DoD Sequestration News

This week in DoD sequestration news

| April 24, 2015

Wrong direction or refocus the mission? AUSA President Gordon Sullivan recently voiced his concerns about sequestration-level budget cuts in 2016 while international threats like ISIL are rising. Of the Army’s force reductions, on track to go down to 450,000 in the next couple of years, he stated “We’re going in the wrong direction.” Meanwhile, Air Force Chief of Staff Gen. Mark Welsh wants airmen to focus on their mission, rather than thinking too much about recent cuts. Using terms like “disruption” and “painful” to describe last year’s reductions in force, he wants airmen to now look to the future and keep moving forward.

Navy will convene a senior enlisted continuation board on August 3. The performance-based review will allow forced retirement for active-duty and full-time support E-7, E-8 and E-9 with at least 19 years of service and three years’ time in grade as of February 28.

Sources: stripes.com, militarytimes.com, navytimes.com



Military Family TAX REFUND Infographic

Servicemembers committing tax refunds to household finances

| April 20, 2015

The majority of America’s career military families with a tax refund in their future are planning to spend it on shoring up their household finances.

First Command’s annual survey on tax refunds reveals that 66 percent of middle-class military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) who have received or expect to receive a tax refund plan to use it to cut debt, save more or pay monthly bills.

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DoD Sequestration News

This week in DoD sequestration news

| April 10, 2015

Forty-four percent of military families surveyed believe that Congress will void sequestration before the full return to automatic budget cuts in 2016, this based on results of the most recent First Command Financial Behaviors Index® study.

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Phone interview

Transition tips: Ace the phone interview

| April 7, 2015

This article provides key information to help job seekers ace the phone interview.  To begin, I want to provide some insight as to what the initial process looks like upon submitting an application.  Every company may have a slightly different version but the basic steps are usually the same or similar.

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DoD Sequestration News

This week in DoD sequestration news

| April 3, 2015

The House and Senate both passed their 2016 federal budgets last week, and both keep sequester-level funding in place. The chambers are now working together on a compromise budget between the two houses.

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April is National Financial Literacy Month

| April 1, 2015

In 2004, the Senate passed Resolution 316 that recognized April as National Financial Literacy Month.  Since then, many organizations have developed programs to promote financial literacy for young persons and adults.  In 2005, First Command Educational Foundation (FCEF) added financial literacy education as one of its primary goals.  FCEF has developed a library of presentations, online training programs, community-based outreach programs, instruction in Spanish, special curricula for schools, Money Matters Online, a web-based financial literacy program for secondary school age students, Military Money Matters, a similar web-based program with military-specific information, and SavvySaver, our new mobile app created to help teach people some basics about finances.

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Retirement

What is tax diversification?

| March 30, 2015

Most people are at least somewhat familiar with the concept of diversification when it comes to investing. At the most basic level, it’s simply the practice of “not putting all of your eggs in one basket.” In a more technical sense, it’s the practice of allocating your money across different asset (stocks, bonds cash, real estate, etc.) and sub-asset (large-cap stocks, investment-grade bonds, etc.) classes.

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DoD Sequestration News

This week in DoD sequestration news

| March 27, 2015

In Congressional testimony this week, armed services leaders testified that troop readiness is “at a troubling low point.” The Air Force vice chief said his service could not meet the president’s FY16 plan if DoD is once again subjected to the full effects of sequestration.

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Pay raise caps taking financial toll on career servicemembers

| March 24, 2015

A second year of sequestration-fueled cuts to annual military pay increases is taking a financial toll on America’s career servicemembers.

The latest results of the First Command Financial Behaviors Index® reveal that reductions in annual pay increases are a significant sequestration concern of middle-class military families (commissioned officers and senior NCOs in pay grades E-6 and above with household incomes of at least $50,000).

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DoD Sequestration News

This week in DoD sequestration news

| March 20, 2015

Almost three-quarters of military families surveyed in the latest First Command Financial Behaviors Index® (FBI) study continue to be anxious about cuts to defense spending. Correspondingly, over three-quarters expect to be at least somewhat financially impacted by the potential cuts and one-third of these expect to be extremely or very impacted by cuts.

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