Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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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 [...]
Politicians on both sides of the aisle agree that deep cuts are essential to bring the federal budget under control. But they are still having trouble agreeing on how to implement the necessary reductions before next year. The Budget Control Act (BCA) of 2011 requires the federal government to reduce spending by more than $1 [...]
Pentagon officials have submitted a plan that would significantly decrease military pay raises beginning in 2015. Currently, raises are determined according to the Employment Cost Index, a Department of Labor statistic that measures the growth of private sector wages. Instead of using the ECI, officials are proposing a flat 0.5 percent raise in pay, followed [...]
On Feb. 1, a change in the Imminent Danger Pay calculation went into effect, causing some confusion for service members and families on the receiving end. While a daily rate replaces old monthly calculations, the new policy may have less of an impact than many people think.
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