Does your state tax military retirement pay? If you are retiring from the military on a military pension or retirement plan, consider where you want to retire so you can minimize the taxes taken from your pay. Many statesdo not taxmilitary retirement income and are considered the most tax-fr...
How Do I Change Bank Accounts While on Active Duty? To have your military pay deposited into a new bank account, log into your myPay account through the Department of Defense and click “Direct Deposit” on the main menu. If you can’t use your myPay account, you can send your new ban...
3. How do I change my direct deposit information? You can change your direct deposit information through theMyPayportal. You’ll need your bank account number and routing number. 4. What is Basic Pay? Basic Payis the fundamental component of military compensation. It is determined by your ran...
TheThrift Savings Plan (TSP)is a retirement savings plan for federal employees, including military personnel. You can contribute a portion of your pay to the TSP, and the government may match a percentage of your contributions. Enroll and manage your TSP account through the TSP website. ...
Pay special attention to your entitlement, deductions and allotments to make sure those are all correct. Your DIEMS is the date you initially entered military service and acquired military status–this determines whether you’re eligible for High-3 Legacy or the Blended Retirement System. Fields ...
If you are under the Blended Retirement System, remember that if you contribute 5% of your paycheck into the Thrift Savings Plan, once eligible, the DOD will match your 5% with 5%, which is free money. While that fancy new sports car or decked-out truck looks appealing at the dealership,...
Riots erupted agross France again today after French President Emmanuel Macron pushed through his pension reform act, raising the retirement age without bothering to present his proposal to the National Assembly so representatives could vote on bit. The public backlash has exceeded even the most ...
If you are already a member of one of these banks and you are happy, then don’t change. But you may find that one or more of these military financial institutions offers something your current bank doesn’t offer. In that case, it may be worth your time to look deeper. ...