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 [...]
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 [...]
Service members and spouses nationwide participated in Military Saves Week a few weeks ago, giving them the chance to evaluate their financial progress this year. For those who missed out on opportunities to learn healthy personal finance habits, you can still learn a thing or two from this recap. The Department of Defense declared the [...]
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.