If you’re a retired military personnel, where you choose to spend your post-service years can significantly affect your financial situation. Some states offer tax breaks and exemptions on military retirement pay, and maybe you can retire early. Others impose state...
Military Divorce
IRS Tip: Tax Information For Massachusetts Military Spouses
Many Massachusetts military spouses run businesses or do gig work, and whether it’s a side hustle or a major operation, the IRS has tax resources, tools and information to help them keep things running smoothly. Tax resources on IRS.gov • Small Business and...
VA Disability Pay Increases for Massachusetts Veterans in 2024
The following tables show preliminary 2024 Department of Veterans Affairs monthly disability rates for veterans with a rating of 10% or higher. These amounts are effective Dec. 1 of each year. They are tax-free. VA disability payments are made to veterans who got sick...
Military Pay Increase for 2024 For Massachusetts Servicemembers
Military pay will increase 5.2% for 2024, compared to 2023 levels. The military pay applies to active members of the Navy, Marine Corps, Army, Air Force, Coast Guard and Space Force. The rates become effective Jan. 1, 2024. Official tables expected to be released by...
Defense Department Expands Dependent Eligibility For Massachusetts Military Families
The U.S. Department of Defense in coordination with the U.S. Office of Personnel Management has expanded eligibility for benefits for military families who need help with the costs of dependent care. The Department of Defense and the Office of Personnel Management...
Massachusetts Veterans To See Cost Of Living Allowance Increase
On June 14, 2023, President Joe Biden signed into law the Veterans Compensation Cost-of-Living Adjustment (COLA) Act of 2023, which directs the Department of Veterans Affairs to provide a cost-of-living adjustment for Veterans benefits in 2024 equal to the COLA...
Cost Of Living Adjustment (COLA) For Retired Massachusetts Military Personnel May Decrease In 2024
Financial advisers are reporting that the increase in annuities for retired Massachusetts government workers, military retirees, and veterans is expected to be lower next year after the largest cost-of-living adjustment in four decades occurred in 2023. This news is...
Lost Massachusetts Military Pension Division
In a Massachusetts divorce, a military pension is considered a marital asset and is subject to division. If at the time of your divorce, the parties failed to litigate or divide the pension pursuant to M.G.L. Ch. 208, 34, namely your former spouses military pension,...
Possible Full Housing Allowance for Massachusetts Servicemembers
The Defense Department may increase Basic Allowance for Housing levels from 95% to 100% of housing costs, which could result in troops with families in Massachusetts receiving an average of $100 to $184 more per month. This change would eliminate the cost share that...
Department of Defense Expands Military Parental Leave
The Defense Department has released guidelines for the expansion of the military parental leave policy. The memo signed by Gilbert R. Cisneros, Jr., the undersecretary of defense for personnel and readiness. The memo applies to all service members and is effective as...