A detailed explanation of the Reserve Component Survivor Benefit Plan (SBP); how does it differ from the active duty SBP, when are key decisions made and how might they impact your family.

Leading into the New Year, Congress passed a $1.7 Billion spending package which included a bill known as the SECURE Act 2.0 because it builds on the original SECURE Act that passed in December 2019. Through the SECURE Act 2.0, Congress seeks to encourage Americans to save more for retirement and allow employers to help their employees increase their savings.

While dual military couples enjoy the financial advantage of two incomes and twofold benefits; they also juggle the challenges that come with two military careers – two missions, two commanders, two demanding work schedules.   Add a couple of kids to the mix and you’ve got a recipe for financial challenges created by tag-team deployments, maintaining multiple households, and paying for sky-high childcare expenses.

For veterans who find their strong technical background and team-focused leadership opens doors at technology driven startup companies, understanding their new compensation package can be challenging. Beyond straight up salary, vets who transition into tech companies find their pay includes complex equity-based compensation in the form of stock, stock units or stock options.

If you’ve served 20 plus years in the military, you know how to work a checklist. When it comes to PCS out processing, you can run that checklist with your eyes closed. As you start working through your retirement checklist, you may find a couple of less familiar to do’s in the form of SBP, TSP and VGLI.

Whether you’re motivated by an upcoming PCS or it’s simply time for a little spring cleaning, the occasional purge of unwanted household items can feel like a fresh start.

If you’re setting out to “Marie Kondo” the piles of paperwork in your file cabinet and all that snail mail stacking up on your kitchen counter, the classic KonMari question – “does this bring me joy?” -- won’t necessarily apply to your financial and tax paperwork.

The decision to accept or decline SBP is unique to each service member and their family. Because there are so many important variables to consider, it is vital to make your own decision with your family’s specifics in mind rather than simply following the decisions of your peers.

The retirement savings opportunities offered by the Thrift Savings Plan don’t end when you retire from the military. Continued access to these ultra-low fee, broadly diversified passive investments make retaining your TSP investments after your military retirement the smart and efficient easy button at retirement.

As humans, we’re already flawed decision makers - fear, greed and envy just magnify the situation.

Most investors are familiar with the timeless market advice to “buy low, sell high.” But FOMO driven decisions lead us in the opposite direction by driving investors to chase returns of hot stocks based on the wild success they see their friends posting. The faster these stocks soar, the more investors want to join the party.

My most recent Waypoints post described the key differences between the Traditional and Roth IRA, and detailed the four main advantages of the Roth IRA over the Traditional IRA. Top of this list was the tax-free growth of your investment in a Roth IRA. With advantages like tax-free growth, why doesn’t everyone contribute to a Roth IRA?

As you may already know, there are two primary types of IRAs: the traditional IRA, which grows tax-deferred, and the Roth IRA, which grows tax-free.  Both are great vehicles to save money toward your retirement goals.  The biggest difference between these two retirement accounts is in when they are taxed.

The Roth IRA is taxed at the beginning, while the Traditional IRA is taxed at the end of its growth.

Like many of you, I started the new year with a list of personal goals to make the most of 2021. Some of my loftier “bucket list” goals have been on hold during COVID and will likely remain on pause for now - the reality is, I won’t be running any distance races or setting off for a new continent this year. Maybe 2021 is a perfect year to focus on goals a little closer to home. I’ve decided this is the year to set small but impactful goals to establish healthy habits so I’m ready for those big adventures when the opportunity arrives.

Giving Tuesday reminds us to step away from our online shopping carts and cyber discount codes and think about those who need our help this year more than ever. The American Red Cross, Salvation Army, Feed America and thousands of non-profits across America are struggling to meet the incredible demand for support and services created during this pandemic-strained economy.

Really? It is only September and the National Hurricane Center is about to run out of names. After Alfred through Wilfred, we move on to Alpha, Beta, and Gamma. As the outer bands of Hurricane Sally churn the Gulf of Mexico outside my window, I can’t help but think this hurricane season seems an appropriate metaphor for 2020: so many storms that we’re running out of names to give them.

So, what do you want to be when you grow up? Whatever those dreams were, you probably could not have imagined your life taking you around the world for the next thirty-plus years, leading your fellow Americans in defense of our Nation.