Sequestration Concerns

The changing terrain: Sequestration

| September 30, 2016

The majority of military families surveyed in First Command’s most recent Financial Behaviors Index® remain concerned about cuts to defense spending, with seven-in-10 feeling anxious and anticipating being financially affected by the cuts. Approximately half said their top two concerns are a reduction in annual pay increases and increased responsibility for healthcare costs. Interestingly, concern about both of these issues rose about 10 points over the previous month’s survey.

However, concern over job security fell nearly 20 points, from more than half expressing concern in the previous month to only one-third in the current month’s survey.

Nearly four-in-10 are confident that Congress will void sequestration, thus avoiding a return to automatic budget cuts in 2018. Twenty-nine percent believe Congress should repeal the caps on military and non-military budgets, while 43 percent believe the caps should be lifted only on military spending.

Military families are dealing with concerns about cuts to defense spending through financial preparedness, with three-quarters reporting taking action. Nearly half of families are cutting back on everyday spending and about four-in-10 are increasing savings.

 



Sequestration Concerns

The changing terrain: Potential government shutdown

| September 23, 2016

With only one week to go until the end of the federal government’s fiscal year, the majority of America’s career service members and their families doubt lawmakers will sidestep another government shutdown.

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Sequestration Concerns

The changing terrain: Sequestration

| September 16, 2016

The Army, Navy, Air Force and Marine Corps service chiefs testified before the Senate Armed Services Committee Thursday morning at the “Long-term Budgetary Challenges Facing the Military Services and Innovative Solutions for Maintaining our Military Superiority” hearing.

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Sequestration Concerns

The changing terrain: Election year issues

| September 9, 2016

For the past two months, First Command has surveyed military and general population families to find out what election year issues are most important to them. Once again, in August, pay, benefits and defense spending are key presidential election issues for military families surveyed in the Financial Behaviors Index®.

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Common car insurance mistakes

Bare-bones auto insurance: Your out-of-pocket risk

| September 5, 2016

You probably know that each state sets a required minimum amount of auto insurance coverage that you must purchase in order to legally drive. These liability limits are in place to make sure that you have insurance to help you reimburse another party should you be involved in a car accident and be at fault.

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Sequestration Concerns

The changing terrain: Presidential election issues

| September 2, 2016

This blog post is an extension of my August 12 post, which focused on the November presidential election. Two weeks ago I wrote about how sequestration and other issues of high importance to military families will affect their election decisions.

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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.

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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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