What is a Spousal IRA?

Submitted by John Cooney on Nov 18, 2019

One of the requirements the IRS has in place for contributing to an IRA is that the person has to have earned income that is equal to or higher than the amount they are contributing.  What this requirement did not address were those households with only one working spouse.  Thus, the Spousal IRA was born.

Retirement, Roth IRA, IRA, Taxes

Who I Help: Case Study on a Mobilizing Reservist

by John Cooney on Nov 12, 2019

Retirement, Thrift Savings Plan, Military Financial Planner, cash-flow, Taxes

I get asked a lot about what type of clients I work with, and what I do to help them.  In this case study, I talk about a client I worked with who was preparing for a military deployment.  This client hired me on an hourly basis to help them prepare financially for the deployment and maximize the benefits available to them during the deployment.  You can read the first case study in this series h

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If I Inherit a TSP Account, Do I Need to Take RMDs?

by John Cooney on Sep 25, 2019

TSP, Thrift Savings Plan, Retirement, FERS, Military Financial Planner

Understanding Required Minimum Distributions for your Thrift Savings Plan (TSP) can get a little complicated when the account is your own, and when it is an inherited TSP account, it can be even more complex.  Understanding when you have to start and how much you have to take can depend on a couple of factors, which I am going to explain here.

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Thrift Savings Plan Options You May Not Be Taking Advantage Of

Submitted by John Cooney on Sep 5, 2019

Hopefully, if you are eligible for the TSP, you are taking advantage of all the benefits available to you.  Low fees, professionally managed funds, and new withdrawal rules aimed at giving you flexibility when taking your money out of your account are three main benefits to the TSP.  When contributing, you also need to be aware of the options available to you to maximize the tax efficiency and amount you are contributing.  Take a few minutes today to get to kno

retirement, military retirement, FERS, military financial planner, TSP

Make-Up Contributions to the TSP

Submitted by John Cooney on Jul 25, 2019

Federal Service employees, who also serve in the military, have access to some benefits with regards to the Thrift Savings Plan (TSP) that can apply if the employee is required to leave their Federal job to perform military service.  This article will highlight the eligibility requirements, rules, and provide some examples to help you determine if this is a benefit that you can take advantage of.

TSP, blended retirement system, retirement, military retirement, FERS, fee-only financial planner

Are You Impacted By the Social Security Earnings Test?

Submitted by John Cooney on Jun 20, 2019

Filing for Social Security and starting to receive your benefits can be a stressful decision for people to make.  One of the rules that taxpayers need to be aware of when choosing to decide when to file for their benefit is the Earnings Test.  This article will discuss the Earnings Test and provide some examples to help illustrate how the rule works and give you an idea of whether it will impact you or not.

Social Security, retirement, Taxes

It's Military Moving Season, How Does That Impact Your Taxes?

Submitted by John Cooney on Jun 4, 2019

It’s moving season for the Department of Defense…every year about 65% of the PCS moves for the year happen between May 15th and August 31st.  Don’t let your move sneak up on you.  In this great Military.com article, they offer several tips and I will share two here; book your move early and use the move as w

military finance, military, Taxes, personal finance, fee-only financial planner