Sequestration Concerns

The changing terrain: The New Military Retirement

| August 26, 2016

Military families rank retirement pay as their second-most-important military benefit, preceded only by basic pay. Because of the importance of retirement pay to career service members, and the significant changes that are coming with the new blended military retirement system, First Command Financial Services, Inc. has been asking military families related questions in its monthly Financial Behaviors Index® survey.

In July, 46 percent of these families said the proposed changes to military retirement would have no impact on their commitment to serving to full retirement. Thirty-one percent said they are more likely to do so. However, three-quarters would prefer to be grandfathered into the current system, instead of opting in to the new system.

Also, 46 percent of the families have already viewed the online training provided by Joint Knowledge Online and Military OneSource, which explains the new retirement system options. Fifty-six percent are aware that those who are eligible to opt-in will be able to access DoD educational classes beginning in January. A large majority, 87 percent, indicated they are likely to consult a financial advisor before making their decision, with 53 percent being extremely or very likely to do so. Two-thirds of that 53 percent who already work with a financial advisor will seek their advisor’s help before making the decision.



DoD budget cuts mean shorter vacations for military families

| August 21, 2016

America’s career military families are dialing back their vacation plans this summer, driven by persistent concerns about defense downsizing. In fact, 73 percent of middle-class military families surveyed* say their plans have changed as a result of defense spending cuts.

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Sequestration Concerns

The changing terrain: Sequestration

| August 19, 2016

Approximately three-quarters of military families surveyed in the July First Command Financial Behaviors® Index are anxious about cuts to defense spending. Specifically, 72 percent are anxious and 78 percent anticipate being financially affected by the cuts.

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Sequestration Concerns

The changing terrain: Sequestration and the presidential election

| August 12, 2016

Sequestration issues are of high importance to military families who are selecting a presidential candidate. More than three-quarters (78 percent) of families surveyed in the latest First Command Financial Behaviors Index® indicated that sequestration is extremely or very important when it comes to selecting a candidate.

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Annuities

The servicemembers’ guide to annuities

| August 10, 2016

An annuity is a type of investment product that can generate regular income for you and your spouse after retirement. Like a 401(k) or TSP savings, annuities are tax-advantaged, meaning you won’t have to pay taxes on earnings until you begin to withdraw funds.

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Sequestration Concerns

The changing terrain: The New Military Retirement

| August 5, 2016

Career service members and their families* are putting great store in the value of the traditional military retirement. Three out of four service members who say they are likely to serve to full retirement want to be grandfathered into the current retirement system rather than opt in to the new military retirement system that will go into effect Jan.

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Apple Pay: More secure than your debit or credit card

| August 1, 2016

In October 2014, Apple Inc. released a revolutionary new mobile payment system called Apple Pay, which allows users to make payments using only their Apple IOS devices – no card required.

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Sequestration Concerns

The changing terrain: Sequestration

| July 29, 2016

Nearly three-quarters (72 percent) of military families surveyed in the June First Command Financial Behaviors Index® are anxious about cuts to defense spending, while more than three-quarters (78 percent) anticipate being financially affected by the cuts.

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Officer and Sailers Stand at Attention During Ceremony at Sea

Leaders must protect those who protect us

| July 25, 2016

While my family and I celebrated Independence Day earlier this month, it was honestly difficult for me to enjoy the holiday, watch fireworks and do the normal things we all do. As a veteran, it’s very clear to me that the independence and freedoms American citizens enjoy are ensured by our soldiers, sailors, airmen, Coast Guardsmen and Marines who protect them.

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Sequestration Concerns

The changing terrain: Sequestration concerns affect service members’ health

| July 22, 2016

Ongoing concerns over sequestration and defense downsizing appear to be affecting the health of career service members and their families. The First Command Financial Behaviors Index® reveals that health issues commonly associated with financial worries are widespread among military families who report high levels of concern over sequestration and the financial impact of anticipated cuts to defense spending.

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