Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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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 [...]
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.
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 [...]
Every year veterans play a waiting game to see if they’ll receive a cost-of-living adjustment (COLA). Congress has never failed to pass legislation to grant these increases. But keeping the adjustment in legislative limbo each year continues to rile veterans groups and some elected officials. “Congress has routinely provided this increase, but it is an [...]
Service members who were involuntarily extended through “stop loss” now have another chance to apply for compensation. The Department of Defense has extended the deadline for the Retroactive Stop Loss Special Pay Program to Oct 21, 2012. Service members, veterans and beneficiaries of service members who endured stop loss are eligible for $500 a month [...]
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