Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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Not all veterans, survivors and military retiree receive the 2013 cost of living adjustment (COLA). Although the COLA went into effect in December 2012, only certain federal retirees get the 1.7 percent increase.
The increase for 2012 retirees is not necessarily 1.7 percent. Service members who left the Armed Forces between April 1, 2012 and Sept. 30, 2012 earn a partial COLA increase based on the calendar quarter in which they retired. For 2012 retirees, the 2013 COLA increases are as follows. See More
In this military personal finance roundup, raises don’t refer exclusively to a pay increase. What about raising children to be responsible, educated consumers? Or increasing your credit card limits? Or the possibility of raising the federal minimum wage? Well, we compiled several blog posts to shed light on all of these topics and more. No matter how you choose to apply the word “raise” to money issues, it should be well covered by all the bloggers featured in this roundup.
In which way does “raise” apply to your life right now?
Are you separating from the armed services or have you recently separated, but you don’t have a post-military job lined up yet? You might be able to receive unemployment benefits to help keep you afloat until you are able to land a job.
The Unemployment Compensation for Ex-servicemembers (UCX) provides financial benefits to ex-military personnel who qualify. Here’s a quick rundown of what it entails.
Asking for a raise is an issue that creates tension for many people. And if you’re in the military or are a military spouse, you probably haven’t had to ask for raise before in your career.
But now you’ve taken on more responsibilities for the same pay or you’ve been in the military or other occupation for a certain amount of time, and the day has come for you to approach your boss or supervisor with a respectful inquiry regarding your salary.
How should you go about this? Here are tips on how to ask for a raise.
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If you’re new to the military, chances are you have a lot to learn about a lot of things. It’s a new way of life that comes with significant changes, including financially. You want to be sure to start your financial life in the military off right in order to set yourself up for success in your continuing career. And you certainly want to avoid any big rookie mistakes that might come back to haunt your wallet.
So what should new military members know about managing money in the military? “If we could offer one piece of advice to military members — new and old alike — it would be to focus on frugal living,” said Mark Leach, Vice President of Media Relations at First Command Financial Services.
UPDATE: On Tuesday, Nov. 27 President Obama signed into law a bill that gives veterans and survivors a 1.7 percent hike for the cost-of-living adjustment (COLA). Effective Dec. 1, the increase will appear on January paychecks—directly deposited on Dec. 31, 2012—and affect about 4 million veterans, military retirees and survivors.
The average increase in income for the year is $500. Dollar amounts will vary on an individual basis depending on disability rating.
A few weeks ago, the Senate passed the cost of living adjustment (COLA) bill for the 1.7 percent increase for military retirees and veterans’ survivors. Those affected by the increase will see the increase in monthly benefit payments in 2013. The House version of the bill that passed unanimously in June also called for a 1.7 percent increase.
The Senate acted swiftly when it returned from the election recess to guarantee January payments reflect the increase.
The COLA will increase pay for Social Security recipients and military retirees who receive disability compensation and pension, as well as veterans’ survivors who receive dependency and indemnity compensation.
With Veterans Day right around the corner, November 11 this year, there is a new batch of restaurant deals and discounts for those in the military or who are veterans. Certain deals may apply to November 11 because that is the actual holiday, but because it’s a Sunday, the holiday will be the following day.
So remember to bring your military proof of service, pull up a chair at one of these restaurants and enjoy a free or discounted meal to thank you for your service to this country.
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For more than a year, the federal government has considered making cuts to military retirement benefits. Since retirement is such a major issue, it is the topic for this week’s military personal finance roundup. Take a look at what a few blogs had to say about retirement.
Is leaving the service the right thing for me to do? This question poses a dilemma for military service members when they reach a financial impasse in their military careers — typically at 20 years in the armed forces — to stay in the military or get a civilian job.
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A recent Congressional Budget Office (CBO) report shows that the average cost to maintain an active duty soldier is now $158,000 a year, a 50 percent jump since 2001. Military personnel costs per service member are expected to continue to increase by approximately $4,700 a year for the foreseeable future.
The Department of Defense has been scrambling to cut costs, but the report predicts that it’s not going to be enough. In fact, per-person costs are expected to rise as the drawdown continues. See More
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