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:

  1. What Percentage of My Income Should Go To Retirement? In this Good Financial Cents article, Jeff Rose outlines 8 factors that you should consider in trying to figure out the right savings plan.  For those of you contemplating the military’s Blended Retirement System, it’s important to add this consideration as well.
  2. Why Young People Need Estate Planning  In my weekly nod to estate planning, I’ll offer this article, by Financial Ducks in a Row,  This article offers five estate planning documents or designations that everyone should have.  In the military, there really is no excuse not to take advantage of the free legal services that our installations provide.  So, if you haven’t updated your documents or beneficiaries, you should do so today.
  3. McCormick & Schmick’s Veterans Appreciation Day Every year, tons of restaurant chains offer military or veteran discounts in honor of our troops.  In fact, I’m sure most of you know at least a couple of people who plan their entire Veteran’s Day eating regimen based on these discounts or freebies.  For those of you who are fortunate enough to live near a McCormick & Schmicks, their Veterans Day discount is outstanding.  Just read Ryan Guina’s article to learn more!
  4. Why Buy Private Life Insurance When You Have SGLI? In this Paycheck Chronicles article, Kate Horrell discusses the benefits of securing a life insurance policy through a commercial provider, such as USAA, earlier than you need to.  Although each family’s insurance needs may differ, it is wise advice to routinely consider your life insurance needs.  This way, you avoid the difficult decision that faces a lot of people as they exit the military:  If I can’t qualify for a term policy due to medical concerns, do I covert my SGLI to VGLI or a commercial whole life policy?
  5. Five Ways to Decorate on a Small Budget I’m not much of a decorator, but I appreciate that good decorating can be expensive…if you let it be.  In this article, Kate Horrell outlines five ways you can do your decorating without going too far out of pocket.

Also, in case you missed it, check out Five Factors You Should Consider When Evaluating the Survivor Benefit Plan.  This article discusses some of the factors that you might want to consider when having to decide whether to use SBP to protect your pension, or whether you might consider an alternative, such as a term life insurance policy.

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!


About Forrest Baumhover

Forrest Baumhover is a Certified Financial Planner™ and tax professional. His firm, Westchase Financial Planning, focuses on the unique financial planning needs of servicemembers and families looking to separate or retire from active duty.If you’d like to learn more about Forrest or his services, please check out the About Forrest page at the top of this article.
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