Forrest Baumhover | Unbiased financial advice from fee-only financial planners

Three Rules of Thumb for Buying a House (in the Military)

Feb 15 2016

I wrote this article a couple of months ago, which you can find here. However, I’ve made some changes, because there are some things you will want to take note of in the military.

The largest purchase most people will make in their lifetime is their home. It’s also the longest-lasting purchase most people will make. With that in mind, it is important that you buy a home that brings you joy instead of grief.

Too many people stretch their finances beyond the breaking point, buying a home they can’t afford and paying the price via financial strain, a …

Job Risk Mindset After Retirement – What to Consider When Starting Your Second Career

Feb 07 2016

While I normally try to write to people looking to either retire or separate, this article is intended for people who plan to retire. However, there are some items of consideration for separating members as well. This article is the first of two articles about how to better understand your post-military life, specifically your cash flow needs.

One of the major considerations of military retirement is what you want to do in terms of replacing your military job. We spend a lot of time talking about the financial transition, but don’t always talk about what type of work you will …

Three Tax Considerations for Military Personnel When Selling Your Home

Feb 04 2016

In the military, when you make the decision to sell your home, it can be for any number of reasons: relocation, buying a bigger home, downsizing, retirement/separation, or because it makes financial sense to do so. Whatever the reason for selling your home, let’s take a look at three tax considerations you should account for:

Your realized gain

When selling any real estate, the IRS definition of realized gain accounts for many things you may not have thought about. According to the IRS, the basic formula for calculating your realized gain is: Selling price – selling expenses – adjusted basis. …

What Will My Pension Look Like After Retirement?

Jan 21 2016

One of my friends asked me to write about the impacts to your cash flow when you retire. While your cash flow may go up or down based upon a lot of non-military factors, such as relocation or your follow-on career, this blog post will attempt to address the military-specific changes that occur, and which you should take into account when you’re planning for separation or retirement.

Your Pension

If you’re retiring, you should plan your post-military career finances as if you’re not getting a pension. It might not be possible in all situations, but if you’re able

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Author - Forrest Baumhover