member leaves a current job, you lose your healthcare associated that employment. For active duty military and reservists covered under Tricare if you separate without a retirement you qualify for the Continued Health Care Benefit Program (CHCBP). The deductibles and cost shares are relatively low, but premium for individual coverage about $6,000 a year. For a family it’s a little over $16,000 a ...
Today we’re talking about combat pay and the Thrift Savings Plan (TSP). I’ll be throwing around some tax terms terms, so let me take a minute to go over them.Tax-exempt - You don’t pay any state or federal income taxes on tax-exempt pay, ever. This applies to all of the pay our enlisted and warrant officers earn in a combat zone. For commissioned officers combat pay is tax-exempt up to $107,868 for 2022, your pay above that is taxed as normal.Pre-tax, also called tax-deferred - Contributions ...
When changing your Thrift Savings Plan (TSP) contributions. three dollar limits that apply The annual limit is $20,500. This limit is to the combined total that you can contribute in 2022 to your Traditional and Roth TSP combined. This limit does not apply to Traditional TSP contributions made from combat pay. The next limit is $6,500 on additional catchup contributions for those turning age 50 or older in 2022. So if that's you, can make total TSP contributions of up to $27,000. ...
Merry Christmas and welcome back to the podcast. I hope yo’ve a had a bit of a break to spend time with the ones you love. Here’s a special shout out to our military and civil servants that are spending another holiday far from home and family. We love you and we’re thinking of you. Thanks for being there for us.Today’s podcast is a short one. It’s a time for rest, fun, and joy. So believe it or not today’s podcast is on how our military service members can change their income tax withholding...
If you have cash savings that you will not need for at least a year, consider investing in US Government I Series Savings Bonds. Check out the Treasury Direct information page for Series I Savings Bonds: https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm#irate The I Bonds you buy between now and April 22, 2022 will earn you at least 3 1/2 percent interest over 1 year. After that you should reevaluate and consider redeeming them if other cash savings rates are be...
Today's content comes directly from Brian O'Neill’s recent blog post Top 10 TSP Quirks You Need to Know. Brian is a fellow Military Financial Advisor Association member , former Air Force fighter pilot, and Certified Financial Planner who writes a great weekly blog with a fighter pilot twist. Thanks, Brian.If you’ve ever compared the Thrift Savings Plan (TSP) to a civilian 401(k), you probably noticed the TSP has quite a few quirks:1. Minimum balance: As long as you lea...
For you military and federal employees out there, TSP has a detailed notice that provides great info and includes a chart and explanation of how to calculate your RMD yourself. I’ll put a link in the show notes https://www.tsp.gov/publications/tsp-775.pdf The simplest way to calculate an RMD is to go to investor.gov's online RMD calculator https://www.investor.gov/financial-tools-calculators/calculators/required-minimum-distribution-calculator You need two key pieces of information....
Today I we're talking about real financial planning. It's not hard to find financial advice. You can read books, look on the Internet, rumors, ask that crazy uncle. But I'm talking about a professional that has your best interest at heart of everything they do. The Certified Financial Planner Board describes financial planning as “looking at a client's entire financial picture and advising them on how to achieve their short- and long-term financial goals. From saving for edu...
Today we’re looking at things you should consider before the end of this year. If you single and have less than $40,400 taxable income in 2021 or $80,800 if married filing jointly you’re in the 0% capital gains tax bracket. You have a capital gain when you sell an asset, like property, stocks, bonds or mutual funds, for more than you paid for it. So this may be an opportunity to sell assets that have grown in value, pay 0% taxes on that profit and reinvest into something else. For more ...
If you served on active duty in the military and then become a federal civilian employee, that military time may count as time in service for calculating your FERS or CSRS pension. Periods of active duty while in the any of the military reserves, including your annual active duty training, count. However, National Guard active duty only counts if it was Title 10, section 233(d), or under a call by the president. Service must be honorable. And a deposit has to be received before you retire (th...
The Federal Benefits Open Season starts November 8 this year and goes through December 13. This is the opportunity for our federal employees out there to re-look your benefit choices and explore your options for 2022. During the annual open season, you can enroll in a Federal Employees Health Benefits (FEHB) Program and the Federal Employees Dental and Vision Insurance Program (FEDVIP) plan. You can also change plans, change plan options, you can change enrollment type between self, sel...
The Department of Education recently announced some significant temporary changes to the Public Service Loan Forgiveness (PSLF) program called the Limited Waiver Program. Who? Full time service members and federal employees are all eligible, as well as those of you working full time for state governments and most non-profits.What is PSLF? It's a Loan Forgiveness program. If you work for a qualifying employer, have qualifying loans, work full-time, and make 120 on-time monthly loan paymen...
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