What Military Landlords Should Know About Section 1250 Depreciation

Just because you joined the military, you shouldn’t have to give up the right to buy a house.   While there are many things to consider, you may:

  • Buy a starter home
  • Purchase a home that you plan to live in, fix up, and sell for profit
  • Buy a home that you plan to live in after leaving the military

Whatever the reason, things don’t always work out as planned.  When that happens, many military people become .  This article looks at one of the more overlooked aspects of being an accidental landlordSection 1250 depreciation. Continue reading

Posted in Real Estate, Taxes | 2 Comments

Weekend Wrap-up: Military Personal Finance Articles You Should Read (11/4-11/10)

I hope you enjoy this Veteran’s Day version of the Weekend Wrap-up! Below are some of the top articles that I’ve read this week, which hail from our military financial blogger community. So, without further ado, here are this week’s articles: Continue reading

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Military Pension Tax Rates By State

There are several websites with plenty of information on which states tax military pensions, and which ones don’t.  However, when you’re making your post-military decision, taxes on military pensions are only one part of the tax equation.  It’s also important to consider taxes on the rest of your income.

Since I couldn’t find a website with detailed, state-by-state tax information on the whole income picture, I decided to create my own.   Where applicable, I try to include links to the relevant state website, so you can double check this information whenever you want.

Many states have multiple tax brackets, based upon taxable income.  However, this article only contains the highest marginal individual tax bracket.  For a true side-by-side comparison on tax liability, you might want to run the numbers yourself.  If you are planning a more complex post-retirement career, such as owning your own business, you may want to sit down with a tax professional or fee-only financial planner for more detailed tax planning.

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Weekend Wrap-up: Military Personal Finance Articles You Should Read (10/28-11/3)

I hope you enjoy this week’s version of the Weekend Wrap-up! Below are five of the top articles that I’ve read this week.  Most of these articles hail from our military financial blogger community. So, without further ado, here are this week’s articles: Continue reading

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5 Factors You Should Consider When Evaluating the Survivor Benefit Plan

Everyone planning a military retirement has a very important decision:  “Should I take the Survivor Benefit Plan or not?”  As I’ve said previously, this is a very personal decision, and should not be taken lightly.  While the best decision might depend upon the circumstances, it’s important to note the factors that might help inform your decision.  Below are five of those factors, and the reasons why they are important. Continue reading

Posted in Estate Planning, Survivor Benefit Plan | 1 Comment

Weekend Wrap-up: Military Personal Finance Articles You Should Read (10/21-10/27)

I hope you enjoy this week’s version of the Weekend Wrap-up! Below are four of the top articles that I’ve read this week.  Most of these articles hail from our military financial blogger community. So, without further ado, here are this week’s articles: Continue reading

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SGLI Conversion-Why VGLI Might Be Better Than Whole Life Insurance

According to the VA Department, SGLI ends when you leave the military, unless you qualify for a disability extension.  Although you’ll no longer have your SGLI, there are two ways to continue your $400,000 coverage.  If done within a certain timeframe, you can continue coverage without having to prove good health (part of the insurance underwriting process).  You can convert to either:

  • Veteran’s Group Life Insurance (VGLI):  Must be done within 240 days of discharge.
  • A permanent commercial life insurance policy, such as whole life insurance.   Must be done within 120 days of discharge.

These two options are codified in U.S. law and are in place to allow any servicemember to continue this coverage permanently. Continue reading

Posted in Insurance, Military Transition | 4 Comments

Weekend Wrap-up: Military Personal Finance Articles You Should Read (10/14-10/20)

I hope you enjoy this week’s version of the Weekend Wrap-up! Below are four of the top articles that I’ve read this week.  Most of these articles hail from our military financial blogger community. So, without further ado, here are this week’s articles:

  1. Military Overseas Voting – How to Register for an Absentee Ballot In this Military Wallet article, Ryan Guina walks step by step through the voting process for servicemembers and families stationed overseas.  If you’ve never voted via absentee ballot before, you should definitely read this article.
  2. Do I Need Flood Insurance?  In this Paycheck Chronicles article, Kate Horrell outlines the compelling reasons to obtain flood insurance.  Even if you don’t live in a ‘flood zone,’ and your mortgage company doesn’t require you to obtain flood insurance, you should at least consider it.  Read Kate’s article to learn more.
  3. Dude, How’s Your College Savings? For those of your planning for sending your children to college, JJ Montanaro’s article inserts some movie humor into his advice.  Read this article to take away some tips on how you can prepare for your college-bound children.
  4. Estate Planning is for Everyone In honor of National Estate Planning Awareness Week, Claire Emory’s article covers the basic estate planning documents every family should have.  Read more to learn about these documents and to link to other estate planning resources.

Also, in case you missed it, check out 5 Questions You Should Ask Yourself About Your College Planning.  This article doesn’t focus on giving you information, but gives you 5 simple questions to ask yourself about your college planning.  Hopefully, taking some time to ask these questions will help you develop your philosophy and make sure your actions are in line with your values.

If there’s an article that I missed, please feel free to post a note in the comments section below.  Also, if there’s anything I can help you with, feel free to email me or join the Military In Transition Facebook Group!

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5 College Planning Questions You Should Ask Yourself

For many families, college planning consists of:

  • Saving as much for college as we can
  • Hoping it’s enough money to meet our children’s college goals
  • Waiting until high school to learn that it probably isn’t enough

While this might be oversimplifying the process, it does seem that a lot of families treat college planning like a ‘save first, plan later’ process.  There are a couple of concerns with this approach, which don’t normally manifest themselves until later in the planning process.  By this point, it’s too late.

What if there was another approach?  What if your college planning started much earlier?  In addition to saving, what if you decided to sit down and think about your eventual college conversation with your children? Continue reading

Posted in College Planning | 3 Comments

Weekend Wrap-up: Military Personal Finance Articles You Should Read (10/7-10/13)

Military in Transition's Weekend WrapupI hope you enjoy this week’s version of the Weekend Wrap-up! Below are four of the top articles that I’ve read this week from our military financial blogger community. So, without further ado, here are this week’s articles: Continue reading

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