personal finance
2019 Military Pay Tables and the Finance Friday Articles
You can see the 2019 military pay tables here:
2019 Military Active & Reserve Component Pay Tables
Here are this week’s articles:
5 Thoughts on the Market Downturn
5 Things To Know About Volatile Markets
Do I need a Financial Advisor? Four Reasons to Use a Financial Advisor
First Principles Thinking: Should You Invest in a 401(k)?
From 28 Funds to 3: Simplifying to a Three Fund Portfolio
How to Retire Early as a Doctor
Mil Money: Here are 10 money moves for the new year
Struggling to put a financial plan together?
The Frugal Physician: 5 Steps to Becoming Debt Free
The Wall Street Physician Blog in 2018, And An Announcement
Finance Friday Articles
Here are this week’s finance Friday articles:
5 Reasons To Invest In Choppy Markets
7 Ways the IRS Supports Your Charitable Desires
Avoiding the Hedonic Treadmill
Buying When Stocks Are Down Big
Here’s how much money to save if you want to retire ‘rich,’ according to wealth manager David Bach
Introduction to Commercial Real Estate Investing
Paper Tigers (a discussion about how futile it is to make market predictions)
Real Estate Investing Without the Hassle
Seven Ideas (to manage your own money)
Tax Loss Harvesting with Fidelity: A Step by Step Guide
Three Questions (to ask when the markets are down)
Using Side Income to Fund Multiple Tax Advantaged Retirement Accounts
What is the Best Month to Buy a House?
Finance Friday Articles
Here are this week’s personal finance articles:
2019 Tax Brackets, Standard Deduction, and Other Changes
FEDVIP gift: Military retirees, others get extra three months to enroll in dental, vision insurance
How To Invest In International Stocks in 2019
Index Investing And Rock-Paper-Scissors
Navy Times – New BAH Rates for 2019 Rise 2.5 Percent
Here’s a link to the article:
New BAH rates for 2019 rise 2.5 percent
Here’s the updated BAH calculator.
Big Changes to Navy Medical Pay – FY19 Medical Department Special Pays Guidance
Here are the official BUMED talking points on the FY19 special pays plan. The pay plan guidance for each Corps is expected to be released early next week.
NOTE: The guidance currently posted on the BUMED special pays website is from FY18 and not FY19. This new guidance only applies to FY19 pays.
Background:
Navy Medicine’s mission does not change – to keep the Navy and Marine Corps family healthy, ready and on the job. Ensuring the Department of the Navy has a ready medical force to meet assigned operational missions remains paramount. To do this, we must maximize recruitment and retention tools such as special and incentive pay to attract and retain medical department officers with critical specialties.
Navy Medicine is responsible for properly aligning its uniformed force structure to support the medical capabilities of the Navy and Marine Corps operating forces. The Fiscal Year 2019 special pays guidance focuses on meeting congressional intent of NDAA 2017 which specifically focuses on the improvement of infrastructure and alignment to operational readiness.
Navy Medicine analyzed current manning data, end-strength forecasts, loss and retention rates, training timeframes, recruitment rates, and Department of Labor statistics to craft the FY19 Medical Department Special Pays Guidance.
Key Messages:
- The Department of Defense and the Navy are taking a critical look at force structure across the services and within each military department in an effort to align to defense planning guidance priorities and to meet CNO guidance.
- Navy Medicine is managing its medical force to meet the needs of the Navy and Marine Corps.
- Navy Medicine must have properly aligned uniformed force structure to meet the medical capabilities of the Navy and Marine Corps operating forces.
- Navy Medicine uses special and incentive pay, coupled with other personnel management tools, to influence recruitment and retention behavior and ensure we have the right specialty mix, experience, and talent to meet our mission.
Talking Points:
- Changes to the FY19 Medical Department Special Pays Guidance provide Navy Medicine with significant flexibility and enhanced options for the recruitment and retention of needed specialties.
- Navy Medicine increased accession and retention numbers in key specialty areas.
- Navy Medicine carefully considered these changes to optimize personnel career progression and talent management.
- The vast majority of officers eligible for special and incentive pays within Navy Medicine will be minimally impacted; there will be some impact on a few select specialties.
- Updates include the following:
- Accession Bonus:
- Updated list of eligible specialties for the Critically Short Wartime Skills Accession Bonus to include cardio-thoracic surgery, trauma/critical care surgery, and medical technology, and eliminated internal medicine, otolaryngology, ophthalmology, and pediatrics.
- Increased accession bonus amounts for critical specialties to include aerospace medicine, anesthesia, emergency medicine, family practice, orthopedics, preventive medicine, psychiatry, pulmonary/critical care, radiology, urology, and nurse anesthetist.
- Authorized a direct accession critical care nurse to forgo the accession bonus and request retention bonus upon reporting to the first permanent command (must meet board certification & education/training criteria).
- Retention Bonus:
- Added 6-year retention bonus for critical specialties to include general surgery, category I subspecialties, orthopedics, anesthesiology, emergency medicine, family practice, psychiatry, pulmonary/critical care, comprehensive dentistry, periodontics, prosthodontics, oral maxillofacial surgery, physician assistant, clinical psychology, critical care nursing, psychiatric nursing, perioperative nursing, psychiatric/mental health nurse practitioners, family nurse practitioners, nurse anesthetists.
- Added additional eligible specialties for the retention bonus to include graduate prepared Clinical Nurse Specialists in medical-surgical and emergency room nursing (must meet board certification and education/training criteria).
- Authorized critical care nurses and family nurse practitioners to take retention bonuses while under obligation for graduate education through Duty Under Instruction (DUINS), incurring a consecutive obligation.
- Authorized critical care nurses to apply for selection to DUINS as Clinical Nurse Specialists in critical care nursing while under retention bonus.
- Removed language allowing 2-year Retention Bonus for non-certified critical care nurses.
- Limited ability to terminate early and renegotiate contracts for certain specialties to include pediatrics, radiology, radiation oncology, general dentistry, endodontics, exodontia, public health dentistry, oral pathology, pediatric dentistry, pharmacy, optometry, pediatric nurse practitioner, family nurse practitioners, and certified nurse midwife.
- Limited Nurse Corps retention bonus to Commander/O-5 for all specialties except nurse anesthetists.
- Limited Medical Service Corps retention bonus to 22 years of commissioned service or less.
- Limited retention bonus length to 2 or 3-years for pharmacy, optometry, pediatric nurse practitioner, and certified nurse midwife.
- Accession Bonus:
- All personnel who are eligible for medical department special pays should review their corps specific guidance available on the Navy Medicine website.
Changes to the TSP L Funds and Finance Friday Articles
There were a lot of great articles during the last week, so I apologize for the number below, but they are all great reads.
Also of note this week is that it’s time to decide whether you go for the new Blended Retirement System and this Thrift Savings Plan notice:
Changes coming to the Lifecycle (L) Funds — (November 29, 2018) We are planning adjustments to the L Funds in an effort to improve your investment outcomes. Effective in January 2019, we will increase exposure to international stocks (the I Fund) from 30% to 35% of the overall stock allocation in all L Funds. The L Income Fund stock allocation (C, S, and I Funds combined) will increase from 20% to 30% over a period of up to 10 years. The L 2030, L 2040, and L 2050 overall stock allocations will hold steady for a period of years before resuming their transitions from stocks to bonds. In addition to improving investment outcomes, this pause will align the L 2030, L 2040, and L 2050 Funds with the L 2060 Fund, which will be introduced in 2020 with an initial stock allocation of 99%. Visit Lifecycle Funds to learn more.
The L Funds are getting riskier, which is probably a good thing.
Here are this week’s personal finance articles:
2019 Contribution Limits and the Changes Impacting Your Retirement
6 Tips For Those Who Have Enough
7 Behaviors of the Wealthy (and How I Copy Them)
7 Ways To Increase Your Savings Rate
Best Stocks for 2019? Let’s Look At The 2018 Stock Picks First!
Doing Nothing About a Market Decline
Four Reasons To Hire A Financial Advisor
How the Bogle Model Beats the Yale Model
How to Retire Forever on a Fixed Chunk of Money
Physicians Want to Know How to Pay Off Debt Or Invest
Tax Code Changes You Should Know: What’s New for Homeowners
Tax-Loss Selling: A Silver Lining in Volatile Markets
Three Ways “First, Do No Harm” Applies to Personal Finance
Why You Should Not Give Up On Public Service Loan Forgiveness
Finance Friday
Here are this week’s personal finance articles:
Counting Down (a discussion about end of the year financial housekeeping)
Daylight Robbery (real life stories of bad things financial advisors have done to clients)
Financial CME #8: Test Your Knowledge
Is it Time to Take Some Money Off the Table?
Some Advanced 2018 Continuing Financial Education Reading
The View From Here (a discussion of how you should react to the recent stock market drop)
Finance Friday Articles
Recently there was a NAVADMIN about how time is running out to elect the Blended Retirement System (BRS). You have to opt-in by the end of the year if you are BRS eligible.
If you’re not sure if you are BRS eligible, read my article on the White Coat Investor site.
Here are the Finance Friday articles for this week:
A Little Perspective (an article about the recent stock market drop)
Continuing Financial Education (CFE) Week 2018
Deadly Serious (an article about why you need an estate plan)
Disability Insurance For Female Physicians: The Agony Of Defeat
Should You Track Your Net Worth?
Tax Code Changes You Should Know: Deductions, Exemptions, and Credits
The Key To Financial Success As A Doctor – Staying Hungry
WCI’s Fire Your Financial Advisor Course in Action: A Couple Creates Their Financial Plan
Finance Friday Articles
Here are this week’s personal finance articles of note:
Fanning the Flames (an article about the Financial Independence Retire Early or FIRE movement)
Financial CME #7: Test Your Knowledge
Five Messy Steps (and article discussing if you should steer clear of the stock market right now)
The Locums Life: Work Wherever You Want, Whenever You Want
Top 5 Reasons Not to Ignore Social Security
What Does Your Financial Report Card Look Like?
Finance Friday Articles
Here are your Finance Friday articles:
10 Biggest Financial Mistakes Doctors Make
A Dirty Needle Helped This Physician Get His Finances in Order
Annual Contribution Limit Increases for 2019 (401k, 403b, IRA, HSA) – and the TSP
Flying Solo (an article about Solo 401k accounts for anyone who moonlights as an independent contractor)
How to Negotiate Locum Rates like a Pro: No BS Guide to Getting What You Deserve