Advertisement
savings

Financial Resources for Military Families

Kiplinger's Financial Field Manual and Military Finances Special Report help answer many of the personal finance questions surrounding military life.

This is Military Saves Week, so instead of answering a question today, I'd like to highlight a new resource that provides a lot of answers on issues of interest to military families. We're proud to announce the publication of our Financial Field Manual: The Personal Finance Guide for Military Families, which will be distributed to military bases throughout the world. It also lives on Kiplinger.com as the Military Finances Special Report.

This new resource focuses on some of the unique financial challenges that service members face, as well as the special benefits that help them save for the future and protect their families. My husband has been an Army surgeon for 17 years, so we've experienced many of these issues firsthand. Not only have we had to prepare our own finances for three deployments and several moves but we also learned how to make the most of special savings opportunities, tax benefits, education programs and legal rights for military families.

Advertisement - Article continues below

The Financial Field Manual covers all of these issues. On saving for retirement, for example, it answers your questions about how, as a military family, you can make the most of low-cost investments through the federal Thrift Savings Plan; how to benefit from a special program for deployed service members that guarantees 10% annual interest on savings; and how to get an extra tax break from a Roth IRA while deployed. The guide also explains how to transfer your GI Bill benefits to pay for your kids' college, get a no-down-payment mortgage, deal with a required move when your home is worth less than your mortgage, reduce state income taxes, avoid scams that target military families, and take advantage of the special protections that can cap credit-card and loan rates for some service members.

Advertisement
Advertisement - Article continues below

I frequently receive questions from military families -- even service members while they are deployed -- and I was happy to include many of their questions in the Financial Field Manual, as well as their strategies for dealing with the financial challenges of military life and the steps they've taken to make the most of the special benefits.

I hope our Financial Field Manual answers many of your questions, and I hope you'll continue to write to me with any follow-up questions about your finances or with strategies you'd like to share with our readers.

Advertisement

Most Popular

What Are the Income Tax Brackets for 2020 vs. 2019?
tax brackets

What Are the Income Tax Brackets for 2020 vs. 2019?

The IRS unveiled the 2020 tax brackets, and it's never too early to start planning to minimize your future tax bill.
June 20, 2020
Tax Changes and Key Amounts for the 2020 Tax Year
tax law

Tax Changes and Key Amounts for the 2020 Tax Year

Americans are facing a long list of tax changes for the 2020 tax year...and it's never too early to start thinking about next year's return.
June 22, 2020
10 Tax Breaks for the Middle Class
tax deductions

10 Tax Breaks for the Middle Class

Tax breaks aren't just for the rich. There are plenty of them that are only available to middle- and low-income Americans.
June 30, 2020

Recommended

For Financially Responsible Kids, Do NOT Do These 3 Things
family savings

For Financially Responsible Kids, Do NOT Do These 3 Things

The key to putting your kids on the right financial path can be boiled down into one sentence.
July 1, 2020
10 Tax Breaks for the Middle Class
tax deductions

10 Tax Breaks for the Middle Class

Tax breaks aren't just for the rich. There are plenty of them that are only available to middle- and low-income Americans.
June 30, 2020
Find the Best Money Market for You
money market accounts

Find the Best Money Market for You

Whether you choose a money market fund or account largely depends on the money's purpose.
June 24, 2020
The Answers to More RMD Questions
retirement

The Answers to More RMD Questions

The CARES Act made 2020 required minimum distributions optional. But what are your next moves?
June 12, 2020