Military pay increase near year

Military paychecks are destined to increase next year. That’s because of a pay raise in the recently approved National Defense Authorization Act approved by Congress. And, it’s due to the end of the temporary repayment schedule for deferred Social Security, Old Age, Survivors, and Disability Insurance taxes that were not paid by federal employees September through December in 2020. Those deferred taxes should be paid up by the New Year. With extra cash next year, military personnel and federal employees are being reminded by Army Community Service to use that cash to their best advantage. Some ACS suggestions include starting an emergency fund, paying down debts, increasing contributions to a Thrift Savings Plan, starting an Individual Retirement Account, and starting an education fund for their children. Those wanting help in making the correct financial decisions for their family’s financial future can call the experts at the Army Community Service’s Financial Readiness Program, which is free for all service members. Call 573-596-2078.