The American Armed Forces Mutual Aid Association (AAFMAA), the nation’s longest-standing nonprofit financial solutions provider for the military community, recently announced a partnership with the Military Spouse Employment Partnership (MSEP), a Department of Defense (DoD) led initiative that connects military spouses with hundreds of partner employers who have committed to recruit, hire, promote and retain military spouses. MSEP serves to increase career opportunities for military spouses by partnering with like-minded organizations that offer career options and competiti ..read more

The headline says it all. The IRS announced on November 1 that the 2024 annual 401K contribution limit was increased from $22,500 to $23,000 and the ROTH IRA contribution limit was increased from $6,500 to $7,000. What does this mean for you? As a member of the military, you can now contribute up to $23,000 annually to your Thrift Savings Plan. If you are eligible to contribute to a Roth IRA, which most military members are based on 2024 salary limits, you can contribute up to $7,000. For more information on Roth IRAs and TSPs, click here. Both are a great way to save for retirement and you sh ..read more

If you’ve moved around a few times in the military and purchased a few homes, you may be looking to provide additional protection to those assets. Besides home insurance (which is a requirement if you hold a mortgage on the property) real estate investors tend to choose between two options to protect their assets. The first is an umbrella policy which is in addition to your basic insurance policy and the second is creating a legal entity (i.e. an LLC) to house the assets. We will take a look at the pros and cons of each below. Umbrella Insurance Policies Pros: Cost-Effective: Umbrella insuran ..read more

Today we feature a Q&A with COL Jerry Quinn (USAR), AAFMAA Chief Operating Officer and Secretary regarding a few new products from AAFMAA and the importance of financial planning at different ages and points in your career. We discuss the importance of insurance in other articles and realize that every family may have different needs — but would like to highlight this opportunity as a new option. 1. How does AAFMAA help members of the military? What is the company’s mission? Our Mission is to help ensure the financial security and independence of the American Armed Forces Community by pro ..read more

Today we have the pleasure of hosting a guest writer who also serves as a registered investment advisor. We’ve shared a few things about the TSP in the past, and it’s always nice to hear another perspective. Author Garrett Wheeler, who has written for us before, shares some of the upside of using the TSP. Enjoy! For the past twenty-two years I’ve worked with clients who have a wide variety of workplace retirement accounts. From 401(k) to 403(b), including the Thrift Savings Plan (TSP). All of these programs vary in terms of their investment offerings, fees, and other characteristics. But the l ..read more

Today’s post features tax preparation resources directly from the IRS that may be helpful for both active duty service members and vets. As a reminder, taxes are due this year on April 18, unless you file for an extension. Best of luck out there this tax season! I know that this can be a stressful time. The Internal Revenue Service is committed to helping all Veterans. The IRS works with community and government partners to provide timely federal tax-related information to Veterans about tax credits and benefits, free tax preparation, financial education and asset-building opportunities a ..read more

Today we have the pleasure of hosting a Q&A with COL Jerry Quinn (USAR), AAFMAA’s Chief Operating Officer and Secretary and we will be discussing life insurance options. Insurance is a key aspect of financial planning, and it is important that you choose the policy right for you and your family’s needs. There is certainly no one-size fits all policy, and his perspective includes a discussion of who may or may not need additional insurance options. What is the mission of AAFMAA? How does it aim to help service members? The American Armed Forces Mutual Aid Association (AAFMAA ..read more

Today we will feature a guide from an external site that helps those in need of housing. With over 30,000 Veterans experiencing homelessness in 2021, these resources may be useful to you or someone that you know! The increasing number of older Americans experiencing or at risk of homelessness is a little-known but growing concern among social service workers and those operating homeless shelters across the United States. Several factors contribute to the spread of this epidemic: The pandemic’s economic impact on many businesses and individuals Health problems and medical bills that may have a ..read more

Today’s post features a press release detailing a few programs that might help you and your family as you look for financial literacy resources (beyond those on this site). Thank you to the Wounded Warriors Family Support group for sharing! Omaha, Nebraska, Jan. 2023 – Credit problems. Underwater mortgages. Late house payments. A FINRA Investor Education Foundation analysis discovered that military veterans are more likely to suffer these problems than the civilian population.  Wounded Warriors Family Support understands the importance of financial literacy and savings. The nonprofit has ..read more

Financial scams and fraud are becoming more and more common today, with around 2.8 million being reported in 2021. Given the benefits that veterans receive, it should come as no surprise that vets are often the target of these scams. As you look to make your financial goals to start 2023, one aspect you should consider is ensuring that you are postured from a defensive standpoint to avoid scams, identity theft, and fraud. If you don’t already have one (many veterans have received free identity theft protection due to a data breach during their time in service) consider using an identity theft ..read more