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Macho Money Definitions - What Is An IRA?
Image: – – Macho Spouse
When talking investments, IRA is the abbreviation for “Individual Retirement Account,” not “Irish Republican Army.” According to About.com, IRAs are basically savings plans with lots of restrictions. The main advantage of an IRA is that you defer paying taxes on the earnings and growth of your savings until you actually withdraw the money. The main disadvantage is the tax law imposes stiff penalties if you withdraw the funds before you turn age 59.5 years old. There are different types of IRAs, each with their own tax implications and eligibility requirements. And here is a little fun fact, IRA's stem from the early 1970s when NBC broadcasted a television special called “The Broken Promise,” which showed Americans the consequences of poorly funded pension plans. In this short video, USAA Certified Financial Planner Scott Halliwell explains IRAs in further detail.
November is Military Families Appreciation Month, and the 2014 Armed Forces Insurance Branch Spouses of the Year (Branch SOYs) want to help everyone, everywhere participate in thanking and honoring military families.
Americans love our military, but many people don't quite know how best to express their gratitude. As National Guard Spouse of the Year Dr. Ingrid Herrera-Yee notes, “saying "thanks" to our military families is something that many want to do, but are at a loss as to how to do it –or in the case of Guard and Reserve, how to find us!”
So the Branch SOYs created #30Ways of Thanks to help. Each day in November, the Branch SOYs will release a video with an action item that people around the country can participate in virtually or locally, individually or in groups. Participants can hash tag #30Ways so that their messages, photos, or videos are spread far and wide. Hash tags #GratefulNation and #MilFamsRock can also be added as a short-hand way to say “You are amazing, military families!” Best of all, the entire #30Ways video collection will be stored on the Branch SOYs' YouTube channel so that it can be repeated in Novembers to come, or whenever someone is looking for a way to say “thank you” to military families.
In the 13 years my wife and I have been married, my wife has also been in the Army. We have moved a total of eight times. As I post this topic, we are in the process of moving again. Our next stop will be Fort Knox, Kentucky. We are excited about this new location and have heard many good things about Fort Knox. But, we will certainly miss the friends we have made here at Fort Hood. As with any PCS (Permanent Change of Station), we currently have movers packing all our items. Moving is always interesting when dealing with the movers, and this time is no exception. Before I begin talking about our current PCS, however, I need to tell you all about a few previous moves. I would also love to hear your stories...the good, bad, and ugly.