We're living longer!

Recently there have been increasing discussions about how Americans are at risk of running out of money in retirement because we are living longer. According to the February 2009 issue of the American Legion Magazine the life expectancy in 1950 was 67 years, was almost 71 in 1973, and was 78 last year! If we stay on that same vector, average Americans will live to be 100 by the middle of this century. The days of retiring at 65 to spend the last 5-10 years of our lives at leisure will slip to our mid 70s or even 80s. Military members who retire after a 25 year career will collect their retirement checks for 50 years! We're going to have to stick together to protect our benefits over those years.

5 Things you must do before April 15th

Tax day is a great day to examine your financial situation and make updates. The first one is a no-brainer.

1. File your taxes. Even if you don't have the cash to pay the bill, you must file by April 15th. There are exceptions. You can request an extension, and if you are deployed to a combat zone, you get an automatic 6 month extension. If you do have a tax bill to pay, you must pay the bill by April 15th or you will have interest charges and you may have penalties.
2. Contribute to your 2008 Roth IRA. You have up until April 15th to contribute to the previous year's allowable dollar value. For 2008 it was $5,000 per person (up to the total earned income) or $10,000 per married couple. People over 50 can contribute up to $6,000.
3. Consider revising your withholding. I'll be honest, I like to get a small refund. But if your refund in more than 50% of your monthly take home pay, you're probably having too much withheld. Increase your exemptions at the myPay web site.
4. Consider using Taxslayer to prepare and e-file your taxes. It's easy and free to military members.
5. Take another look at The Thrift Savings Plan. Remember, each dollar you contribute is pre-tax money, meaning you don't pay income tax on the money until you withdraw it from the account. It's like getting 15% added to your investment account every month.
   

Great Resource for Military Travelers

You've seen military FAMCAMPs of Family Camps at bases all over the CONUS. There are also some great facilities overseas. A great resource for all military leisure travelers is the US Military Campgrounds and RV Park web page. They offer detailed descriptions of the various facilities, have user rankings, and a lively discussion board where people comment on their experiences. I recommend this site highly.

Gourmet eating on a ramen budget

CNN Money just released a list of 10 meals for less than $10. Last year I published a post on how the US Federal Prison System pays about $2.65 per inmate per day. Consider menu choices that are healthy and save money.