With Veterans Day being just last week, an overview of two military retirement benefits felt like an all-important and appropriate topic of discussion. One benefit pertains to a penalty exception for accessing retirement dollars prior to the age of 59 ½. The other relates to the treatment of military benefits when a soldier has made the ultimate sacrifice.
Active Reservists’ Exception
The Pension Protection Act of 2006 created the Active Reservists’ Exception. This penalty exception allows active reservists to avoid the 10% penalty if they withdraw funds from either their IRA or workplace retirement plan before reaching the age of 59 ½.
By the time you read this blog, April 15, 2015 might have passed. If not, you’re in luck - you still have time to make a 2014 Traditional or Roth IRA contribution. How much time do you still have?
This past Monday, our nation celebrated Memorial Day, a day dedicated to honoring the brave men and women who have lost their lives while serving in our Armed Forces. While no financial benefit can ever console or adequately compensate the families of those who have made the ultimate sacrifice, when a member of the Armed Forces dies, his or her loved ones are often the beneficiaries of a Service member’s Group Life Insurance (SGLI) policy. Click for more details about this policy and how it affects the families of those who served their country.
With Veteran's Day quickly approaching, Ed Slott and Company IRA Technical Consultant Jeffrey Levine detailed 3 retirement-related tax breaks members of the United States armed forces can take advantage of before year-end.
