DoD Sequestration News

This week in DoD sequestration news

| February 27, 2015

In my February 13 post, I wrote about the concerns servicemembers have about cuts to defense spending and sequestration. Below are their concerns compared with those of the general population surveyed in the most recent First Command Financial Behaviors Index® report.

Military households remain more anxious about cuts to defense spending, with 78 percent extremely/somewhat anxious, compared to just 34 percent of the general population.

Job security concerns continue to be higher for military households, at 56 percent, versus just 27 percent of the general population indicating at least some concern.

Military households are more likely than general population households to believe Congress will void sequestration before fully returning to automatic budget cuts in 2016, perhaps because they are so much more directly affected than much of the civilian population. Forty-six percent of military families believe sequestration will be voided, compared to 14 percent of the general population.

Significantly more military families believe that Congress should repeal the caps on both defense and domestic spending, while general population families tend to believe the caps should remain in place. Forty-three percent of military households would like to see the caps on both defense and domestic spending repealed. Thirty-three percent believe Congress should only reverse the defense spending caps, and 24 percent believe the caps should remain in place on both. On the flip side, just 26 percent of general population families think the caps should be repealed on both, 24 percent believe they should be reversed only on defense spending, and a full half of those surveyed believe all spending caps should stay in place.

The majority of military households are taking action to deal with cuts to defense spending and are more likely than general population families to implement preparation measures. For example, 54 percent of military families are increasing the amount of money they put into savings, versus just 25 percent of the general population. Only 14 percent of military households surveyed are doing nothing to prepare, while that number is nearly half (48 percent) for the general population.

For more detailed information on these comparisons, visit www.firstcommand.com/fbi.

 



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If your plans for 2015 include purchasing a home, here are a few things to keep in mind to prepare for the home buying process.

Check your credit report – Mortgage lenders will carefully scrutinize your credit history to determine your creditworthiness.

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DoD Sequestration News

This week in DoD sequestration news

| February 20, 2015

This week the talk has all surrounded the OMB Sequestration Preview Report to the President and Congress for Fiscal Year 2016. Just like 14 months ago, now there’s another waiting game to see if Congress can come up with a plan similar to the 2014 Budget Control Act designed by Sen.

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Transitioning from Military Service

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| February 16, 2015

As the Director of Recruiting for First Command, I’ve found military experience is a strong leading indicator for success. Transitioning military servicemembers tend to have the right combination of intangible qualities we look for in candidates – traits like a strong work ethic, a character worthy of trust and a willingness to be coached.

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DoD Sequestration News

This week in DoD sequestration news

| February 13, 2015

Servicemembers continue to be concerned about cuts to defense spending and sequestration. The latest findings of the First Command Financial Behaviors Index® reveal that more than three-quarters of military families (78 percent) are somewhat or extremely anxious about these cuts.

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DoD Sequestration News

This week in DoD sequestration news

| February 6, 2015

The White House released its FY16 budget this year with a call for ending sequestration. Unfortunately, Democrats and Republicans cannot agree on just how to accomplish this: whether sequestration is done away with all together or just for DoD, and whether to raise taxes, cut spending, or both.

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Military families feel financial optimism in face of retirement reform

| February 3, 2015

The arrival of a long-awaited proposal to overhaul the military’s traditional retirement system comes at a time when members of America’s career military families are feeling a surge of financial optimism and confidence driven by their own positive money behaviors.

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DoD Sequestration News

This week in DoD sequestration news

| January 30, 2015

This week saw leaders of the military and the president calling for an end to sequestration, all while waiting for the results of the Military Compensation and Retirement Modernization Commission’s recommendations.

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College costs in the United States have skyrocketed in the last 25 years. In Ohio, where I live, the in‐state cost for one year of college at a public university is currently $20‐25,000 for tuition, room, board, and other expenses.

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DoD Sequestration News

This week in DoD sequestration news

| January 23, 2015

The military community is awaiting the Military Compensation and Retirement Modernization Commission’s scheduled release of its report on February 1. In preparation for the anticipated recommendations for cuts in compensation and retirement benefits, let’s take a look at what servicemembers are saying now about cuts related to sequestration and the DoD budget.

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