Achieving financial independence and security is a challenge for most Americans. Unfortunately, it is even harder for most active duty service members and veterans given the unique financial challenges they face because of their service. Family Inc. can serve as a valuable tool for our service members in their journey toward financial independence.
Most of us are aware of and can appreciate the sacrifices our country’s service members have made to ensure our safety and freedom. They endure hardship and extended time away from loved ones, frequently putting themselves in harm’s way for our collective benefit. However, we have much less appreciation of the financial sacrifices and hardships many soldiers endure long after their service. In many cases, they must move numerous times during their service, making it difficult for other family members to maximize their professional opportunities. Their active duty experiences are often underappreciated in other professional fields when they attempt to transition from the military, and they experience higher rates of disability, divorce, and homelessness than the general population. All these factors threaten the financial security and welfare of our service members.
The financial education provided in Family Inc. can’t eliminate these challenges, but it can empower veterans and soldiers by teaching the skills to mitigate their impact. Helping service members achieve financial security will also require veteran service organizations that can provide financial education as part of their broader mandate, as well as increased awareness among our society about the unique financial challenges our service members face.
Family Inc. is partnering with companies and veteran service organizations committed to promoting financial literacy among service members to raise money, promote awareness and educate the veteran population. If you have ideas about how this book can assist veterans in your community or organization, contact firstname.lastname@example.org.
Helpful Financial Resources for Veterans:
- USAA Educational Foundation: This website provides educational material related to specific products or financial decisions.
- PenFed Foundation: This is a great resource for obtaining financial assistance and support beyond what the Veteran’s Administration can provide.
American Armed Forces Mutual Aid Association:
- Their Decision Center is a helpful resource for learning about the financial challenges and products related to military life for Armed Forces men and women and their families.
- Their INTEL Center provides important military life insurance, personal finance, financial planning, government benefits and beneficiary information.
Understanding The Proposed Changes to the Department of Defense Compensation and Retirement Program
In January 2015, the Military Compensation and Retirement Modernization Commission (MCRMC) reported that: “The current Uniformed Service retirement system is a useful retention tool for mid-career Service members, but does not provide retirement savings to the overwhelming majority of Service members.” In response to this finding, the 2016 National Defense Authorization Act proposes a change in existing retirement benefits. The details of these changes are currently being finalized in order to implement this change in 2018. This is the largest change in military retirement benefits in several decades and will require education among our service members to assume the new responsibilities associated with a blended retirement plan. The following resources provide information on this pending change.