Engaged couples have a lot to plan and prepare. Wedding day logistics can be even more complicated when one partner has a demanding career with the military or an emergency response agency.

But the day you tie the knot is just that — one day. Afterward, other important life planning matters like financial management will require the same level of organization and attention to detail in order to keep you on solid ground for years to come.

When it comes to managing your finances after getting married, you'll have three options to consider, each with its own pros and cons.

1. Combining all finances

In a marriage, two become one. For some newlyweds, two (or more) bank accounts are united as well. Given the pace at which bills are paid, groceries are purchased and savings are bolstered, there are quite a few advantages to operating the household budget from joint accounts. Combining finances creates greater transparency and easier access to funds for both parties, helping facilitate better communication and budget tracking.

As paychecks and financial obligations fluctuate, couples who follow this approach don't need to make dramatic shifts in how they divide up their income or responsibilities. Plus, with two pairs of eyes actively monitoring an account, budgeting mistakes are less likely to happen. Couples who are on the same page can also grow together while jointly working toward important financial goals.

The downside is that this total transparency can create a perceived loss of financial independence, and it doesn't always allow for differing opinions and spending habits. It can cause resentment or even prompt secrecy.

A recent poll found 44% of people in a partnership were either harboring a secret account, dealing with hidden debt or covering up spending habits their significant others would disapprove of. However, 57% of people believe financial infidelity to be as bad as, or worse than, unfaithfulness.

2. Keeping everything separate

Many partners agree to keep accounts and individual financial matters to themselves. This helps each person maintain a desired level of financial independence. If both parties communicate frequently to reconcile accounts and accomplish shared goals, a separate system can work well.

However, this approach doesn't remove the emotional aspect of money management from a committed relationship. Keeping separate accounts and responsibilities can create a sense of imbalance. For instance, if one partner pays most of the bills while the other spends a little too freely, credit card bills and emotions can run high.

Also, dividing the household's budget and obligations in two can complicate even the simplest transactions. Everything from buying groceries and gifts to financing a vacation can create stress if spouses don't have a solid plan in place. In an emergency, accessing the other partner's personal accounts can be a complicated process.

3. Taking a hybrid approach

Given the pros and cons of both of these financial management strategies, many couples choose a blended model. This might involve keeping personal accounts for discretionary spending but combining most income into a joint account to cover household expenses. Each partner could also contribute to their own personal savings in addition to a shared savings account.

The best approach to managing finances after getting married is one that you can agree on together. Whichever strategy you choose, honesty and good communication will help make your money management more successful. Ultimately, having someone by your side when working toward individual and shared financial goals is something to love and cherish.

Not sure where to start? Download AFBA's 2020 Financial Planning Guide for our best-in-class collection of resources — from budgeting worksheets to military benefits information — designed to help you more easily establish and achieve your financial goals.

 

September is National Suicide Prevention Month — a time for mental health organizations, advocates, suicide survivors and allies in the community to unite, share resources and raise awareness about suicide prevention.

Supported by the Suicide Prevention Lifeline and other groups, the theme for 2020 is #BeThe1To, which outlines simple actions each person can take to help save lives. Keeping with this year’s message, consider these ways to take a small step and make a big difference:

1. Be the one to ask

Studies have shown that talking about suicide with someone who is at risk may actually reduce suicidal thoughts and can even encourage them to seek help.

Directly asking “Are you thinking about suicide?” or “Are you thinking about killing yourself?” in a nonjudgmental way can let someone know you’re there to have an open conversation. Once you’ve initiated a dialogue, be a good listener as the person describes the emotional pain they’re experiencing. Pay close attention to what they say about their reasons for living and help them focus on those factors.

The National Suicide Prevention Lifeline advises against interjecting with your opinions about why you think they should stay alive or promising to keep someone’s suicidal intentions a secret.

2. Be the one to keep them safe

During your conversation, make an effort to learn about the severity of the person’s suicidality. Remaining unbiased and nonjudgmental, gather information about whether they have made any plans or attempts on their life prior to speaking with you. It’s also important to find out whether they have a general idea or specific plan for how the would try to commit suicide, and what this entails with regard to timing and access to their intended method.

With this understanding, you can find ways to put time and distance between the at-risk person and their plan and limit access to lethal methods. Research has shown that suicidal individuals are not likely to choose an alternative method if their original plan becomes unfeasible.

3. Be the one to be there

When people experiencing suicidal thoughts lack a sense of belonging and feel isolated from and even burdensome to those around them, they become even more at risk. Theorists have determined that being there for someone who is considering suicide can offer a critical sense of connectedness which acts as a protective buffer.

Being there for someone can mean spending time with them in person or on the phone and following through when you say you will.

4. Be the one to help them connect

In addition to showing your support, you can also help people in your life build out a safety net by connecting with resources and support services. Organizations offering confidential 24-hour hotlines and online chat services include:

• Veterans Crisis Line: Call 1-800-273-8255 and press 1.
• Suicide Prevention Lifeline: Call 1-800-273-8255.

Suicide is a national public health crisis, especially among the military and veteran communities. But stepping in to help prevent it does not require specialized training. Understanding the warning signs and showing support and compassion saves lives.

 

The majority of firefighters serving in the U.S. battle the blazes on a volunteer basis, according to the National Fire Protection Association. As of 2018, some 745,000 volunteer firefighters made up 67% of the field.

This line of work poses an unusual level of risk compared to other volunteering opportunities, with an average of 5,330 non-fatal injuries impacting volunteers on the fireground each year. Despite the dangers, what attracts people to these roles? Let’s explore some of the top benefits of being a volunteer firefighter.

Giving back to the community

People who volunteer in any capacity often choose to do so as a way to serve their community and make a meaningful difference.

“The fabric of our nation is strengthened by the service of its volunteers,” CEO of the Corporation for National and Community Service, Barbara Stewart, explained in a press release announcing record-high volunteering numbers. “Each and every day, ordinary Americans are stepping up to support their fellow citizens to help with needs both great and small because they understand the power service has to change communities and lives for the better.”

In that regard, volunteer firefighting offers a unique chance to step in where help is needed most, and impact lives by keep community members, homes and businesses safe.

Feeling a sense of accomplishment

Working as a volunteer firefighter offers a tangible sense of achievement, pride and accomplishment. Not only does this happen through serving others in a volunteer capacity, but volunteers can also take pride in working as part of a team, developing new skills, protecting lives and property and successfully diffusing emergency situations.

Gaining skills and real-world experience

Volunteer roles have a special attraction for aspiring career firefighters. When it comes time to apply for full-time jobs, employers often favor applicants who have hands-on experience working on the fireground. The technical skills and specialized training gained from a volunteer position will certainly help prepare emerging professionals for a career in firefighting.

However, critical soft skills in areas like communication and collaboration can be transferrable skills in any career context. Professional development training programs available through these types of roles can help volunteers bolster their leadership and incident response skills as well.

Connecting with like-minded people

Someone seeking a volunteer firefighter position will be welcomed by a community of passionate, like-minded individuals when they join a local department. This can be an exciting way to make lifelong friends and enjoy camaraderie and fellowship while also growing one’s professional network.

Volunteering on a flexible schedule

Volunteer firefighters aren’t on call around the clock or every day of the year. Instead, they have the opportunity to choose how much time they dedicate to serving with the department. This means they can balance other personal and professional commitments while still having many opportunities to participate in the rewarding work of a firefighter.

Receiving some form of compensation

Just because it’s volunteer work doesn’t mean it’s devoid of any compensation. In fact, the National Volunteer Fire Council notes that fire departments offer tangible benefits to acknowledge the time and money volunteer firefighters spend serving their communities. While each department offers a different set of benefits, possible forms of compensation include:

• Reimbursements for gas or meals.
• Payment for time spent on a call.
• Subsidized insurance.
• Scholarships or tuition assistance.
• Lodging for students.
• Retailer discounts.
• Tax deductions.
• Awards.
• Seasonal bonuses.
• Uniforms and other accessories.

Anyone interested in getting involved and reaping the benefits of being a volunteer firefighter can contact their local fire department to learn more about available opportunities.

 

When preparing to transition from military service to civilian life, service members have a lot of factors to weigh when deciding what the next chapter will look like. This includes everything from what type of career to pursue to what sort of lifestyle to embrace. Many of these considerations revolve around one important question: where to live after military retirement.

Here are a few tips for choosing the best city or region to live in after completing your service in the military.

Establish career goals

One of the most important considerations in deciding your next step will be your career prospects. Spend some time assessing how your skills and experiences can translate into the civilian workforce, and consider what sort of roles or industries interest you. If you have specific ideas, look for cities with an abundance of job openings in those areas. If you’re not sure, living in proximity to a large metro area with a diverse range of opportunities may be a smart choice.

Consider educational opportunities

Academic goals can help inform your options for where to live after military retirement, as you’ll most likely want to settle down near a school of choice. You might be considering bolstering your education with an advanced degree or professional certification program after concluding your military service. Or, someone in your immediate family, such as a spouse or child, might be exploring colleges and universities. You may also want to find a new home within a good school district for younger children.

Identify your ideal lifestyle

Major changes like military retirement allow you to redefine your lifestyle. Consider your values and what you’re looking for in the next chapter. It might be that you want to find somewhere that allows you to explore your favorite outdoor hobbies — or you may choose somewhere with an affordable cost of living so you can have a bigger travel budget. There may be a certain climate or community atmosphere you’re looking for, or a specific type of housing. It might also be important for you to reside near a military installation for easier access to benefits and health care facilities. Either way, these personal preferences should play a part in your decision-making process.

Think about family

For many service members, the question of where to live after military retirement is a conversation shared with other family members. Military spouses and children often have input on where they might like to set down roots. You may also want to consider how close you’d like to be to extended family members. Moving back to your hometown or choosing a new city to call your own both have their advantages.

Take advantage of available resources

It might seem like you have an endless list of choices for where to live after military retirement. To help make the search and decision-making process easier, utilize the resources available to you. There are plenty of resources online to help you visualize what life might be like in different parts of the country. You can also explore the VA’s Transition Assistance Program (TAP) and connect with military installations in your current and future locations to learn more about relocation support.

 

Aug. 14 is National Navajo Code Talkers Day. This observance recalls how approximately 400 members of the Cherokee, Choctaw, Comanche, Hopi and Navajo nations partnered with the CIA and the Marine Corps during WWII to develop a complex military code that helped the Allied Forces win.

Devising an unbreakable code

Previously, the Choctaw language was used as a code for transmitting messages during WWI, helping launch a victorious attack against German forces. When the Marine Corps sought out another Native American language to use in the Pacific Theater in 1942, the language of the Navajo Nation was nominated and selected.

The military’s code-breaking technologies used at the time could translate three lines of text into English in about half an hour. Once the new system was developed, Navajo Code Talkers could process this same amount of text in just 20 seconds.

While the Navajo Code did use various Navajo words that translated directly into English, the level of complexity went further than that. Code Talkers created a harder-to-crack system based on word association in which different birds were used to describe planes and sea creatures were used to identify ships. For example, lo-tso (whale) was code for battleship while jay-sho (buzzard) was code for bomber plane. Similarly, so-na-kih (two star) signified Major General and toh-ta (between waters) referred to Great Britain.

The Code Talkers also created an encoded alphabet in which English letters could be referenced using up to three possible Navajo words. Wol-la-chee (ant), be-la-sana (apple) and tse-nill (axe) were all code for the letter A.

A total of 411 codewords were added to the Navajo Code Talkers’ Dictionary — and the code remained unbroken through the end of WWII.

Honoring the Code Talkers

The Marines selected a group of 29 Navajo recruits for the pilot program. Once the possibilities became clear, approximately 400 Code Talkers joined the Marines from the Navajo, Cherokee, Comanche, Choctaw and Hopi Nations. They were called the Navajo Code Talkers not because of their identity, but because of their mastery of the Navajo Code.

Code Talkers participated in every Marine operation in the Pacific Theater during WWII. Over phones and radios, they conveyed top-secret tactical information to help facilitate the rapid exchange of information while keeping intelligence safe from enemy ears and eyes. During the Battle of Iwo Jima, a team of six Navajo Code Talker Marines transmitted and translated more than 800 messages, helping secure that critical victory.

The Code Talkers’ efforts weren’t recognized until the operation’s declassification in 1968. In 1982, President Regan declared Aug. 14 as Navajo Code Talkers Day, bringing visibility to the important role of the Native American intelligence experts during WWII. The program’s original 29 participants were granted the Congressional Gold Medal in 2000 by President Clinton, and the four surviving Code Talkers received their medals from President Bush during a ceremony the following year.

Companies that want to do business with the federal government will find that there are a few common types of federal contracts as well as a variety of rarer, but no less important, contract types. Each one is designed to offer the required level of flexibility and account for other factors including the delivery timeline, the level of risk and the nature of the goods or services being procured.

Before entering into a business agreement, it's important for civilian contractors to become familiar with basic structures and advantages of the types of federal contracts they might encounter.

Fixed-price contracts

Fixed-price contracts are among the most common types of federal contracts. Within this category, contracts can come with a few different features.

The most basic is the firm-fixed-price (FFP) contract, wherein the price set for the supplies or services is set and paid out as a fixed, flat rate. This is useful for contractors providing specific products or services for which they can confidently determine the costs beforehand.

Similar to the FFP are fixed-price contracts with prospective price redetermination. After sticking to a firm fixed price for an introductory period, both parties will review the price and revise it as needed to account for market fluctuations and other contingencies.

Another contract type in this category is the fixed-price economic price adjustment contract. Under this arrangement, contractors may secure additional payment if market rates for the labor or materials required to complete the contract deliverables suddenly increase. This offers an advantage for companies that rely upon unstable markets for material and human resources.

Fixed-ceiling-price contracts with retroactive price redetermination are another variation. These are typically used for research and development projects. The civilian contractor and federal agency will agree upon a price cap prior to beginning the work and will adjust the compensation level — keeping it at or below that price ceiling — after the services have been rendered. 

Cost-reimbursement contracts

A more common category for R & D service providers is the cost-reimbursement contract. This places less risk on the company, which may incur variable costs while providing the federal agency's required services. Under cost-reimbursement contract arrangements, the government will pay for incurred costs up to a certain amount. These are only available in situations where the contractor can't accurately project the associated costs for their services.

Variations include a range of cost-plus-fee contracts, where the contractor receives either an award, incentive or fixed fee in addition to the reimbursement.

Alternatively, cost contracts are designed primarily for nonprofit organizations that render R & D services without collecting a fee but still require their costs covered.

Other types of federal contracts

Beyond those two most common types of federal contracts, a handful of other options exist.

First, incentive contracts can be structured similarly to fixed-price or cost-reimbursement contracts but feature an incentive tied to the contractor's performance, such as the ability to provide expedited service or come in under budget.

Next, the government may issue indefinite-delivery or indefinite-quantity contracts to companies whose services are hard to quantify ahead of time. This can be useful when services are contingent upon unpredictable factors or desired quantities are not yet known by the agency.

Finally, time-and-materials contract and labor-hour contract arrangements meant that the provider will be compensated for actual wage-based labor and materials costs at a fixed rate. These are used only when the duration of the contract is unknown and are typically issued for short-term projects.

This range of federal contracts gives civilian providers and federal agencies flexibility when coming to an agreement and delivering or procuring goods and services.

National Korean War Veterans Armistice Day falls on July 27 each year. This observance recognizes the 5.7 million veterans of the Korean War and those who made the ultimate sacrifice.

During the three-year war, which lasted from June 25, 1950, to July 27, 1953, active-duty servicemembers faced unique risks and experiences that set them apart from previous generations. This armistice observance presents the opportunity to remember and honor their service.

Causes and casualties of the Korean War

After being colonized by Japan, the southern part of the Korean peninsula was liberated in the wake of World War II. Backed by the Soviet Union, communist North Korea made an invasion into democratic South Korea in 1950. The U.S. deployed troops to support South Korea during this devastating war of attrition, where both sides fought to wear down the enemy and gain complete control over the territory. After three years, an armistice was signed and the region has remained divided.

The fighting resulted in 36,574 in-theater casualties for the U.S. More than 103,000 service members were wounded in action. As of June 2020, there are still 7,578 individuals whose fate in the Korean War remains unaccounted for.

Health risks for Korean War veterans

According to the U.S. Department of Veterans Affairs, extremely cold climates during the Chosin Reservoir Campaign in the winter of 1950 posed serious risks to those serving and accounted for more than 5,000 U.S. casualties. Temperatures dropped to -50 degrees Fahrenheit with a wind chill of -100 F.

As a result, Korean War veterans are more likely to face health issues including trauma to the nervous system, skin and muscles, vascular conditions, foot-related injuries such as trench foot, frostbite scars and skin cancer.

Active-duty servicemembers may have also been exposed to hazardous substances such as asbestos, polychlorinated biphenyl (PCB) and ionizing radiation during their service in the Korean War. These are known to cause certain illnesses and cancers even decades after the exposure. Those who qualify as atomic veterans may have witnessed the impacts of radiation passed down to their children.

'A different kind of homecoming' in 1953

Given the fact that no peace treaty was ever signed, those who served received a very different treatment upon their return.

"Compared to other wars, theirs was a different kind of homecoming," President Obama observed on the 60th anniversary of the Korean War armistice. "Unlike the Second World War, Korea did not galvanize our country. These veterans did not return to parades. […] Among many Americans, tired of war, there was, it seemed, a desire to forget, to move on."

Each year on July 27, National Korean War Veterans Armistice Day provides a moment for reflection on the service and sacrifices of Americans during this conflict.

The Military Family Advisory Network (MFAN) recently published the results of its 2019 Military Family Support Programming Survey.

First presented during a virtual data release event on June 23, 2020, the responses from nearly 8,000 members of military families were analyzed and divided into four sections:

• Health and well-being.
• Finances, housing and moving.
• Employment and transition
• Modern military family dynamics.

The biennial study's main findings highlight some of the most common challenges and experiences of military families and those transitioning from military service to civilian life.

Active duty spouses and veterans sought flexible employment

Active duty spouses noted that they looked for employers who were understanding and flexible, in general. Specific requests included an appreciation for the demands of military life as well as adaptable schedules, leave policies and remote work options.

Military veterans also desired flexibility, but a few other priorities came first. They primarily sought employers who valued their service in the armed forces and acknowledged their unique skills, and who offered a positive work environment.

While the top reason to leave the service was becoming eligible for military retirement benefits, the next most common reasons to transition out of the military were:

• Issues with leadership or the work climate.
• Family or lifestyle reasons.
• Career limitations.

Couples cited marital stresses

Only small percentages of respondents said their marriages have not been impacted (14.4%) or have grown stronger (13.7%) as a result of a spouse's military service. Negative effects were more commonly cited. Specifically, the following effects on marriage were reported by between 27% and 30% of respondents:

• General stress and strain on the marriage.
• Specific difficulties and challenges.
• Separation and absences.

In addition, 8 in 10 respondents recognized the existence and impacts of intimate partner violence among the military community. More than half (56.7%) reported that it is a common issue.

Parents identified limitations around child care and educational support

As for child care, over three-quarters of military parents said the search has been difficult or very difficult. Many respondents desired a wider variety of child care options, additional care flexibility and more affordable services.

Two in five respondents said they could not think of or access any helpful educational support for their children. Specifically, parents in the military community felt that there was a lack of support for special needs and learning needs in general. Some also agreed that more transition support and curriculum continuity would improve the quality of their children's' education.

Many lacked emergency savings

For the majority of active-duty families, the civilian spouse took on financial responsibilities including managing the day-to-day budget and overseeing larger financial decisions. The roles were largely reversed for veterans and their families.

However, nearly one-quarter said they had no plan whatsoever for addressing a financial emergency. Many respondents cited having less than $500 in an emergency fund or no savings at all, including:

• 22.2% of military retiree families with a pension.
• 27.4% of active duty military families.
• 49.2% of veteran families with no pension.

And yet, most would recommend military life

The top two reasons for not recommending military life included the fact that such a career can negatively impact one's family and add stress and instability to one's life.

But, in spite of all the aforementioned challenges, roughly three in four (74.5%) respondents said they would recommend military life to someone considering it. The top three reasons included access to a rewarding and secure career in the military, the honor associated with doing one's civic duty and advantageous salaries and benefits.

If your summer travel plans have been canceled this year due to the COVID-19 pandemic, remember that you can still make memories in your own backyard. Sitting around a fire pit can be a fun way to kick back and enjoy the long summer nights — as long as everyone remains responsible.

Keep your family safe and make the first responders and firefighters in your community proud by practicing these important fire pit safety rules.

Choose the safest spot for your fire pit

Your fire pit should be located out in the open — never underneath a structure or tree. Since sparks can easily travel, ensure that you're not lighting a fire near a wall or fence, a pile of dried leaves or chopped wood or any other flammable materials.

Check for wind conditions and no-burn advisories

As for the weather, choose a calm night rather than a windy day. Beyond making it difficult to start a fire, wind can make flames unpredictable and scatter embers, potentially causing a fire outside of the pit. If your area is under a no-burn advisory, remain compliant and help keep your community and air quality safe.

Adhere to social distancing guidelines

When planning a get-together at your home, remember to follow CDC guidelines regarding COVID-19 and social gatherings. For the lowest risk of transmission, limit your gathering to only members of your household. If you invite other friends, neighbors or family members, keep six feet apart from each other at all times. With two families, for instance, you could place chairs on opposite sides of the fire pit so you don't come into contact. If you're enjoying snacks, drinks or s'mores ingredients, don't share supplies. Instead, ask each household unit to bring their own items.

Keep kids under adult supervision

Before the party even begins, take the opportunity to educate children on general fire safety habits. Once the flames start growing, children should be under constant adult supervision. Keep little ones at a safe distance from the fire pit and watch older kids to ensure that they don't toss anything into the fire or get too close to the flames.

Dress appropriately to minimize the risk of clothing fires or burns

Anyone who plans to attend to the fire or hold roasting sticks near the flames should be dressed properly, with closed-toe shoes, close-fitting garments and tied-back hair. Loose clothing and hair can more easily alight, and falling embers can burn bare feet. Remind your guests to "stop, drop and roll" if they need to extinguish a clothing fire.

Ensure that everyone drinks responsibly

An important aspect of fire pit safety comes down to how you and your guests behave around the open flames. If you choose to make alcoholic beverages part of your festivities, drink responsibility and in moderation. Alcohol-related accidents can create a host of hazards and injuries. Not only does alcohol impair your judgment and coordination but spills are highly flammable.

Don't mix flammable bug spray and fires

At night, mosquitos can be real pests, so you may be tempted to apply bug spray. But insect repellant is highly flammable and can lead to major injuries if your hair or clothes get showered with sparks. Smoke is a natural bug repellent, so spray should not be necessary.

Never leave the flames unattended

A critical aspect of fire pit safety is to always keep an eye on the flames. If you need to run inside for even a few seconds, ask a responsible guest to attend to the fire pit while you're away. Make sure they know how to extinguish it safely as well.

Fully extinguish embers before turning in for the night

After a night making memories and practicing backyard fire pit safety, you must remember to put out the fire and embers completely. Follow the Forest Services' step-by-step instructions: douse the live embers with water, rotate and scrape down logs to ensure they're no longer burning, mix the ashes with soil, check that everything is cool to the touch with your hands and add some more water before leaving the site.

Considering all the challenges military families may face together, financial matters might not always be top-of-mind. But the burden of debts and late payments can have a negative impact on mission readiness, relationships, future opportunities and decision-making processes.

Personal finance is undoubtedly an important part of life. With the federal tax deadline extended to July 15, 2020, this summer is a good time for families to check in on their financial progress and revisit goals. 

These tips for boosting financial literacy, growing savings and reducing debt can help military personnel and their families achieve financial stability.

1. Explore and utilize resources from MilitaryConsumer.gov

Jointly created by the Federal Trade Commission and the Department of Defense, MilitaryConsumer.gov is a resource center for all matters related to personal finance for military servicemembers and families. Topics range from buying and financing a vehicle, using allotments, improving your credit rating and recovering from identity theft. Since each toolkit and guide is specifically designed with military life in mind, this site can be a great starting point when you're looking for helpful, actionable information.

2. Make military-specific deductions when you file your taxes

As you prepare your taxes, ensure that you're making all the deductions you're eligible for as a member of the military. Possible deductions include the cost of uniforms, moving expenses and civilian job search costs, to name a few.

There are other ways to get strategic with your tax liabilities. For instance, while you're serving, you and your spouse can establish your residency in a tax-free state so that, regardless of where you're stationed, you will benefit from substantial income tax breaks.

3. Contribute regularly to your retirement savings as soon as possible

The sooner you start making significant contributions to your retirement fund, the larger your savings will grow by the time you reach retirement age. Because many military service members don't stay in the armed forces long enough to become eligible for a pension, it's advisable to make your own contributions early and all throughout your career.

One military-specific option to explore is the Thrift Savings Plan (TSP), a defined contribution plan for retirement savings. Through this plan, members of the uniformed services can make traditional pre-tax or Roth after-tax contributions — or both. The Roth TSP option is similar to a Roth 401(k) in that there are no income limits.

4. Plan out how you'll use or transfer your education benefits

Student debt is one of the biggest financial burdens many families in the U.S. experience. Military members who are eligible for the substantial college tuition benefits available through the Post-9/11 GI Bill should carefully consider how this benefit can be used to further their own career or that of a family member. Servicemembers and veterans who don't plan to go back to school should find out how to transfer these tuition benefits to a spouse or child.

5. Familiarize yourself with the financial programs available to you

There are a number of advantageous savings and investment options available to members of the armed forces. It's a good idea to familiarize yourself with all of these programs so that you can start saving and seeing growth early on. For example, you may be eligible to receive 10% annual interest on savings up to $10,000 through the DOD's Savings Deposit Program (SDP). This growth rate is unlike any traditional savings plan you'll find in the civilian world.

Another example is a new program launched in October 2019 through which you may be able to receive free electronic credit reporting services from one of the major credit reporting agencies while serving on active duty. This is a helpful resource to help you monitor for fraud and improve your credit score.

Remember that these types of programs may evolve or be expanded over the years. Make it a habit to check back in and ensure that you're getting the most out of the opportunities available to you.