NOVEMBER 13, 2020 - Today, the Department of Defense announced annual cost of living adjustments that will benefit military retirees and survivors during calendar year 2021. Most military retirees will receive a 1.3 percent increase to their retired pay beginning with the pay they receive on December 31, 2020. Likewise, survivors of members who died on active or inactive duty, … [Read more...]
Social Security Payroll Tax Deferral for Military Personnel
SEPTEMBER 10, 2020 - A Presidential Memorandum to temporarily defer Social Security (Old Age, Survivors, and Disability Insurance (OASDI)) tax withholdings was issued on August 8, 2020 with following guidance from the Internal Revenue Service on August 28, 2020. This tax deferment is designed to provide relief during the COVID-19 pandemic. What this means: the Social … [Read more...]
Update to Law Helps Soldiers with Auto, Home Lease Payments
AUGUST 25, 2020 - Lawmakers recently passed an amendment to the Service Members Civil Relief Act, or SCRA, allowing Soldiers to terminate an auto or housing lease agreement without a 30-day notice due to a Defense Department stop-move order. Changes to the SCRA are retroactive, giving families an opportunity to request reimbursement for rental payments accrued during the … [Read more...]
Navy Assignment Incentive Pay Approved for Extensions
JULY 2, 2020 - The Navy has authorized Assignment Incentive Pay (AIP) for Sailors extended at certain commands due to COVID-19 transfer delays. On June 12, the Navy announced the conditions-based, phased plan for Permanent Change of Station (PCS) moves. A vital part of the plan is prioritizing sea duty and critical shore billets, such as Recruit Division Commanders duty at … [Read more...]
DoD Launches Financial Education Website for Military Spouses
MAY 12, 2020 - Military spouses often are the family's chief financial officer. From managing permanent-change-of-station moves to unexpected emergencies and changes in pay, there is little doubt about the importance of understanding the unique circumstances of managing personal finances in the military life. In recognition of military spouses and the important role they … [Read more...]