Financial Advantages That The Military Offers to The Men In Service & Their Families
Life in the military can be tough, even if you don’t actually go to the battle. Army training alone is pretty challenging, and sometimes, it may even be beyond a few people’s capacities. To top that, these people experience what we may never be able to imagine – visuals of the wounded and the dead, and the sound of bullets everywhere.
Usually, people in the service don’t ask anything in return for all that they sacrifice. But as family men themselves, they do deserve to get some financial respite from the government, right? After all, in addition to undying love for his country, a man can give his 100 percent to his duty only when he is assured that his family back home is safe and taken care of.
That’s exactly why the government offers several tax and investment benefits to military personnel and their families. And if you’ve just joined the service, or someone in your family has, knowing about these things can help you immensely.
The lowest-cost retirement savings plan
The state provides those who’ve completed their military service an investment plan called the Thrift Savings Plan, under which a meager 25 cents is deducted on every $1,000 you invest! You can choose among five index mutual funds or select a target-date fund and keep investing in it to enjoy a comfortable retirement. Military personnel is also allowed to participate in Roth TSP, which is quite similar to Roth IRA but comes with zero income restrictions.
Interest rate up to 10%
No, that’s not deception; what you read is true. With the help of something called the Savings Deposit Program for the military, people who’ve been deployed are allowed to invest about $10,000 into the program with an annual return of 10%.
You can transfer the benefits of education
Individuals who’ve spent 36 months in the service since Sept. 11, 2001, can take advantage of the Post-9/11 GI Bill. This program covers the entire tuition fees for a public college throughout the four years of enrollment in a university (or 36 months). If you intend to enroll your children in a private college or foreign school, this program will cover almost $17,000 of the total cost for each year.
Cheapest life insurance
Military personnel can take advantage of Servicemembers’ Group Life Insurance (SGLI), which costs only 6.5 cents per 1,000 dollars a month, or $312 a year, with maximum insurance of 400,000 dollars.
Wrapping It Up
These are just some of the financial advantages among the others that a service member can have. But again, privileges like these are really nothing in exchange for what these people and their families do for us.
More in Advisor
As a Millennial, Stay away from these Investing Mistakes or You Might Feel Sorry When You Retire
COVID-19 has created a lot of damages and brought many changes, and these changes have affected almost all sectors, including retirement...July 30, 2020
Getting Ready to Plunge into Investments? Have a look at These Tips for some Cool Ideas
Investing in stocks isn’t easy; one needs to develop their knowledge and convert it into a realistic plan. It’s not about...July 29, 2020
Learn How to Secure Your Child’s Future With These Invaluable Insights
Becoming a parent is the most joyous experience of one’s life; however, with the arrival of a new family member, expenses...July 26, 2020
Are you familiar with these Loan Forgiveness Programs for Students?
Student loans make for a viable option to pay for your education, but often, repaying them can be a bit of...July 25, 2020
Lufthansa Airlines is Launching a New Leisure Unit under the name ‘Ocean’ – Here’s Everything You Need to Know
The airline industry is facing a major challenge during the past few months owing to the complete paralysis of movement, thanks...July 23, 2020
Cool Tips to avoid Letting your Income Subside During Coronavirus
There’s an astonishing number of people adversely impacted by Coronavirus all around the world. This stark reality is evident from the...July 22, 2020
The Most Favorable Things in Which You Can Invest In 2020
While the world was anticipating a financial and economic crisis similar to the one in 2008, it instead found itself facing...July 21, 2020
Looking to Secure Your Wealth During These Uncertain Times? These Low-Risk Investment Ideas Might Be Just What You Need
The year 2020 has presented the world economy with unprecedented challenges. Due to the coronavirus emergency and the worldwide reactions to...July 15, 2020
Learn How to Ace Your Next Video Interview With These Expert Tips
Due to the limitations of the Covid-19 pandemic, many people have been met with new issues that need immediate resolution. One of...July 14, 2020