Ryan Guina

Your military service is probably more valuable than you think. In addition to the training and experience you earned while in the service, your military legacy may also give you eligibility to certain veterans benefits.

The Army and Air National Guard reserves are one of the military’s best-kept secrets. Where else can you find a part-time job that offers education and health care benefits, and a pension? The quick answer is that you can’t.

Members of the U.S. Military enjoy a variety of pay and benefits, both while they serve on active duty and if they serve until they qualify for retirement.

Good news for active duty military members and civil service personnel: The Thrift Savings Plan (TSP) just announced they will be offering a Roth version of the account. The Roth TSP has all the same benefits of your beloved TSP, but has similar tax benefits to a Roth 401(k), and in some ways, it is also similar to the Roth IRA.

Making the transition from the military to a civilian job can be difficult, especially in a down economy, but that doesn’t mean it’s impossible.

Deploying to a combat zone or other area designated as a tax-free zone can be a stressful time both for the military member and his or her family. But that doesn’t mean it isn’t without its benefits. I deployed five times while I was on Active Duty, and each time I came back with different rewards — including personal and professional growth, a new-found respect for our military and a fatter wallet.

Transitioning from your military career to the civilian world is a big change, and one that shouldn’t be taken lightly. There are a lot of considerations to make as well as adjustments to get used to in a new civilian life. One transition that is not always easy for military members is finding secure employment in the civilian world.

Despite the fact that military members have incredible discipline, work training, and life experience, their exact career field does not always translate to the civilian world. Couple that with a difficult economy and veterans may find it difficult to find a job immediately after separating from the military. It took me six months to find a job when I separated from the military, and I know several veterans who had a more difficult time. Thankfully, I was able to file for unemployment benefits to help tide me over.

Individual retirement arrangements (IRAs) are one of my favorite ways to save money for retirement. IRAs offer great tax advantages and are accessible to almost everyone. However, until not too long ago, the rules prohibited some military members from contributing to IRAs if all of their income came from a tax free deployment zone. It wasn’t intentional, of course. Congress wouldn’t want to prohibit military members from being eligible for one of the best retirement options around. Let’s take a quick look at how this happened, and what Congress did to fix the problem.

One of the financial benefits of being deployed is being able to bank some extra cash if you play your cards right. Obviously it depends on the financial obligations you have before you deploy, but the opportunity is there. Deployments cover virtually all of your living expenses, giving most military members the opportunity to save a lot of money while deployed. Even servicemembers who support family back home can benefit from the tax free deployment pay they receive while deployed.

Here are some tips that can help you save money while deployed. Some of these tips require a bit of advanced planning while other actions can be initiated during or after your deployment. These are general tips, so be sure to tailor them to your specific situation.

I received a small bonus when joined the military. It was only $3,000, but it gave me the opportunity to buy an inexpensive car when I reached my first duty station. The military often offers cash bonus incentives for initial enlistments and re-enlistments for positions that are typically hard to fill. If you receive a relatively small bonus like I did, then it isn’t difficult to decide how to use the money. A car was perfect for me. But it might be a little different if you are receiving a larger enlistment or reenlistment bonus – some of which can easily reach the five figure mark.

You need a plan before you spend your bonus money (literally or mentally). Check out these ideas, then adapt them to fit your specific needs.