Calculating military retirement pay starts with yourbasic pay, which is the monthly salary on active duty. If you first entered military service on or before September 8, 1980, your final basic pay is multiplied by a percentage called a multiplier to determine retirement pay. If your entry date...
You are responsible for your retirement. You may think yourmilitary retirement pay will be enough to live on, but fewer than 20% of service members serve long enough to draw military retirement pay or adequate pay through theBlended Retirement System. What about Social Security benefits? Yes, S...
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Spouses may also be entitled to other military retirement benefits outside of retirement pay. For example, the MilitaryThrift Savings Plan (TSP)is a divisible asset in divorce, just like civilian retirement accounts. A court order will specify the division, either as a percentage or a fixed amo...
While students have access to loans, grants, and scholarships, there are no such resources for parents. Saving for retirement falls largely on the individual—with some help from your employer if you’re lucky. So, contribute as much as you can to your retirement savings accounts, and take ...
Since military retirement pay division payments are taxable, DFAS withholds taxes on these payments and sends an IRS Form 1099-R to the former spouse, who must include the payments in their gross income come tax season. Jurisdiction in Divorce Proceedings ...
For example, the pension paid to a retired member of the U.S. military has a survivor benefit that will cease if the spouse of the deceased service member remarries before age 55. A spouse who divorces a service member receiving a pension should run the numbers to compare a life insurance...
The Taxpayer Advocate Service describes itself as "your voice" inside the IRS. The service isn't a complaint department or an all-purpose help desk. Rather, it's designed to be a "safety net"—a team of specialists who can step in when taxpayers are expe
Choosing Senior Living If you're considering moving into an assisted living community, it's important to do your research and understand what your options are. Read our checklist for advice on how to select the right facility for you.
Alternatives to a 401(k) loan Bottom line How to take out a loan from your 401(k) With a 401(k) loan, you can borrow money from your workplace retirement account and pay it back with interest. Both the balance payments and interest go back into your 401(k) account. The rate can ...