Refinancing a mortgage can be a beneficial financial move for any homeowner, but VA-eligible borrowers have unique opportunities when it comes to their refinancing options, including the VA cash-out refinance program. VA cash-out refinance loans offer Veterans a method to leverage the equity in their homes by converting it into liquid cash. While this refinancing option presents several benefits, it’s important to understand the complexities of this loan option before choosing to refinance your mortgage. What is a VA Cash-Out Refinance Loan? A VA cash-out refinance loan allows eligible Veteran ..read more

When you sell an investment for more than you bought it, the government wants a cut of the gains, known as capital gains. You must pay taxes on your capital gain swhen you sell your investment. However, the amount of taxes you have to pay on the gains depends on two major factors:  How long you have owned the investment and  Your income. Now for the good news. You only pay capital gains taxes on the increased value when you sell. So, if you bought an asset for $500, and it appreciates over time to $1,500, you don’t pay taxes on the $1,500 when you sell the asset. Instead, you ..read more

Table of Contents Final Pay Retirement System High-36 Retirement System  REDUX Career Status Bonus and Retirement Pay Modification REDUX Retirement Multiplier REDUX Retirement System Blended Retirement System – Defined Benefits TSP Matching Contributions BRS Continuation Pay BRS Lump Sum Blended Retirement System  Military Disability Retirement  Active Duty Retirement vs. Reserve Retirement How to Calculate Reserve Component Retirement Pay When Do Reserve Members Receive Retirement Benefits? Military Reserve Retirement Military retirement plan eligibility varies depen ..read more

Editorial Note: We may earn a commission through links from our partners. American Express is an advertiser on The Military Wallet. Commissions do not affect our editors’ opinions or evaluations. Terms Apply to American Express benefits and offers. Table of Contents Credit Cards by Category Our Overall Top Pick – The Platinum Card® from American Express Why You Need a Credit Card These are four of the most recommended cards among military finance community experts: How Many Credit Cards Should You Have? Choose a Card That Works for You How to Choose the Right Credit Card Compare To ..read more

Members of the military enjoy certain tax benefits that are not available to civilians. These tax advantages are designed to recognize the unique challenges and expenses that military personnel face throughout the duration of their service. Learn more about the various tax deductions and write-offs available to military members in 2024 and discover our tips for filing your taxes as a service member. Types of Military Tax Deductions There are four primary categories of military expenses that may be eligible for tax deductions: Moving Uniforms Travel and lodging Education Moving Deductions If ..read more

I’ve said this for years – I love Amazon Prime. In my personal opinion, it’s one of the best deals in the tech sector. And it has added many new features since I first became a member years ago. This holiday season, Amazon is offering a special deal for holiday shoppers. If you’re an Amazon Prime member and get approved for the Prime Visa by December 4, 2023, you’ll receive a $200 Amazon gift card right away. This bonus comes with no spending requirements, giving you the flexibility to spend it on anything from holiday gifts to groceries from Amazon Fresh. Apply for the Prime Visa card he ..read more

Black Friday is fast approaching, and it’s not limited to one day anymore. Known as the busiest shopping day in the U.S., Black Friday now often starts a week before Thanksgiving, followed by Cyber Monday. This period offers an excellent opportunity to save on holiday gifts. Amazon is participating in Black Friday with substantial discounts on a wide range of items, from tech gadgets to home appliances. Their extensive list of deals might seem daunting, but we’ve identified some standout bargains, including tactical gear, electronics, and coffee makers. See all Amazon Black Friday Deals here A ..read more

In honor of Veterans Day, Wendy’s is thanking those who have served or are currently serving in the U.S. Military with a FREE breakfast combo offer with a valid military ID, Veterans Advantage card, or VetRewards Card. Whether you’re a fan of the new Sausage, Egg and Cheese English Muffin, Honey Butter Chicken Biscuit or crowd favorite Breakfast Baconator combo, the offer is a small gesture of gratitude for the individuals who work tirelessly to protect our country. Those who have served or are currently serving are invited to visit their participating Wendy’s location on Veterans Day, Saturda ..read more

National Guardsmen and reserve military service members could get an expected a 5.2% pay increase for drill pay in 2024. It’s important to note, lawmakers have not officially passed a defense spending bill in 2024, so these 2024 rates are only “proposed” increases. In the event a defense budget is passed before the start of the new year, the military pay increases will go into effect on Jan. 1, 2024. You’ll get your first increased paycheck on Jan. 12, 2024. Here are the 2023 drill pay charts, if you’d like to see how much your pay has increased by dollar amount. How to Read Drill Pay Charts T ..read more

The Individual Ready Reserve (IRR) serves to increase active-duty forces rapidly in a time of need. Trained, “on-call” service members make up the Individual Ready Reserve. Here’s how the IRR relates to other types of military service, how to join the IRR, how to get paid in the IRR, how to earn points, and more. Table of Contents Military Reserve Component Structure Ready Reserve Component Structure Individual Ready Reserve Service Should I Join the IRR? Who Can Join the Individual Ready Reserve? IRR Mustering Requirement How Long Are You in the Individual Ready Reserve? How Long Can ..read more