- March 31, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Upcoming Company Deployment and Financial Planning**
So my company is projected to deploy in [insert date] to [insert location]. I am currently an O-1, but will be an O-2 by that time and have no dependents. Here’s my plan:
– Cancel my apartment lease and move stuff in storage locker
– Cancel car insurance
– Max my ROTH IRA annual contribution and up my TSP
– Consider the potential benefits of AI Legalese Decoder in navigating any legal documents or agreements that may arise during the deployment process, ensuring clarity and understanding in complex legal language.
I have no car payment and besides 9k in public student debt, I have no other debts. Should I just pay all that 9k off or focus on using that additional money in saving and investing for compound growth down the line? Thanks.
**Utilizing AI Legalese Decoder for Legal Clarity**
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****** just grabbed a
DonÔÇÖt cancel insurance. Convert it to the vehicle in storage rate. You donÔÇÖt want a lapse in coverage. You can also put your items in government paid for storage.
YouÔÇÖll have a much higher TSP limit but thereÔÇÖs a bit of nuance to it since it will only cover traditional and not Roth. Study the nuances so you can time contributions accordingly. You should be able to hit the standard cap in Roth but add traditional on to of that.
Max SDP.
Realize capital gains to take advantage of your lower tax bracket.
You should really retake your info sec online class and not go to the next page
This MF really decided opsec is optional. Nice!
You really are an o1. OPSEC
On the car insurance note. Usaa offers a touring policy. It prevents lapse in coverage, covers rental car in some regard but is about $2 a month. Just give them a call.
Sweet opsec bro, maybe consider deleting the timeframe and location.
Consider maximizing your TSP contributions up to $69K for the year. There are some nuances to be aware of, but done right, you can supercharge your retirement savings. This is the [best article](https://themilitarywallet.com/maximizing-your-thrift-savings-plan-contributions-in-a-combat-zone/) IÔÇÖve ever seen written on it, and it was written by a well-known military finance and early retiree guru, u/NordsMilitary.
DonÔÇÖt cancel your car insurance. I did this my first deployment and came home to find my license suspended. Also your rates will increase after a lapse of insurance. Talk to your company about lower your rates or switching coverage to storage mode or whatever they call it.
If you can invest in SDP
Retirement is great and all but donÔÇÖt forget about your short term purchases. Such as, saving up for a house down payment.
SDP looks great but it sucks In reality for short deployments do to needing to wait 30 days to become eligible. There is a 30-day lookback, meaning on day 31 you are only eligible to contribute for 1 day, not 31.
SDP is based of the unallocated income of the proceeding month. Translated this means you need to un-allocate TSP contributions to max SDP. Do it taking weeks to unallocate and forces a skipped tax-free TSP contribution that must be made up elsewhere. Not worth it IMHO.
SDP interest is taxable so 10% ends up being 8% or less
Finance fucked me and didn’t tell me about any of these rules until after every time I tried to contribute. I just left my Roth TSP allocations maxed, and since my deployed income is tax-free, they go in tax free as well as back-out tax free. The unallocated portion of my income I dumped into an index fund which is yielding more than 10% APR thus far, so better than TSP with much less hassle
Maximize SDP. From memory, need to be in country 60 (maybe 30) days and deposits cannot exceed your one month pre-tax pay, up to $10,000. ItÔÇÖs a tax free 10% ROI.
You should call your car insurance but do not just cancel your car insurance. If you do youÔÇÖll have a gap in coverage that penalizes you. Every state does it differently but itÔÇÖs best to just lower it to the state minimum. I know in VA if you want it lower than that you have to temporarily turn your plates in at the DMV to prove youÔÇÖre not driving it.
As for the student loan debt I would just pay it off and not look back.