Curt provides comprehensive financial planning including Military and Veterans Administration benefits integration, tax planning and preparation, college planning, and retirement planning. He specializes in working with transitioning Senior Military Officers.
As a CFP® Practitioner, Curt has met the rigorous experience and ethical requirements of the CFP Board, and has also successfully completed financial planning coursework and the CFP® Certification Examination covering the following areas: the financial planning process, risk management, investments, tax planning and management, retirement and employee benefits, and estate planning.
Prior to becoming a financial planner Curt served as a Fighter Pilot in the United States Air Force for 27 years. Highlights of his career include Combat Operations in Operation Desert Storm, Command of an Overseas Fighter Squadron, an assignment as an Aggressor Pilot and an exchange student at the Escola de Commando e Estado Maior in Rio de Janeiro, Brazil.
He holds an MBA in Individual Financial Planning from the City University of Seattle, and a Bachelor of Science degree in Management/Finance from the United States Air Force Academy.
Curt is a recognized expert on financial planning issues for military professionals. He has been a guest speaker on financial planning for transition at the Pentagon; Headquarters, Air Force Space Command; Headquarters, Air Mobility Command; Headquarters, Air Force Special Operations Command; Headquarters, Air Education and Training Command; Nellis AFB; and Camp Lejeune. He has also spoken on Military Tax Planning at the Annual Conference on Financial Education sponsored by the Institute for Financial Literacy.
Curt has been published in The Christian Science Monitor, Military Officer Magazine and Money Mind Matters iMagazine. He has been quoted in the Wall Street Journal and The Huffington Post. Curt provides his thoughts on Financial Planning at his blog Amat Victoria Curam. He also contributes to the Military Officers Association of America’s on-line forum, Financial Frontlines™.
BS, Management/Finance, United States Air Force Academy
MBA, Individual Financial Planning, City University of Seattle
MSS, Strategic Studies, Air University
Your understanding is a little off...
A Roth IRA is a basket. You can place virtually any asset inside of it. So you could place stocks, bonds, mutual funds, ETFs, bank accounts and CDs (plus others) inside a Roth IRA. The assets will earn income or generate capital gains just like if they were outside the Roth IRA.
The difference is that you will NOT pay taxes on the income and capital gains when you earn them or when you take them out of the Roth IRA to fund your goals.
It is important to know though, that ther are limits on when you can withdraw your funds without paying taxes and/or penalties.
I'm assuming you're talking about Veterans Administration Disability versus Military Medical Retirement. Based on the amount you are receiving, I think that is probably the case.
The good news is that VA payments are income tax free. If you have other earned income then contributing your VA benefits (up to the limit of your earned income or $5,500 whichever is less) to a Roth IRA would be a great "tax play".
Essentially your SSDI will convert to retirement benefits. Learn more here.
It depends. If you have lived in the home for 2 out of the last 5 years, the house will qualify as your primary residence. If the house qualifies as your primary residence, you can exclude up to $500,000 in capital gains from your income (in other words you don't pay taxes on it). Since you will sell for less than $500,000 it appears that if the home is your primary residence that you will not owe any tax on the gain. Where you move after the sale does not affect the taxation on the sale.
If the house does not qualify as your primary residence, then the gain (not the sale price) could be subject to taxation as a capital gain. To predict how much the gain would be, would require more information.
The money you deposit into a savings account is not taxed. However, the income (interest) you receive is taxable income (assuming the savings account isn’t inside a tax advantaged account like an IRA). Your bank will send you Form 1099-Int if you received $10 or more in interest. But, even if you don’t receive a 1099 the Tax Code requires you to declare (and pay taxes on) interest received.
In the “Old Days” banks used to give out toasters or other appliances when you opened an account. Technically, the value of those incentives are taxable income too…