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2022 Veterans Day Freebies, Retail Discounts, and Special Offers

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Table of Contents
  1. Rules of Engagement (Eligibility)
  2. 2022 Veterans Day Discounts & Freebies
  3. Additional 2022 Veterans Day Retail Deals + Discounts (Pending Verification)
  4. More Military Discounts & Veterans Day Info
  5. Awaiting Updates – Free Stuff on Veterans Day
  6. Amazon – Discounts & Free Gifts
    1. Free Vacations and Hotel Stays
  7. Previous Veterans Day Retail Offers (2019)
    1. Veterans Day Retail Offers & Discounts

Note: This page currently lists 2022 Veterans Day offers and offers pending verification for 2022. Please check back as this page is updated frequently. Thank you for your service!

Veterans Day is a time to celebrate the service of those who have sacrificed so much to keep us safe. While military members don’t serve for recognition, it’s nice to know that many companies and organizations set aside a day to honor their service.

Veterans Day Retail Discounts - Personal Finance

This page lists a variety of Veterans Day offers for our nation’s servicemembers – past and present. These offers include free haircuts, free oil changes, free car washes, retail discounts, and much more. There are also tons of free Veterans Day meals and discounted or free events and attractions.

You can download a printable pdf that lists many of these offers and additional information – simply use the form below.

We have done our best to verify each offer and we have provided a link to the company website when possible. Please note that some locations may have restrictions on offers. It is always recommended to call ahead to verify participation and to verify details.

Have an offer to add? Please use our Contact Page. We will do our best to add offers when possible, but please note we cannot list every offer.

Rules of Engagement (Eligibility)

In order to access the generous Veterans Day discounts and freebies below, you’ll probably need to provide some form of ID.

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Proof of service is recommended! This may include a:

  • current military or retired military ID card,
  • Veterans ID card,
  • VA Healthcare ID card
  • a DD Form 214,
  • a Drivers License with a veterans designation,
  • or other proof of service.
  • Some locations may also accept a membership card for a Veterans Service Organization (e.g. DAV, VFW, AMVETS, American Legion, etc.), a picture of you in uniform, or some other proof of service.

2022 Veterans Day Discounts & Freebies

Academy Sports + Outdoors – 10% Discount (Oct 24 – Nov 12): This Veteran’s Day season, Academy Sports + Outdoors is offering first responders, active-duty military, veterans, and their families, a 10-percent discount on their entire purchase in-store and online. Offer valid Oct. 24 through Nov. 14. All you have to do is show proof of service or present a valid military ID at checkout. More info, and coupon page.

Amtrak: 10% off of train travel for active-duty and veterans. This offer is valid for veterans when qualifying proof of veterans status is presented. Active-duty U.S. military personnel can also save on travel by selecting ‘Military’ from the passenger type drop-down menu to receive a 10% discount. More info.

Angeluxe Beauty & Extensions, Nov. 11: Veterans and active-duty service members receive 10% off their services on Veterans Day. More info.

Bed and Breakfast for Vets – Free Hotel Stay, Nov. 11: B&Bs for Vets has organized dozens of participating Bed and Breakfasts and Inns across the US and Canada which will be offering veterans a free night’s stay on and around Veterans Day. This offer is available to both active duty military members and veterans with ID, but space is limited. Each Inn and B&B has at least one room available for this promotion and reservations must be made directly through the participating Inns and B&Bs. For more information visit BandBsforVets.org.

Bed Bath and Beyond, Nov 11-14: Active Duty, DoD, Reserves, Guard, Retirees, Veterans, and Military Spouses get 25% off their entire purchase (in-store only; ID or proof of service required). More info.

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Big Lots: 10% discount for active military personnel and veterans who are members of the company’s Big Rewards program. This program has been announced as a year-round offer. More info.

Brakes To Go: In honor of Veteran’s Day this year, Brakes To Go is showing their appreciation by offering veterans or people in active duty 10% off their entire brake repair service at one of our locations for the entire month of November with a valid military/veterans ID or VA benefits card. More info.

Brides Across America Free Wedding Gown Events: Brides Across America offers free wedding gown events twice a year, around the Fourth of July and Veterans Day. Brides Across America, a 501(C)(3) non-profit organization, provides eligible military brides with a free wedding dress. In general, you qualify if you are a military bride/first responder (or the fiancé of a military member or first responder). Participants must attend an event to choose a wedding gown. A $40 tax-deductible registration fee is paid when registering for the event. The fee covers administrative costs associated with running the event. Learn more here.

Buckle: Military members receive 10% off online purchases every day at Buckle.com. This offer is also available in stores, simply show your military ID at checkout. Buckle Military Discount.

Cabela’s: 5% Off for military and veterans daily. More info.

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Carter’s: Free shipping on orders over $50. More info.

DC Shoes: 15% hero discount to servicemembers and first responders. To redeem the discount, visit dcshoes.sheerid.com/ and verify your military status to receive your one-time use coupon code.

Dell Computers: Save an additional 15% off on Dell’s PCs, tablets, and electronics. Dell typically offers a 10% military discount. Visit the site to learn more.

Dollar General: Dollar General is proud to offer an 11% off discount on the second Wednesday of each month using DG Digital Coupons to any active military personnel and veterans. More info.

Dutch: Dutch is the first televet service available in the US. Dutch connects pet parents with veterinarians to deliver specialized treatments for allergy, anxiety, flea, and itch. Dutch is offering the first month of treatment for only $1. Users can redeem this offer on dutch.com by creating an account and filling out their pet’s information. More info.

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Eastbay: A 15% military discount is now available to veterans, reservists, and the National Guard, in addition to active service members and their dependents. The online discount is applied at checkout when military shoppers click “military discounts” under promo codes on https://www.eastbay.com/. After a successful verification, the discount is automatically applied to the entire order.

Enterprise Car Sales: Enterprise offers a military discount for car rentals in addition to a USAA member discount.

Fareway Grocery Stores, Nov. 11: 15% off purchase for all current and former military members, Guard and Reserve, and their families. More info.

Food Lion, Nov. 11: 10% off all groceries (some exclusions such as cigarettes, alcohol, etc.) for Active & Retired Military Personnel with military ID and MVP card. Some exclusions may apply. More info.

Free Car Wash – Grace for Vets Nov. 11: Car washes across the country will be getting in on the Veterans Day action this year. Thousands of car washes across the nation are offering vets a free car wash on Veterans Day. You can find a list of over 4,400 participating car washes at Grace for Veterans.

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Free Haircuts: Many barbershops and salons are offering free haircuts on Veterans Day. Some national chains include Great Clips and Sport Clips. Contact your local shop to see if they are offering a free haircut.

Free Military Money Book for Kindle: Operation Money: A Financial Guide for Military Service Members and Families will be available for free download on Veterans Day. The book written by Jean Chatzky, best-selling author and financial editor at NBC Today, is a great free tool for military members and veterans.

Free Oil Changes: Many veterans have informed us that some local auto repair shops offer free oil changes on or around Veterans Day. However, participation varies. Contact your local auto repair shop for more information.

Gerber Gear: Military personnel receives exclusive access to discounts on American-made knives, multi-tools, and life-saving, problem-solving gear. To get these great deals, US military personnel, first responders, and Veterans can register for Gerber Gear’s Pro Program.

GM Military Discount: GM is honoring all current and former military members with additional military savings during the month of November. More info.

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Great Clips, Nov. 11-Dec. 10: Great Clips will be offering a free haircut to military veterans on Veterans Day. If a non-veteran comes into Great Clips on Veterans Day and gets a haircut, they’ll be given a card that any veteran can redeem for a free haircut. More info.

Helly Hansen Pro Store: 35% off for veterans and active duty service members. More info.

Home Depot Military Discount (Nov. 11):

Home Depot and Lowes 10% Military Discount Available Every Day. The 10% military discount is available every day for active duty and retirees, but not all veterans. The Home Depot® makes this offer available to all veterans on major military holidays, including Memorial Day, Veterans Day, and the 4th of July. Home Depot is offering all active duty personnel, reservists, retired military, veterans, and their families (with ID card) a 10 percent discount off their purchases in honor of Veteran’s Day. Some limitations may apply.

Home Depot – Find the latest discounts

Hyatt Military Discount – 10% to 15% Off: Available to individuals who have served or are currently serving in any official government-sponsored branch of the United States armed services and their immediate family members. Valid at any participating Hyatt-branded hotel in the United States.

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HyVee, Nov. 11: 15% off groceries for current and former military members discount on groceries when shopping Aisles Online or in stores. More info.

Jiffy Lube, Nov. 11: Free oil change at Utah locations. This offer may not apply nationwide. Please contact your local Jiffy Lube to verify participation.

La Quinta by Windham – 12% Off: Current or retired military personnel, veterans and their families who book and stay at La Quinta hotels in the U.S. and Canada can take advantage of the 12% off military discount off of the best available rate per night and 1,000 Wyndham Rewards bonus points for members. More info.

L.L. Bean (through Nov. 11): 15% military discount (increased from the normal 10%). More info.

Lovesac (Oct. 19, 2021 – Nov. 21): 30% Off for current and former military members. More info.

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Lowe’s Military Discount (Nov. 11):

Free Shipping On Orders $49 Or More

Lowe’s Companies, Inc. will offer all active, reserve, honorably discharged, retired military personnel and their immediate family members a 10 percent discount on in-store U.S. purchases made during the Veterans Day holiday. The discount is available on in-stock and special order purchases up to $5,000. To qualify, individuals must present a valid military ID or other proof of service. Excluded from the discount are sales via Lowes.com, previous sales, and purchases of services or gift cards. Lowe’s offers this discount daily to active duty military members and veterans.

Lowes.com – Find Exclusive Discounts

M Is For Massage, Nov. 11: $10 off any service, including various massages modalities, various facials, weight loss help, body contouring, eyelash extensions, and laser hair removal. More info.

Marriott San Antonio, Oct 10 – Nov 13: Active and retired military can save up to 20% off best available rates. More info.

Mattress Firm: Save 10-20% off any purchase for current and former military members, veterans’ families, and first responders. Offer valid in-store with military or first responder ID or online through call or chat. This offer can be combined with Mattress Firm’s Black Friday deals, which include savings up to $600 on all mattresses, plus a free adjustable base with any mattress purchase of $499. Some exclusions may apply. More info.

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Meineke, Nov. 11: Free Basic Oil Change or 50% Off Synthetic Oil Change on Veterans Day. More info.

Merlin Complete Auto Care (Nov. 9 – 14): Free oil change for active military and veterans. More info.

Microsoft Office Products – 30% Off Microsoft Office 365 (current military members only): The Microsoft Home Use program allows current military members and DoD workers to purchase Microsoft Office at a discounted rate. Please note this offer is only available to current military members, and those who work for select companies and organizations that participate in the Microsoft Home Use Program. Learn more about the Microsoft Office military discount.

Musicians Friend: Daily military discount of 10% off one item of $199 value or more for veterans, reservists, National Guard, active duty, and their immediate family members. Learn more at the Musician’s Friend discount page.

Nanit: Veterans and military members receive 10% off Nanit products. More info.

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Oakley Sunglasses: Oakley Standard Issue offers discounts for military members and first responders. Receive an additional discount on Veterans Day. Free shipping on orders over $75 and free returns.

Oakley Standard Issue – Thank you, Veterans! Up to 40% off Select Styles

Office Depot / Office Max (through Dec. 21): 25% off coupon for qualifying in-store purchases, with proof of service. Some exclusions apply (technology and consumer electronics, gift cards, shipping and some others). See flyer for full details.

Pandora Music: 20% off Pandora Premium. A 60-day free trial, and military discount for $7.99/mo. Listening with NO ads, Search and play any song, artist, album, or podcast, Create and share playlists, Personalized playlists and stations, Unlimited Skips, Unlimited offline listening, Higher-quality audio, Other exclusive Premium features. More info here.

Publix (Nov. 11): Military members, veterans, and their families save 10% on groceries on November 11 (proof of service required). This offer excludes prescriptions, alcohol, tobacco, gift cards, lottery tickets, postage stamps, and money services. More info.

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Quiksilver: All active duty, reservists, National Guard, veterans, retirees, dependents, and spouses are eligible to receive 15% off their purchase online with Quicksilver. Visit quiksilver.sheerid.com to receive a unique coupon code.

Rack Room Shoes (Nov. 11): 20% discount on Veterans Day. Rack Room Shoes also offers military members and their families 10% off their entire purchase in stores every Tuesday. Valid military ID required. Discount available in-store only. More info.

Red Roof Inns: Red Roof Inns offers several ways to save. 10% discounts for military, family members, and government employees under certain circumstances. Save up to 20% Off year-round with Veterans Advantage membership. Learn More at the Red Roof Inn Military Page.

Rockwell Time: Receive $100 credit towards any watch or pair of sunglasses at Rockwelltime.com! Email [email protected] with the subject line “VETERAN PROMO” to receive your $100 code. More info.

Rose Farmers – 30% Off: Military & Veterans receive 30% off the entire order! Code: MD30. More info.

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Rosetta Stone – 10% Military Discount: Rosetta Stone® bills itself as the world’s best language-learning software. You can buy their programs on disk, download them, or use them with an app. Their military discount is open to all current military, retirees, and veterans.

Rosetta Stone – Learn More on the Military Discount Page

Samsung: Save as much as 30% when shopping Samsung.com. Samsung provides discounts to active military personnel in all branches of the service, their families and veterans. Sign up to receive military discounts on phones, electronics, and more. The deals will be listed on the Samsung Military Discount page. Military members and veterans must register with Samsung’s Military Discount Program to take advantage of these offers.

Sport Clips, Nov. 11: Participating Sport Clips locations are offering a free or discounted haircut on Veterans Day to all active-duty military and veterans (with valid ID.) For a list of stores offering free haircuts on Veterans Day, please click here.

Super 8 Hotels: 15% discount off your next qualified stay at participating Super 8 hotels.* Offer valid for any current or retired military personnel, veterans, and their families who book and stay at participating Super 8 hotels in the U.S. and Canada. New bookings only. More info.

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Target – 10% Off, Nov 11: 10 percent discount on a purchase, in-store and online. Eligible guests can visit Target.com/circle/military to register with Target Circle™ & verify as military to receive the discount. (Some product exclusions apply; discount via a single-use coupon).

True REST Float Spa: On Thursday, Nov. 11, True Rest Float Spa will offer the True REST Veteran’s Day Float Spa Experience – a free, 60-minute float therapy session to any active-duty military member, reservist and/or veteran. All spa locations will close on Veterans Day to the public to serve active-duty and veterans, providing them with free float sessions in honor of their service. More info.

Tuft & Needle – 15% discount: Savings off entire order. More info.

Under Armour – 40% Discount, (Nov. 11): 40% Off For Military, First Responders, Healthcare Workers & Teachers. (Normally 20% through the rest of the year). Under Armour supports the military, veteran, and First Responder communities year-round. More info.

Under Armour Military Discount – See Available Deals

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Verizon Wireless: Special discounts for all current and former military members. Some special offers available include: Get Disney+, Hulu, and ESPN+ included with select plans. Select Unlimited Plans include Apple Music. Visit the Verizon Wireless website for more information.

Veterans Advantage Discount Program: The Veterans Advantage Program offers nationwide benefits to current and former military members through a membership plan. Members get access to discounts for shopping, restaurants, insurance, travel, and much more. There are three options available for membership and pricing ranges from a one-year membership at $59.95 to a five-year membership at $199.95. Interested individuals can also start a 30-day trial membership for just $4.95. Trial memberships can be canceled at any time.

Veterans Canteen Service (ShopVCS.com): Save up to 55% off sitewide on all items over $20. Offer applies to military pride gear, apparel, footwear, watches, jewelry, gifts, and more. Available for veterans who are enrolled in the VA, and their family members. visit https://shopvcs.va.gov/

Walgreen’s (Nov. 11 – 14): 20% off eligible regular-price items with card, in store only. Offer valid for veterans, military, and their families with Balance® Rewards card or myWalgreens and proof of service. In-store offer is only valid in Walgreens or Duane Reade stores. Some restrictions apply. More info.

Wyndham Hotels & Resorts – Up to 20% Off: Wyndham Hotels & Resorts: Save up to 20% off, plus receive 500 Wyndham Rewards bonus points on stays now through Dec. 6, 2019. Discount available at participating hotels in the U.S. and CA across 17 brands, including household names like Super 8® by Wyndham and La Quinta® by Wyndham – both of which also offer preferred parking for active and retired military members. Learn more at www.wyndhamrewards.com/honorsmilitary.

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Additional 2022 Veterans Day Retail Deals + Discounts (Pending Verification)

AAFES: In honor of Veterans Day, Army & Air Force Exchange shoppers can enjoy free coffee at the Express, double points on MILITARY STAR purchases, and huge savings on TVs, laptops, handbags, home appliances, and much more! More info and on the AAFES website.

Bass Pro Shops: 5% off for military and veterans daily. Veterans Day-specific discount doubles this offer to 10% off. More info.

Black Rifle Coffee: Veteran-owned coffee company. More info.

David’s Bridal: 2021 discount pending verification. Visit the website.

Omaha Steaks: 10% discount sitewide plus FREE SHIPPING on select packages when entering a troop ID at checkout. The discount is also valid for in-store purchases. More info.

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Sleep Number – $100 Off: Save an extra $100 off all smart beds and adjustable bases. More info.

Staples: Veterans and active military members will receive 25% off in-store purchases. Offer applies to active-duty personnel, reservists, retired or disabled veterans and their immediate families at all U.S. locations. Must present a valid military ID. More info.

Swarovski: 20% off purchases of $200 or more. More info.

More Military Discounts & Veterans Day Info

Check out more military discounts on this site.

Want to add a discount or offer to our site? We continually update this article each year and republish it with current information. Please contact us if you have any additions or corrections. Please be sure to include a link to the website so we can verify it and share it with our readers.

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To all who served – a simple, “thank you,” is never enough. But I’ll say it anyway. Thank you for your service!

Veterans Day Meals and Deals image and all written content copyright this site. All other images copyright their respective restaurant or brand.

Awaiting Updates – Free Stuff on Veterans Day

We do our best to update this article throughout the year. Most companies do not begin publishing deals until the middle of October (at the very earliest). However, many companies do not publish offers until late October, or even up to Veterans Day.

We spend a lot of time scouring the Internet to find these offers for the military and veteran communities. Check back often as this page will be updated frequently with new offers.

Amazon – Discounts & Free Gifts

Save $40 on Amazon Prime: For a limited time, current and former military members can save $40 on an annual Amazon Prime subscription. The cost will be $79 per year instead of the usual $119. This offer is good for both new and current Amazon Prime members. Current members will have their subscription extended for one year.

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Amazon Prime Military Discount – Save Big!

$20 Amazon Gift Card When You Open a New Personal Capital Account
Personal Capital is one of my favorite financial tools – you can use it to track your budget, spending, and investments. Simply link your banking and investment accounts and Personal Capital will give you an overview of your current account balances, spending, net worth, and your investment portfolio’s asset allocation.

For a limited time, Personal Capital is offering a “Refer a Friend” bonus for new customers. Simply open a new account, and link at least one valid investment account (brokerage, 401k, IRA, TSP, etc) with a balance of more than $1,000 within 30 days of registering. (some terms apply). Click here to register your Personal Capital account.

Personal Capital will then send you a $20 Amazon gift card within six weeks from the date of registration. The gift card will be sent electronically to the email you provided in the registration process. *Full disclosure: Personal Capital will also send me an Amazon gift card in the same amount.

That said, I personally use this tool on a weekly basis to manage my finances and track my investment portfolio. You can learn more about Personal Capital in our review.

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Get a $20 Amazon Gift Card When You Open a New Personal Capital Account

Free Vacations and Hotel Stays

Westgate Resorts – 1,500 Free Vacation Giveaways in Orlando, FL

Note: The 2020 event has been postponed. The Westage website has the following notice:

“Out of an abundance of caution for our Team Members and military families, we have postponed our annual Military Family Weekend giveaway until we are certain when we can select a date to safely host the festivities.”

Westgate Resorts is giving away 1,500 Bookings on www.westgatesalutes.com on November 11, 2019, beginning at 9:00 a.m. EST and ending at 11:59 p.m. EST on November 11, 2019, or until all 1,500 Bookings have been claimed, whichever occurs sooner (Note, these always go very quickly!).

Bookings are on a first-come, first-served basis. A confirmation receipt with reservation details will be sent to a valid email address upon successful entry to the first 1,500 Bookings.

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Note: A One-Hundred Dollar ($100.00 USD) deposit with a valid major credit card is required at time of booking. Deposit will be refunded in-full the day immediately following the day of check-in. Deposit is refundable in-full if reservation is canceled at least seven (7) calendar days prior to scheduled check-in.

Eligibility: The free vacations are specifically for current active duty military personnel, retirees, veterans with an Honorable Discharge that served in any United States government military operations on or after August 6th, 1990, and Gold Star families. For more information, visit www.WestgateSalutes.com.

Travel Details: Offer is valid for a two (2) night stay on May 8 – 10, 2020 for up to four (4) persons at the Westgate Vacation Villas Resort & Spa or the Westgate Town Center Resort & Spa in Kissimmee, FL. Note: There is text at the bottom of the page that states, “This advertising material is being used for the purpose of soliciting sales of a vacation ownership plan.” You are not obligated to buy into a vacation plan if you receive a free hotel stay through this promotion. See the website for full terms and conditions, eligibility, and other important info.

Previous Veterans Day Retail Offers (2019)

Veterans Day Retail Offers & Discounts

Kohl’s – Save 30% (Nov. 7 – 11, 2019): Kohl’s is offering a 30% discount on during Veteran’s Day week, from Nov. 7 – 11, 2019. Kohl’s also offers active military, veterans, retirees and their immediate family members a 15% discount on purchases made on Mondays, in-store only. In order to receive the military discount, eligible customers must present proper identification. More info.

Planet Fitness (Nov. 8 – 15, 2019): Veterans Exercise and Relax for Free. Please feel free to bring a workout buddy at no additional charge, and relax after your workout with free HydroMassage and chair massages. See more on the Planet Fitness website.

Check out more military discounts on this site.

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Want to add a discount or offer to our site? We continually update this article each year and republish it with current information. Please contact us if you have any additions or corrections. Please be sure to include a link to the website so we can verify it and share it with our readers.

More Veterans Day Discounts! Please click through to 2020 Veterans Day Free Meals & Restaurant Discounts, and 2020 Veterans Day Free Activities, Events, & Recreation.

To all who served – a simple thank you is never enough. But I’ll say it anyway. Thank you for your service.

Veterans Day Meals and Deals image and all written content copyright this site. All other images copyright their respective restaurant or brand.

Check out more military discounts on this site.

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Want to add a discount or offer to our site? We continually update this article each year and republish it with current information. Please contact us if you have any additions or corrections. Please be sure to include a link to the website so we can verify it and share it with our readers.

More Veterans Day Discounts! Please click through to 2020 Veterans Day Free Meals & Restaurant Discounts, and 2020 Veterans Day Free Activities, Events, & Recreation.

To all who served – a simple thank you is never enough. But I’ll say it anyway. Thank you for your service.

Veterans Day Meals and Deals image and all written content copyright this site. All other images copyright their respective restaurant or brand.

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Personal Finance

Our favorite Black Friday discounts in 2022

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Academy Sports Veterans Day Deal

The Academy offers a discount to active duty military members, veterans, and first responders. It’s our way of showing gratitude and appreciation for all you do to protect our nation and serve our local communities. Get 10% off your entire purchase online or in store.

Bass Pro Shop Military Discount

5% off military and veterans every day, both in-store and online. Bass Pro Shops will be increasing their military discount to 10% on Veterans Day, 11/10 – 11/13. The verification process is available on the Bass Pro Shop website and by phone. The discount now also applies to firearms and ammunition purchases and can be combined with other sales and promotions for even greater savings. Further information.

Buffalo Wild Wings Veterans Day Deal

Throughout Veterans Day, Veterans and active duty military who dine at their local B-Dubs can receive a free order of boneless wings and a side of fries. Only in participating US locations.

Goodyear tyres

All active, former and retired military members and first responders are encouraged to take advantage of Goodyear’s free tire, brake and battery inspections and will receive an additional 10% off tires and services. Eligible guests presenting a valid ID can schedule car inspection appointments between November 10-14 and redeem through November 17.

Home Depot Military Discount

The 10% military discount is available daily for active duty and retirees, but not for all veterans. The Home Depot® makes this offer available to all veterans on major military holidays, including Memorial Day, Veterans Day and July 4th. Home Depot is offering all Active Duty, Reservist, Retired Military, Veterans, and their families (with ID) a 10% discount on their purchases in honor of Veteran’s Day. Certain restrictions may apply.

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IHG hotels

With the holidays just around the corner, InterContinental Hotel Group is proud to offer a 5% discount to military personnel, veterans and their families. IHG is one of the largest hotel chains in the world, with more than 6,000 hotel properties from brands such as Holiday Inn, Candlewood Suites, Staybridge Suites, Hotel Indigo and others.

Lowe’s Military Discount

Lowe’s Companies, Inc. will offer all active, reserve, honorably discharged, retired military personnel and their immediate family a 10% discount on U.S. store purchases made during the Veterans Day holiday. The discount is available on stock purchases and special orders up to $5,000. To qualify, individuals must present valid military ID or other proof of service. Sales through Lowes.com, prior sales, and purchases of services or gift cards are excluded from the discount. Lowes offers this discount every day to military members and active duty veterans.
Lowes.com – Find exclusive discounts

Microsoft military discount

The Microsoft Home Use Program allows current military members and Department of Defense workers to purchase Microsoft Office at a discounted rate. Please note that this offer is only available to current military members and those working for select companies and organizations participating in the Microsoft Home Use Program. Learn more about the Microsoft Office military discount.

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Personal Finance

Coverage, enrollment, and cost basics

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Whether you’re on the reservations or in the National Guard, your Tricare health care options vary depending on your state.

When activated for more than 30 days, you’ll get the same free Tricare Prime coverage that applies to all active duty members. But what about the rest of the time?

You may already have an employer-based insurance plan, but what if you lose your job? If you don’t have a business plan, Tricare Reserve Select offers a good alternative to buying expensive health insurance on the open market.

Fortunately, with Tricare Reserve Select, members of select reserves have access to low-cost premium insurance. Here’s a guide to Tricare Reserve Select to help you determine if the program is right for your family.

Summary
  1. What is Tricare Reserve Select?
  2. Five things to know about Tricare Reserve Select
  3. Eligibility and costs
    1. Am I eligible for Tricare Reserve Select coverage?
    2. Tricare Reserve Select costs
  4. Membership basics
    1. First registration
    2. New subscription after activation
  5. Important Reserve of Tricare Select Resources
  6. Advantages and disadvantages
    1. Tricare Reserve Select: Benefits
    2. Tricare Reserve Select: Disadvantages
  7. Summary: Tricare Reserve Select is an easy and affordable health care option

What is Tricare Reserve Select?

Tricare Reserve Select is a premium health plan available to non-activated Reserves, National Guard members and their families.

You can use Tricare Reserve Select insurance anywhere in the world.

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Tricare Reserve Select is similar to commercial health insurance in that it has copays, deductibles and premiums.

A unique feature of Tricare Reserve Select is that you don’t have to wait for Tricare’s open season to sign up or change your plan, according to the Tricare website. It is a premium plan, when activated for more than 30 days, you can easily switch your coverage to a Tricare Prime program, including Tricare Prime, Tricare Prime Remote, Tricare Prime Remote Overseas or Tricare Overseas. You can also transfer family members to a standard, remote or overseas Tricare Prime or Tricare Select, Tricare Young Adult, or US Family Health Plan.

Five things to know about Tricare Reserve Select

  1. Convenience: Compared to other comprehensive health plans on the open market, this is a low-cost option for Select Reserve members. Unlike many health insurance plansTricare Reserve Select also covers you when you are abroad.
  2. Based on Premium: Unlike other Tricare plans, you must proactively purchase Tricare Reserve Select. Members pay monthly premiums as well as an annual deductible and co-pays.
  3. Freedom of choice: You will not have to see a primary care manager (PCM) or need a referral for any health care with Tricare Reserve Select, according to the Tricare website. Choosing in-network providers will reduce your out-of-pocket costs.
  4. Qualifications: Tricare Reserve Select is only available to select reserve members who are not eligible for the Transition Care Management Program or the Federal Employee Health Benefits Program. You cannot join or stay in the plan if you are on active duty.
  5. Coverage gaps: To avoid coverage gaps when transitioning between active service orders and inactive status, call Tricare to verify your enrollment before using your insurance, if possible.

Eligibility and costs

Am I eligible for Tricare Reserve Select coverage?

If you are in Select Reserves and are not on active duty, you are eligible for Tricare Reserve Select.

You are not eligible for Tricare Reserve Select if:

  • You are eligible for the Transition Care Management (Service Members Leaving From Service) program.
  • You are concurrently a civilian employee and are eligible for the federal employee health benefits program.
  • You are a member of the Individual Ready Reserve (IRR), including Navy Volunteer Reserve (VTU) training units.

Retired reservists are not eligible for Tricare Reserve Select but can upgrade to Tricare Retired Reserve. Here are the health care options for retired reservists. Once retired reserve and National Guard members reach the age of 65, they will become Tricare for Life eligible.

Note: Compare costs and coverage options between Tricare Reserve Select and any employer-based option before making your final health care plan decision.

Tricare Reserve Select costs

As a premium-based health plan, the primary costs of Tricare Reserve Select are monthly premiums, an annual deductible, and co-payments for services covered by Tricare.

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Premium monthly rates for 2023 are $48.47 for individual plans and $239.69 for family plans. Quarterly costs are $1,654 for individual plans and $4,134 for family plans.

Cost shares range from $16 to $68 for covered network outpatient services. For visits outside the network it is necessary to pay a fee of 20%.

There’s also an annual deductible, which varies depending on your degree. For those in the junior enlisted ranks (E1-E4), the 2022 deductible is $56 for an individual and $112 for a family, according to the Tricare Reserve Select cost tab. Service members who are E-5 and above have an individual deductible of $168 or a family deductible of $336.

Note: Although Tricare has announced 2023 premiums, it has yet to announce deductibles and cost allowances for Tricare Reserve Select 2023 as of mid-November 2022.

Membership basics

First registration

If eligible, you can purchase Tricare Reserve Select coverage by phone or on line to at any time of the year. Enrolling yourself or your family in any Tricare plan requires an up-to-date DEERS profile.

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To obtain coverage, eligible service members will need to complete a Backup Component Medical Coverage Request Form, which you can complete here. You must also make a premium payment to the appropriate one Tricare Regional Contractor.

New subscription after activation

Once activated, Reservists and National Guard members become eligible for Tricare Prime. Family members can choose from Tricare Prime, Prime Remote, and Tricare Select. To see which is best for you, check out our article comparing Tricare Prime and Tricare Select.

When you deactivate, you re-enroll in Tricare Reserve Select. If not, you and your family may have a gap in health coverage. To re-register, follow the same registration steps listed above.

Important reserve of Tricare select resources

The regional contractors for Tricare Reserve Select are:

Advantages and disadvantages

With its low cost and worldwide accessibility, Tricare Reserve Select has clear advantages for many Select Reserve members.

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Tricare Reserve Select: Benefits

  • Global coverage: This plan is available to eligible beneficiaries worldwide. Additionally, beneficiaries may seek medical care at military treatment facilities based on available space.
  • Freedom of choice: Beneficiaries can choose from any provider authorized by Tricare. Selecting in-network providers will reduce your out-of-pocket costs.
  • Unsolicited Referrals: While many health insurance options provide PCM referrals, they are not required to seek health care with Tricare Reserve Select.
  • Affordable support: This plan is more affordable than many comparable health care offerings in the civilian market.

Tricare Reserve Select: Disadvantages

  • Activation and deactivation headaches: You must call Tricare to enroll in Tricare Prime when you activate, then switch back to Tricare Reserve Select again when you deactivate. While this should be a seamless transition, problems or delays with your orders can create gaps in coverage.
  • Federal Employees: If you are simultaneously a federal employee and eligible for the Federal Employee Health Benefits Program, you cannot get Tricare Reserve Select. Federal employees who are otherwise eligible for Tricare Reserve Select will be able to purchase it starting January 1, 2030, according to recent legislation.

Summary: Tricare Reserve Select is an easy and affordable health care option

Tricare Reserve Select is a partially subsidized health care program that can save select reserve members money, compared to employer-based and market-based health care plans.

Your civilian employer may offer something better, but if not, consider Tricare Reserve Select for health coverage for you and your family.

This is Ryan Guina, the founder of Personal Finance speaking. Switching from Tricare Reserve Select to Prime and back usually goes smoothly, but not always. I once had an almost two month outage in coverage due to a problem with my orders when I went off active duty. The Tricare customer service representative I spoke with was understanding, and Tricare backdated one of my claims that occurred during this transition period. But it could have turned out differently if I hadn’t been paying attention. Track dates on your orders during transition periods. If possible, double check your enrollment status before using your insurance after changing status. If you have any issues, please call Tricare to report the issue and file a case as soon as possible.

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Personal Finance

2022 Roth IRA Rules – Why You Need a Roth IRA

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Table of Contents
  1. Roth IRA – One of the Best Retirement Tools
  2. Types of IRAs and Why a Roth IRA Rules
    1. Here is a Primer on Traditional and Roth IRAs
  3. Roth IRA Eligibility Requirements
  4. 2023 Roth IRA Income Limits
    1. What to Do if Your Income Exceeds Roth IRA Contribution Limits
  5. Roth IRA Contribution Limit Rules
  6. Roth IRA Distribution Rules
    1. Exceptions for Early Roth IRA Withdrawals
  7. Roth IRA Conversions
    1. Deductible and Nondeductible Traditional IRAs
    2. Tax Implications of the Roth IRA Conversion Process
    3. The Pro-Rata Rule for Backdoor Roth IRAs
    4. Taking Advantage of Roth Conversions (Timing Is Everything)
    5. Who Is Eligible for Roth IRA Conversions?
    6. Options for Converting Traditional IRAs into Roth IRAs
  8. Comparing Roth IRAs to Other Retirement Plans
    1. Comparing Roth IRA to Traditional IRA
    2. Comparing Roth IRA to Traditional 401(k) Plans
    3. Where to Invest — 401(k) or IRA?
    4. Should You Contribute to a 401(k) Without an Employer Match?
    5. How Many Retirement Accounts Can You Have?
  9. Who Should Open a Roth IRA?
    1. Why Young People Should Open a Roth IRA
    2. Why Military Members Should Open a Roth IRA
  10. Getting Started With a Roth IRA
  11. How to Invest Your Roth IRA Funds
  12. Maximize Your Roth IRA Contributions
    1. Benefits of Automatic Contributions

Roth IRAs allow investments to grow tax-exempt until retirement and offer tax-free withdrawals. 

These tax-advantaged individual retirement accounts offer varied investment opportunities and exceptional tax benefits.

You contribute to a Roth IRA with money you already paid taxes on. The money compounds tax-free, and you can make tax-free withdrawals at age 59½. 

Additionally, there are no required minimum distributions (RMDs), meaning you don’t need to make withdrawals by a certain point. You can withdraw investments without paying additional taxes or defer withdrawals until you are ready.

Why You Need a Roth IRA
Roth IRA – one of the best retirement plans available

Everyone needs to plan for their retirement. Even if you serve in the military long enough to earn a pension, it might not be enough for your golden years. 

Retirement accounts such as the Thrift Savings Plan, 401(k) plans and IRAs are great ways to take your retirement planning into your own hands.

Types of IRAs and Why a Roth IRA Rules

Most people have two types of IRAs available to them – traditional IRAs and Roth IRAs. While similar, there are differences in paying taxes on contributions and withdrawals.

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Here is a Primer on Traditional and Roth IRAs

  • Traditional IRA: Contributions are tax-free if you meet income requirements, and withdrawals are taxed in retirement years. There are required minimum distributions once you reach age 72.
  • Roth IRA: Contributions are made from already-taxed income, and withdrawals in retirement are tax-free. There are no required minimum distributions.

Let’s break this down in simple terms.

With a traditional IRA, you can take a tax break on your income now, but you will have to pay taxes when you withdraw retirement funds. You must also withdraw from your account once you reach the required minimum distribution age, regardless of your income needs.

With a Roth IRA, you make contributions from income that was already taxed, making you eligible for tax-free withdrawals in retirement.

This is a great deal, especially if you are in a lower tax bracket than you anticipate being in retirement. It also takes the guesswork out of retirement planning, since you know the money in your account is not taxable.. Finally, you aren’t required to take distributions, so you can leave money in your account and continue to let it grow. (This can also be advantageous for estate planning.)

Roth IRA Eligibility Requirements

There are two main Roth IRA eligibility requirements:

  • You must have earned income. 
  • You must meet income requirements.

The earned income must be taxable and can include wages and salaries, tips, bonuses and other compensation related to services you’ve provided. Income from interest, dividends or other investments does not qualify as earned income for Roth IRA purposes.

Note: Military members have a special provision. The Heroes Earned Retirement Opportunities (HERO) Act allows military members with tax-free combat pay to contribute to Roth IRAs and other retirement plans.

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2023 Roth IRA Income Limits

There are caps on earnings and contributions to a Roth IRA. 

For the 2023 tax year, Roth IRA eligibility begins phasing out at an annual modified adjusted gross income (MAGI) of $138,000 for single tax filers. Single tax filers are ineligible to make Roth IRA contributions when their income reaches $153,000. The limits are higher for married filing jointly, with eligibility phasing out starting at $218,000 and ending at $228,000.

The following table breaks down Roth IRA income limits.

Filing Status Modified AGI Allowable Contribution
Married filing jointly or qualifying widow(er) $218,000 or less Up to the annual contribution limit
More than $218,000 but less than $228,000 Partial amount
$228,000 or more No contribution
Married filing separately and you lived with your spouse at any time during the year Less than $10,000 Reduced amount
$10,000 or more No contribution
Single, head of household or married filing separately and you did not live with your spouse at any time during the year $138,000 or less No contribution
More than $138,000 but less than $153,000 Partial contribution
$153,000 or more No contribution

What to Do if Your Income Exceeds Roth IRA Contribution Limits

The tax advantages for IRAs are generous, so the federal government limits them to people who fall within certain income brackets. Suppose you don’t meet income requirements to get the tax benefits from the traditional IRA or contribute directly to a Roth IRA. In that case, you can contribute to a nondeductible traditional IRA and convert it to a Roth IRA later. It’s like a back door that enables anyone to contribute to a Roth IRA, regardless of their MAGI.

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More on this below.

Roth IRA Contribution Limit Rules

The next thing to consider is how much you can contribute to your Roth IRA. 

If you meet income requirements, then you can contribute up to $6,500 for 2023 if you are younger than age 50. 

If you’re age 50 or older you can contribute $7,500. (The additional $1,000 represents a catch-up contribution to help those closer to retirement better reach their investment goals.) 

Contribution limits for both Roth and traditional IRAs are the same, and the limits apply to all your IRAs for the specified tax year. Make sure you don’t exceed your contribution limits across both accounts.

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The following chart shows IRA contribution limits for 2002-2023.

Tax Year Contribution Limit
Age 49 or Younger
Catch-Up Contribution
Limit Age 50 or Older
Contribution Limit
Age 50 or Older
2023 $6,500 $1,000 $7,500
2019 – 2022 $6,000 $1,000 $7,000
2013 – 2018 $5,500 $1,000 $6,500
2008 – 2012 $5,000 $1,000 $6,000
2006 – 2007 $4,000 $1,000 $5,000
2005 $4,000 $500 $4,500
2002 – 2004 $3,000 $500 $3,500

Roth IRA Distribution Rules

Distributions are among the main benefits of using a Roth IRA instead of a traditional IRA. Distributions from Roth IRAs are tax-free, whereas traditional IRA distributions are taxable. In addition, there is no required minimum distribution age with a Roth IRA.

While you can withdraw contributions at any time, tax-free and penalty-free, that does not apply to earnings or interest on your contributions.

To avoid paying penalties on Roth IRA withdrawals for earnings or interest, you must wait at least five years from the date you contributed the funds and be at least 59½ years old.

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This is called the five-year rule.

Exceptions for Early Roth IRA Withdrawals

There are exceptions to the Roth IRA withdrawal rules in certain situations. For example, you may be able to make penalty-free withdrawals if you become disabled, want to purchase your first home or pay for qualified educational expenses. 

Read more about Roth IRA withdrawal rules and consult with a financial planner or tax professional before making any early Roth IRA withdrawals.

Early Roth IRA withdrawals not qualified under Internal Revenue Service (IRS) rules may be subject to a 10% early withdrawal penalty.

Roth IRA Conversions

Moving money from a traditional IRA into a Roth IRA is called a Roth IRA conversion. 

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Many people choose to do Roth IRA conversions because Roth IRAs have tax advantages over traditional IRAs. Roth IRA distributions are not considered taxable income. The lack of required minimum distributions also gives Roth investors more long-term flexibility.

Deductible and Nondeductible Traditional IRAs

There are two types of conversions: conversions from deductible traditional IRAs and conversions from nondeductible traditional IRAs.

Deductible IRAs are those where you deduct the contribution on your taxes.

Nondeductible IRAs are those without a corresponding tax deduction. People whose income exceeds the traditional IRA and Roth IRA income limits may use these.

Tax Implications of the Roth IRA Conversion Process

During the conversion process, you add the money from a traditional IRA that you rolled into a Roth IRA to your annual taxable income for that year. It’s taxable income because you did not pay taxes on contributions or earnings. The IRS still needs to assess taxes on that income and its gains. So, you pay when you convert and file your taxes the following year.

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Nondeductible IRA conversions are not taxable income, as you did not receive a tax deduction for the original contribution. However, you will pay taxes on any nondeductible IRA gains when you convert to the Roth IRA.

To avoid taxable gains, convert a nondeductible IRA to a Roth IRA as soon as possible after opening it. This is called a backdoor Roth IRA.

The Pro-Rata Rule for Backdoor Roth IRAs

The IRS requires taxpayers who convert traditional IRAs to Roth IRAs to convert them on a pro-rata basis. That means that if you also have deductible IRAs, you can’t only convert your nondeductible IRAs to a Roth IRA. You must convert them proportionately, based on the total value of all your IRAs. This way, the IRS receives taxes at the time of conversion. IRS Form 8606 will walk you through the math.

This is an advanced matter worth investigating with a tax professional or fee-only financial planner.

Related:

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Taking Advantage of Roth Conversions (Timing Is Everything)

When you pay taxes on the money you roll over, you pay taxes on the current value of the money. That means you can take advantage of economic downturns or your current tax bracket.

Future distributions from newly created Roth IRAs are the same as any other Roth IRA – they are nontaxable.

Investors currently in a low tax bracket often invest in Roth IRAs because they expect to be in a higher tax bracket when they retire. This is common for those who have recently retired or are between jobs.

Many people convert a traditional IRA into a Roth IRA when the economy struggles because their traditional IRA has less value, resulting in a lower taxable amount.

Who Is Eligible for Roth IRA Conversions?

Most people are eligible to convert a traditional IRA into a Roth IRA. However, you cannot convert a traditional IRA if you inherited it from someone other than a spouse.You can convert traditional IRAs to Roth IRAs even if you have made a rollover within the same year, according to the IRS.

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Options for Converting Traditional IRAs into Roth IRAs

There are two ways to move money from a traditional IRA into a Roth IRA.

  • You can convert the funds yourself by taking a distribution from the traditional IRA and rolling it into a Roth IRA within 60 days.
  • You can instruct the bank or broker who manages your traditional IRA to transfer the money into a Roth IRA for you.

Most investment firms are happy to initiate and process the Roth conversion or rollover for you. This is typically the easiest and safest method since you avoid potential mistakes or penalties.

For example, if you cash out your IRA without rolling the IRA funds into your new IRA within 60 days, it is treated as a withdrawal instead of a conversion. Also, you would owe taxes on the total amount plus penalties if you are younger than 59½.

Whether you roll over or transfer funds, it’s necessary to use the entire traditional IRA distribution amount to fund the Roth IRA to avoid early withdrawal penalties and fees. You cannot keep any of the money as cash.

Comparing Roth IRAs to Other Retirement Plans

Roth IRAs offer different benefits than other retirement plans or taxable investments. The most important benefits of investing with a Roth IRA are:

  • Tax-free withdrawals during retirement
  • No required minimum distributions, so you can let your money compound for longer periods
  • Ability to make tax-free and penalty-free withdrawals of your contributions at any time

Comparing Roth IRA to Traditional IRA

There are several similarities between traditional and Roth IRAs, including where you can open them and often the contribution limits. There are also income limits for tax-deductible traditional IRAs and Roth IRA contributions, so be sure to read up on the IRA contribution limits page for more information.

There are also differences between these two retirement accounts.

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The fundamental differences between traditional and Roth IRAs boil down to how and when the money is taxed and how and when you can make withdrawals.

Traditional IRA contributions may be tax deductible, and the funds are taxed when you make a withdrawal. Roth IRA contributions have already been taxed, and withdrawals and qualified distributions are tax-free.

The next major difference is how and when you make withdrawals. Traditional and Roth IRAs list age 59½ as the minimum age requirement for penalty-free withdrawals. You can also make qualified distributions on your earnings penalty-free and tax free at this age as long as your Roth IRA has been open for at least five years.

However, traditional IRAs require account holders to make minimum required distributions once they reach age 72. Otherwise, they face stiff tax penalties.

Roth IRAs do not have required minimum distributions. You can read more about these two plans in the article: Comparing Roth IRA vs. Traditional IRA.

Comparing Roth IRA to Traditional 401(k) Plans

Some companies offer traditional 401(k) plans and Roth 401(k) plans. The Roth 401(k) has similar benefits to a Roth IRA but follows the contribution limits for 401(k) plans. Traditional 401(k) plans are closer to traditional IRAs, as they offer a current tax deduction, with taxable withdrawals in retirement age. All 401(k) plans also have a required minimum distribution age. Unlike a Roth IRA, the Roth 401(k) requires participants to take required minimum distributions once they reach the required age.

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Where to Invest — 401(k) or IRA?

People often ask where to invest first – 401(k) or IRA. A traditional 401(k) plan is usually better if your employer offers a company match on your investment.

Take the free money, then contribute to the Roth IRA if you can afford to contribute beyond that.

How Many Retirement Accounts Can You Have?

You can have several retirement accounts, including a 401(k), 403(b), Thrift Savings Plan or IRA. You may also have a self-employed retirement plan.

However, the IRS lumps IRAs and retirement plan accounts together. So be careful to stay within annual contribution limits for IRAs and other retirement plans.

Who Should Open a Roth IRA?

A Roth IRA is a great investment option if you’re in a lower tax bracket now than you expect for the future. 

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You can pay taxes at a lower tax rate, then make tax-free withdrawals when you reach retirement age.

Why Young People Should Open a Roth IRA

Income potential in most career fields grows over time, so young people who start their careers in a low tax bracket have the most to gain from opening a Roth IRA.

Why Military Members Should Open a Roth IRA

Military members can make tax-free Roth contributions in a war zone, then make tax-free withdrawals in retirement. 

This means your contributions, growth and withdrawals are all tax-free.

Some military members may qualify for additional time to contribute to their Roth IRA beyond the normal cutoff date if their military duties permit a tax extension. 

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Military Members Should Open Roth IRAs.

Getting Started With a Roth IRA

Opening a Roth IRA is easy and takes only 10-15 minutes. Simply go to the bank or brokerage company you wish to do business with, fill out some paperwork and initiate a money transfer.

If you want to read more on Roth  IRAs first, check out these articles:

How to Invest Your Roth IRA Funds

How you invest your money is a personal decision. Consider your other current investments, desired asset allocation, investment timeline and risk tolerance.

That said, some investments are best suited for a Roth IRA in the context of your overall investment portfolio. Because of the Roth IRA’s unique tax rules, you won’t pay taxes on any growth in the funds in your Roth IRA. Look for funds that maximize your growth potential in your Roth IRA.

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Conversely, consider investing in funds with lower growth potential in your traditional retirement accounts because you will pay taxes on those funds when you withdraw them at retirement age.

That generally means placing equities (stocks) in a Roth account and bonds and fixed income in a traditional account. This isn’t a hard-and-fast rule, and you may have to adjust as your portfolio grows. But, thinking about the long-term growth of the funds in your retirement accounts is very important.

Maximize Your Roth IRA Contributions

The 2023 maximum contribution limit for a Roth IRA is $6,500 per year or $7,500 for those older than 50.

Most people can’t contribute $6,500 at once, which is OK. A great way to invest is to set up automatic investments in your Roth IRA account.

Determine how much you can afford each month and automatically contribute that amount. If you want to max out your Roth IRA contributions each year, you must contribute about $541 per month ($625 if you are older than 50).

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Benefits of Automatic Contributions

Making automatic contributions guarantees you’ll stick to your monthly IRA savings goals. 

You can also take advantage of dollar cost averaging, which ensures you will buy more investments when values are low, and fewer when values are high. Hopefully, your investment growth will average out in your favor in the long run. 

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