When you’ve received your first Leave and Earnings Statement, or LES, that means you’ve been paid for your service in the Armed Forces. We’ve got some tips on how you can make the most of your basic pay – from the most important parts of your actual pay stub, to picking the right bank account, to even getting a “raise” by increasing your Thrift Savings Plan, or TSP, contributions.
It’s never too early to start saving for retirement. The best way to get started is the Thrift Savings Plan, a retirement savings plan for federal employees and members of the uniformed services that gives you two ways to sock away some cash.
Once you’ve completed your PCS or military move and your household goods have arrived at your new destination, use the following guide to help with filing claims for any lost or damaged items.
Consult your military service branch for additional help with entitlements and claims associated with your temporary or permanent change of station move.
Sometimes PCS moves don’t always go as planned. For those times when the movers lose or damage your household goods, you can file a claim to get the full or partial replacement value of such items. Here are the basics to filing a claim for belongings that are lost or damaged during your PCS.
You can get a solid estimate in less than five minutes using free retirement pension calculators for both the High-36 and Final Pay legacy retirement systems offered by the Department of Defense. Here’s how to use them – and what you can do to adjust the outcomes to fund your future retirement lifestyle.
Once your military move is in motion, use these guidelines to help you organize and prepare for your packing and moving days.
The military recently adopted a new retirement plan called the Blended Retirement System which extends benefits to a lot more service members than the old plan. The good news: the BRS can put your service member on the path to long-term financial security. And, the more a service member contributes to their own retirement, the more the Department of Defense matches it.
Like a coin, there are two sides of your military paycheck. There’s what goes into your paycheck – basic pay, allowances and special and incentive pays – and there is what comes out. You can see your deductions and allotments listed on your Leave and Earnings Statement, or LES. Here are some of the more common items you’ll see listed on your LES.
Deployment can impact a household budget. Your pay could change, or you could incur some unexpected expenses. With the right information and a little extra effort, you can stay fiscally fit during deployment and stay in command of your household budget. Follow these tips to achieve financial stability and health even while you’re gone.
Your monthly Leave and Earnings Statement, or LES, is one of the most important financial documents you have for mastering your money and achieving your financial goals. Here’s how to decipher the code.
Sometimes it feels like the military has a language all its own made entirely of acronyms and abbreviations. And while your service member is probably fluent in this strange tongue, you may need a little help to keep up.
As a new service member, you probably have financial pressures you’ve never faced before, such as paying rent or buying a car. And you’re beginning to make financial choices that can negatively or positively impact your future, such as paying off credit card debt.
Your spouse’s deployment doesn’t need to throw your finances off track.
MilTax preparation and e-filing software is available mid-January through mid-October. Powered by an industry-leading tax service provider, it’s designed to address situations specific to the military. This easy-to-use, self-paced tax software walks you through a series of questions to help you complete and electronically file your federal return and up to three state tax forms. Calculations are 100% accurate – guaranteed by the software provider.
Are you separating or retiring from the service in the near future? Are you actively transitioning to civilian life? With so many components of transition, you may feel like you could use some extra help. Maybe you’re looking for support to manage stress or logistics. Or perhaps you just need someone to give you that extra encouragement to set goals to get through your to-do list.
As a member of your service member’s support network, you may have heard the good news that both active duty and reserve military personnel received a 3.1% military pay raise in 2020 – among the biggest in a decade. Beyond the salary bump, you’ll be glad to know that your loved one has several ways to be financially fit.
Military members who serve their country as part of the National Guard or a branch’s reserve component may qualify for retirement benefits – including a Blended Retirement System pension and Thrift Savings Plan retirement payments. You can estimate what your potential retirement payments may be with the official BRS military pay calculator.