Let me show you how to get your first $695 credit card annual fee waived in my Ultimate Military Credit Cards course
The Amex Gold card is annual fee waived for military. It's even better than the Amex Platinum for everyday spending on dining and groceries.
Military Money Manual has partnered with CardRatings for our coverage of credit card products. Military Money Manual and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Thank you for supporting my independent, veteran owned site.
A buddy of mine recently asked:
Can you double dip Roth TSP and Roth IRA? (Contribute the maximum to both plans in one year)
YES! Technically, I wouldn't call it double dipping, because the IRS treats them completely differently. The Roth TSP is treated as an “employee retirement plan” while the Roth IRA is an “Individual Retirement Account.”
Your 2013 contribution limits are:
- Roth TSP: $17,500
- Roth IRA: $5,500
So if you were to deploy or go TDY to a combat zone at any point, during those months you were deployed you could put up to $23,000 of pay into your combo Roth TSP + Roth IRA.
That's $23,000 that goes in tax free, grows tax free, and eventually pays out tax free. That's like some 1%-er, Cayman island level tax planning right there.