Here are financial tips for military families
As an attorney who does a lot of work in Rockwall County as well as Hunt, Kaufman, Collin and Dallas counties, I take great pride in providing low cost but high quality legal help for the members of our Armed Services and their families. Here are financial tips for military families.
1. Take advantage of low-cost investments. Servicemembers have access to the thrift savings plan and the Roth TSP which is a Roth IRA without the income restrictions.
2. Get 10% on your savings, guaranteed. The military Savings Deposit Program lets deployed service members invest up to $10,000 in the program and receive 10% annual interest, compounded quarterly, for up to three months after their return.
3. Benefit from tax-free in, tax-free out. If you’re receiving tax-free combat-zone pay, your money goes into the Roth tax-free and your contributions and your earnings come out tax-free.
4. Transfer your education benefits. If you have served at least 36 months since September 11, 2001, you have access to the Post-9/11 GI Bill which can cover up to four academic years at a public college or up to $17,500 per year for a private college or foreign school.
5. Sign up for inexpensive life insurance. Servicemembers have access to one of the lowest-cost life insurance programs available.
6. Maximize your tax breaks. As long as they are in the military, servicemembers can maintain legal residence in one state even if they are transferred to another state.
7. Take advantage of low loan rates. The Servicemembers Civil Relief Act provides special legal benefits for service members, including an interest-rate cap of 6% on any loans you took out before you were called to active duty.
8. Make the most of housing breaks. Take advantage of the perks, including tax-free housing allowance and access to Veterans Administration loans.
9. Calculate a comparable salary. When thinking about leaving the military, make careful calculations to figure out how your new job compares to your military career. Be sure to consider the military benefits that you’re giving up as well.
10. Make the most of resources for finding a new job. When you’re ready to leave the military, if you have trouble translating your military skills to the civilian job market, you can get help from the military community-service office on your base.
I am an attorney who does a lot of work in Rockwall County as well as Hunt, Kaufman, Collin and Dallas Counties. If you are a member if our Armed Services, it would be my honor to provide you with low cost but high quality legal help.