Tuesday, July 09, 2013

Military Wallet Newsletter July 9th

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The Military Wallet Newsletter
Is an Early Military Retirement a Good Option? A Look at TERA
New Law: Benefits for Same Sex Couples
July 9, 2013
Dear Sean,

With the War on Terror slowing down, the military is gearing toward a full-blown draw down. The different branches have used several methods to reduce their respective size of force, and last year, they received permission to start the Temporary Early Retirement Authority (TERA) after a nearly 10 year hiatus. TERA allows each branch to selectively allow servicemembers retire with 15-19 years of service instead of the usual 20 years. This is a retirement with full benefits, but it does reduce the veteran's pension. Click here to see if TERA is a good option for you.

Military Benefits for Same-Sex Couples

Parts of the Defense of Marriage Act (DOMA) were overturned recently by the Supreme Court. Under the DOMA rules, the federal government did not recognize marriage between same-sex couples, making these persons ineligible for certain federal benefits. These changes will open the door for same-sex military spouses to receive the same benefits as other military spouses. The details are still rolling out for these changes, so be sure to stay tuned for updates. Click here to learn more about the benefits now available

Unemployment Benefits After Separating from the Military

Many current and recently separated servicemembers aren't aware that they are most likely eligible for unemployment benefits after leaving the military. In most cases, unemployment benefits are only available when you are let go from your job through no fault of your own. But a provision called the Unemployment Compensation for Ex-service members (UCX) is available for servicemembers, even if they voluntarily separate from the military. Click to learn more aboutunemployment benefits after separating from the military.

Thank you for reading our newsletter, and more importantly, thank you for your service! 


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