RAZOR’s Post

Good day and I recently hit my 1 year anniversary from being retired from the Navy. What I have learned regardless of what many say is that the PAY in the military (E5 baseline) is actually fairly compensated and especially when you factor in the following. - Levels of inflation - Taxes Taxes Taxes - Medical, Dental and Vision - Commissary and Exchange - Many benefits like free private school scholarships - Tuition Assistance Now many times when you hear prior military say "man the pay in the CIV sector is so much better" there is a very good chance they are retired or disabled and they are getting - Retirement pay - Disability pay - or both When you factor in this and the fact that disability does not get taxed then those supplementations to someone's income would be significant and would benefit them tremendously over someone who is separating and getting no retirement or disability. I remember one of my RETIRED buddies (enlisted) calculating with all the things I mentioned above he would need approximately $140,000 salary for his post military job to match what he was making in the military. Well on that $140,000 in MD this would have been his tax, ss and medicare breakdown. Now yes states like FL, TX etc. do not tax your state income, but they have high property taxes, car insurance or other ways uncle Sam gets your money. #militarytransition #supportourtroops #militaryveterans #veteranshelpingveterans #veteranssupport

Update: Virginia's Ongoing Challenges for Military Families and Veterans In my previous post, I discussed the difficulties military families in Virginia face due to the largest rollback of veteran benefits in the history of the Commonwealth. Here’s a new update on this pressing issue: VMSDEP Background 📚: The Virginia Military Survivors and Dependents Education Program (VMSDEP) was established in 1996 to provide eight semesters of college education to spouses and dependents of Gold Star families as well as those of 90% to 100% disabled veterans. This benefit was specifically designed to attract veteran families to settle in Virginia. Currently, VMSDEP supports 6,120 students, with projections indicating an increase to 9,000 by the end of Governor Youngkin's term in 2025. Legislative Action 🏛️: In response to these ongoing issues, Virginia lawmakers are convening a special session to address funding gaps and streamline the benefits process. This session aims to ensure that military families receive the support they were promised. Broader Implications ⚠️: These continued challenges not only impact families directly but also have broader consequences. Many veteran families choose to plant roots in Virginia because it is known to be one of the top military-friendly states, offering a great job market, housing market, universities, and veteran benefits. Could this cause an exodus of Military families and veterans to leave Virginia? One can only wonder if this situation could set a precedent for veteran benefits to be cut back in other states as well. What can you do if you live in Virginia? Contact your State Delegate and express how important it is for Virginia to keep its promise to Gold Star families and veterans. You can find a full list and contact information here: ➡ https://lnkd.in/ePaTp8XU For further details, you can read the full article ⬇ https://lnkd.in/ejw4v8nd. #MilitaryFamilies #EducationBenefits #VeteranSupport #VirginiaLegislation #MilitaryReadiness #Veterans #VirginiaVeterans #Community #TransitioningMilitary

Happy Veterans Day to all our heroes who have served and sacrificed for our freedom! Today, we want to say THANK YOU for your bravery and express our deepest gratitude for your service. As we honor you on this special day, let's also take a moment to highlight some tax-saving strategies that may benefit our veterans: - Utilize Military Tax Benefits: Leverage combat pay exclusions and special rules for home sales. Explore available tax credits, including those for disabled veterans. - Claim Disability Benefits: Ensure you're taking full advantage of tax-free disability benefits from the VA. - Education Benefits: If using the GI Bill, be aware of potential tax benefits related to education expenses. - Homeownership Benefits: Seize tax breaks related to homeownership, such as mortgage interest deductions. - Retirement Savings: Contribute to TSP or IRAs to build your retirement savings. Explore potential tax deductions for traditional IRA contributions. - Hire Veterans: Business owners tap into tax credits by hiring veterans through the Work Opportunity Tax Credit (WOTC). - Small Business Ownership: Veterans with small businesses, consult with a tax professional to uncover additional tax benefits. Your service to our nation is immeasurable, and we want to make sure you're aware of the financial opportunities available to you. If you're interested in learning more about tax-saving strategies as a veteran-owned business or hiring veterans, reach out to us. https://lnkd.in/e6hBr-y #VeteransDay #ThankYouForYourService #Veterans #TaxSavings #VeteranOwnedBusinesses #HireVeterans

FUN FACT FRIDAY THIS IS THE BEST CITY IN THE U.S. FOR VETERANS TO LIVE Quality of life is key for those leaving active duty Written by Erika Mailman Wednesday May 22 2024 When a soldier leaves active duty, deciding where to live and put down roots can feel very weighty. After putting their life on the line, the veteran deserves a safe and vibrant place to live while factoring in all the things they need after years of service. Veterans United has created a list of best places for veterans to live, which compared data across 25 different metrics, based on a survey of 601 veterans. The factors included quality of life factors such as access to good healthcare through the VA, community support such as the percentage of veterans already living there, financial well-being such as grants and scholarships provided to veterans, and infrastructure for enjoyment and safety. The study examined more than 500 small and large cities across all 50 states. Perhaps unsurprisingly, the number one area for veterans is based in Florida, the TAMPA-St. Petersburg-Clearwater metropolitan area. This provides a huge quality of life with warm weather for veterans and tons of activities to amuse during the day and with nightlife. This area also gained high points for factors that veterans considered most important in the survey, such as access to fresh foods, good air quality, and good healthcare. On the financial side, Florida has no income tax, and there are property tax exemptions for disabled veterans. For any mortgage questions that you may have please give me a call at 813.690.4359 or feel free to shop for a mortgage on our website at: https://floridaloans.shop/ Wishing you all a Fabulous Friday! #floridamortgageoutlet #financialfactfriday #VETERANS #mojothelo #lendingwithintegrity #exceedingexpectations #equalhousinglender

🇺🇸 Honoring Our Veterans: Advocating for Financial Safety and Security Dear LinkedIn community, As we express our gratitude to the brave men and women who have served in the defense of our nation, it is crucial to recognize that the safety they ensured for our country should be mirrored by financial safety and security for themselves. Veterans, who have dedicated their lives to protecting our freedom, deserve a strong foundation of economic well-being. **1. Transition Support: Transitioning from military to civilian life can be challenging, and it's essential for veterans to have access to comprehensive support services. Financial literacy programs, career counseling, and guidance on navigating benefits are crucial elements to ensure a smooth transition. **2. Veteran-Focused Financial Education: Equipping veterans with financial knowledge is empowering. From budgeting and savings to investment strategies, providing educational resources tailored to the unique needs of veterans can pave the way for a secure financial future. **3. Access to Affordable Housing: Housing stability is a cornerstone of financial security. Initiatives that offer affordable housing options for veterans, along with mortgage assistance programs, contribute to creating a sense of permanence and financial stability. **4. Entrepreneurship Opportunities: Many veterans possess strong leadership skills and a sense of discipline cultivated in the military. Encouraging entrepreneurship among veterans through mentorship programs, access to capital, and business education can be a powerful way to foster economic independence. **5. Employee Benefits and Incentives: Employers can play a vital role in supporting veterans' financial security. Offering competitive salary packages, flexible benefits, and recognizing the unique skills veterans bring to the workforce contribute to their overall economic well-being. **6. Advocacy for Veterans’ Financial Rights: Advocacy efforts at both the community and legislative levels are essential to ensure that veterans' financial rights are protected. This includes advocating for policies that address issues such as predatory lending, ensuring fair access to financial services, and protecting veterans from financial exploitation. **7. Mental Health and Financial Wellness: Recognizing the connection between mental health and financial wellness is crucial. Comprehensive support should encompass not only financial resources but also mental health services to address the unique challenges that veterans may face. In conclusion, let us stand united in our commitment to ensuring that the safety our veterans provided for our nation is reciprocated with financial safety and security. #Veterans #FinancialSecurity #SupportOurTroops #VeteranWellness #MilitaryTransition #FinancialEducation

Embarking on the journey back to civilian life? These essential resources will help make your transition a smooth one. https://buff.ly/3TqdlDU #veterans #civilianlife

𝗗𝗼𝗲𝘀 𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗲𝘅𝘁𝗲𝗻𝗱 𝘁𝗼 𝘁𝗵𝗲 𝘀𝗽𝗼𝘂𝘀𝗲 𝗮𝗳𝘁𝗲𝗿 𝗱𝗲𝗮𝘁𝗵? Enduring the loss of a veteran is immensely challenging, particularly for their close family and friends who must navigate through the trials of their departure. In addition to grappling with intense emotional strain, financial issues often emerge as a significant facet of this predicament. So, the answer to the question is YES! Among the benefits offered by the Veterans Affairs (VA) to surviving spouses is the VA Survivor's Pension. This pension delivers a monthly stipend for eligible surviving spouses and dependents of veterans on the premise that certain income and net worth restrictions – as sanctioned by Congress – are met. The Veteran Affairs Department bestows this benefit on surviving partners not remarried following their veteran spouse's passing, conditional upon the veteran having been honorably discharged. Check out our blog today to learn more about the different requirements for a spouse to be eligible for a VA benefits. 👇 https://buff.ly/4acVarh #blogpostalert #blogpost #veterans

Excellent insights on discussing finances with your older loved ones, “Remember, finance is a deeply personal issue and the person you’re talking to is the expert in his or her personal situation. Approach as a learner, rather than an expert.”

I came across this article by Capt. David Alman, and it really hits the nail on the head. For context, military spouses are referred to by the military as "dependents" , a term which is antiquated and which, in many cases, couldn't be further from the truth. In my 12 years as a military spouse, I have always had my own career (with a short break when I became a mom). Still, I have been called "dependent" the entire time. The truth is that 64% of military spouses have their own income. Military spouses also have a higher percentage of college education than other working-age Americans. And still... Military spouses also earn 25% less than their civilian counterparts. 31.6% of military spouses are employed part-time, but may prefer full-time work. The broader earnings “penalty” measure, 26.8 percent, amounts to $12,374 per year and, over a 20 year military career (upon which military personnel are available for retirement benefits), $189,614 in lost income. Why does this matter? Despite being educated and working, military spouses are underemployed and underpaid compared to their civilian counterparts. This is directly tied to frequent moves, periods of unemployment for deployments, transitions of licenses, and other mitigating factors. For example, here is my journey: 2011 - 2014 Joint Base Lewis-McChord, Tacoma, WA (my husband deploymented to Iraq and Afghanistan during this time) 2014 - 2017 Travis Air Force Base, Fairfield, CA 2017 - 2020 National Geospatial Intelligence Agency, Springfield, VA 2020 - 2023 Naval Air Station Sigonella, Catania, Sicily, IT 2023 - Present Fort Carson, Colorado Springs, CO But military spouses have many skills and talents their civilian counterparts don't possess: - Adaptability, agility, and flexibility (moving every three years will do that) - Problem solving (often as it relates to time and money) - Resiliency (your spouse can/will be called away for months while you are left to care for everything else) - Project management (have you ever had to move your entire life to another state or country at the drop of a hat with little support?) - Stress management (this one is self-explanatory) Equitable and accessible employment for military spouses is a necessary for a strong and ready military. I may be a "dependent", but I am many, many more things. Some of the toughest, smartest, well-equipped people I know are military spouses and employers would be lucky to have them on their teams. https://lnkd.in/gzJAujsu

Our Nation's Wounded Veterans cited inflation as one of their top concerns with over 2/3 not being able to make ends meet according to a study within the last year by the Wounded Warrior Project. Some other sources of financial strain for our wounded veterans: - Increased costs of goods (food, gas, rent etc.): 82%  - Family obligations: 27%  - Not making enough money from work: 27%  - Being out of work: 18%  - Medical bills: 6% However, there are financial wellness programs available. Read More: https://lnkd.in/gNWhs9_P #financialliteracy #wellness #mentalhealth #veterans #military