Military Saves Blog

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Tips, advice, and the latest news from the savings world.

Life After Retirement: Will You Have Enough?

Retirement Thrift Savings Plan MilitaryTransitions Tax Planning
Written by Guest Blogger · 18 April 2019

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.

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Why Military Spouses Should Get Ready for Retirement, Too

Retirement Survivor Benefits Military Spouse
Written by Super User · 12 April 2019

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?

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Challenge Your Assumptions and Save

Savings Tips
Written by Guest Blogger · 10 April 2019

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.

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5 Money Concepts to Practice in the Military

Automatic Savings Retirement Savings Managing Debt
Written by Guest Blogger · 04 April 2019

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. 

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Three Ways to Improve Your Financial Capability Now

Emergency Fund Emergency Savings Insurance
Written by Lila Quintiliani · 28 March 2019

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.

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Tip of the Day

  • Written by Guest Blogger | May 28, 2014

    A #credit score may be used to decide the terms you are offered or the rate you will pay for a #loan. Learn more at http://ow.ly/C7EDv

Saver Stories View all »

On the Right Track to Build Wealth

Written by Super User | April 16, 2013

My name is Robina Wahl, and I am a military wife and a veteran. Although I am fairly new to the Military Saves Campaign, the message to “Build Wealth, Not Debt” reassured me that my husband and I were on the right track and doing the right things.

I have always been pretty responsible when it comes to saving and living within my means, but I was not prepared for the unpredictable employment lifestyle of being a Reservist and military spouse.

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One That Almost Got Away

Written by Super User | November 26, 2010

Brody Lockwood - Like a typical fledgling, I started down the track of financial indebtedness. Nineteen years old and nothing to lose. Credit - who need it? Savings - that was for older people with responsibility. Debt - my parents were in debt ergo it must be OK. When I was eligible for reenlistment, I reenlisted for a multiple of 3 worth $15K. I was happy to pay off my debt, but would I be able to stay out of debt?

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Making Savings a Part of Marriage

Written by Super User | November 26, 2010

Capt. Rob Eckhardt is the first to admit that he hasn’t always been responsible with money. But less than 10 years after a rocky start to saving, Eckhardt reports that he and his wife are free from credit card debt, have a down payment on a home, and are saving regularly for retirement. And, as the Military Saves representative for his Air Force squadron, he’s helping others make similar progress.

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