Military Saves Blog
Tips, advice, and the latest news from the savings world.
This month we are highlighting a partner resource. MyArmyBenefits is the U.S. Army’s official benefits website and is geared toward all components: Active, Guard, and Reserve.
by Lila Quintiliani, AFC®
Military Saves Program Manager
A recent study by the Transamerica Center for Retirement Studies highlights some sobering facts about women and retirement. While women generally live longer than men, the average woman only has $34,000 in retirement savings, and most women don't have a backup plan for retirement. Only 10% of women feel confident about retirement. Add this to the fact that the unemployment rate for military spouses, the majority of whom are women, is at least 4x higher than the national average, so military spouses in their prime working years are contributing less to their retirement than their civilian counterparts.
Another issue is that many military spouses do not realize that retired pay stops when a servicemember dies unless the military member opted to pay for the Survivor Benefit Plan. And even if a servicemember opted to pay premiums for the highest level of benefits for the SBP, the widow/widower will only receive 55% of retired base pay.
So what can military spouses do to ensure that they, like their active duty spouses, are moving in the right direction for retirement?
By Ryan Guina
When it comes to our personal finances, many of us accept the status quo. I’ve been guilty as charged. It wasn’t until my wife and I started challenging our assumptions that we started making headway with our savings.
Here are five money saving tips to help you challenge the status quo.
By Lacey Langford, AFC®
There’s a lot to know and do when it comes to money. The amount of financial knowledge circulating the world is humbling even for a financial professional. The good news is… you don’t have to know it all to be successful with money. The bad news is… you have to learn some basic concepts to keep your finances running smoothly. Here are 5 money concepts to practice when you’re in the military.
By Lila Quintiliani, AFC®, Military Saves
April is National Financial Capability Month, when the Financial Literacy and Education Commission (FLEC) and the Ready Campaign encourage people to improve their financial futures and to be prepared when disaster strikes. Here are three actions you can take now to make sure you are ready for any financial disaster, big or small.