Military families face unique challenges, such as deployment to conflict zones, overseas assignments, and the constancy of change, making personal finance even more critical.
The first step…understand what’s available
· Consider the Thrift Savings Plan (TSP) for retirement…Roth TSP is now available as well.
· The Savings Deposit Program allows eligible personnel serving in designated combat zones to invest up to $10,000 and receive a return up to 10% (the guaranteed rate of return is subject to change).
· Saving in a Roth IRA may be a good idea if you receive tax-free combat-zone pay. This allows you to deposit tax-fee income into a tax free Roth IRA when certain conditions are met.
· The Post-9/11 GI Bill covers the full cost of in-state college tuition for up to 36 months.
· Low cost life insurance policies provide military personnel coverage for their families.
As always, remember to seek advice before taking action.