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5 Mistakes to Avoid with Your Roth IRA

A Roth IRA is a great way to save up for your future when you will want to have more money to enjoy with your retirement. With Roth IRA’s being very popular among a number of American’s, understanding how they work and getting the most out of them is essential. Today, we want to give you 5 crucial mistakes to avoid when you are dealing with your Roth IRA.

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Transitioning from Full-Time Military Service

While you’re an active-duty soldier, few things are ever certain. But if nothing else, you know that in the worst-case scenario, your family will be taken care of. But for veterans, things are not quite so simple. There are several benefits you need to actively sign up for, and various options to consider. So, how do you make the transition from full-time military service? Here’s a quick guide to keeping your family safe during the process.

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Life as a Service Member: Know Your Benefits

When you’re a service member, you know that you and your family are going to face some unique financial challenges. Unlike most workers, it is very difficult for the spouse of a family member to grow their own career. For that reason, it is even more important to know your benefits and plan for your financial future. Here are the five key benefits that you need to know about in order to protect your financial future as a service member.

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Top 3 VA Home Loan Tips to Keep in Mind

When getting ready to buy a new home, there is a feeling of excitement. After the excitement tempers down a bit, the next question is, “how are we going to pay for it?” Most of us decide to use our VA home loans, to secure our new dwelling, but there are some tips to keep in mind when you go to purchase that new house!   VA home loans are becoming more popular, as many service members are looking to purchase new homes. This is especially true as many look toward retirement and financial goals. We have put together the top three things that you need to keep in mind when it comes to using a VA home loan.  
  1. Find a Realtor That Understands How A VA Home Loan Works – you would think that most realtors understand this, but they don’t. When looking for a realtor, ask your friends who they used, and about their experiences with the realtor. VA home loans are different from other loans, and there are many things that you can be exempt from paying, such as down payments, and other fees. These exemptions can be based on disability ratings from the VA, so be sure that you know what you are entitled to. If your realtor is experienced in VA home loans, they can save you a lot of headaches when it comes to getting your home loan approved and funded in time for you to move into your new home.
  2. Know the Occupancy Requirements – As with most loans, there are rules and regulations that go with the VA home loan. One of the little-known requirements is the occupancy rules. When using a VA loan, you will be asked if this will be your primary residence for at least one year. While this timeline can change, one year is the current standard. This is something that you will want to keep in mind as you prepare to purchase your new home. If you are still active duty, this can affect your loan, if you are coming up on orders soon.
  3. Know your credit – Your credit plays a huge role in any loan. With the VA loan, you need to be sure that you have clean credit. The VA will dive into your finances, looking to be sure that you have a reliable income in order to cover the loan. They will also look for any nuances that might need to be explained, such as any income that is not claimed on our taxes, bank account information, and any little dings on your credit that might need to have a letter of explanation.
If you are not sure about how your credit looks, you can do a quick view online to be sure that you are in good shape to buy a home. While you are in the process of going through the mortgage process, do not take out any new lines of credit. This could hurt your chances of final approval on your VA home loan.   As with any loan, these are the top tips that we can give you! If you have any questions as to how the VA home loan process works, or need any more information, you can contact us now!

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Military Families: Preparing for Retirement

Retirement by itself is a life-changing event. Retiring from the military adds a whole other life-changing element. The military is a very structured environment, and moving to a civilian lifestyle is much less structured.   While this may feel overwhelming at times, there are several things that can help make the transition of retiring from the military easier. Here is a closer look at some things that may help you adapt better to this change.

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Big Changes in Military Retirement

While establishing goals for 2017, military members have critical decisions to make this year that could have huge implications to retirement planning and savings. Military ​retirement reform ​became law in November 2015 and takes effect officially on Jan. 1, 2018.

How does the new law impact military members?

The new law creates big changes for how retirement compensation is structured.

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What’s your financial big picture?

As a military member, you may already have a basic plan laid out for your future. You may be planning to start a family, purchase a home, or shop for a new vehicle. Either way, the best financial plans start with a big picture. With 2017 already in full swing, take the time to reflect on your specific goals, outside of how much they may cost or how limited you may feel your resources are.

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Organizing Important Records and Documents

A record-keeping system is a systematic approach to retaining and filing documents in a way that makes them easy to find when needed, even if it’s several years later. Record-keeping systems range from simple to elaborate and from basic to comprehensive. The ideal system is designed to fit your personal and family situation and lifestyle.

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