At a time when many lawmakers are calling for more dollars to strengthen the U.S. military, America's career military families continue to feel the impact of the defense–related constraints of sequestration in their daily lives. They are bridging the gap between the financial uncertainties of defense budget cuts and future realities of their own financial security by saving more, spending less and seeking out knowledgeable guidance from financial advisors. Learn more about how military families are dealing with sequestration in our latest “CEO Perspective” and recent news releases below.
Military families respond to continued sequestration threats with frugal behaviors similar to what we saw emerge during the last recession.
Research reveals that military families who work with a financial coach are twice as likely as financial DIYers to feel confident about their ability to retire.
The increase in back-to-school spending among military families contrasts with general population families, who plan to spend less this year.
Anxiety over the future of defense spending and the economy are prompting many of America's career military families to rein in their summer vacation plans.
In a recent survey, career military families revealed a lack of confidence in Congress's ability to void sequestration and avoid a government shutdown.
Data shows that concerns over defense cuts are negatively impacting the mental and physical health of America’s career military families.
Donald Trump has promised to do away with the federal spending caps known as sequestration, rollbacks that have hit the Defense Department particularly hard.
Despite President-elect Donald Trump’s pledge to raise defense spending, Sen. Lindsey Graham expects a tough path ahead.
For President-elect Donald Trump to make good on a multibillion-dollar campaign promise to expand the military with more ships, jets and troops, something has got to give.
Top US military officials told lawmakers Thursday their services have been squeezed by budget instability and spending caps — and that under sequestration cuts, they would not have the resources to defend the country.
None of the four service chiefs testifying on Capitol Hill Thursday would answer the question, but they all paused uncomfortably before senators in the hearing laughed it off: “Are Congress and the president the biggest threats to the military today?”
To read more, visit the First Command News & Media page.
Listen to CEO Scott Spiker discuss the uncertainty military families are facing.
The Budget Control Act of 2011 was designed to raise the country's borrowing limit, on the condition that Congress find $1.2 trillion in cuts. If the cuts were not found, automatic spending cuts would begin January 2013 and last through 2021, with approximately $500 billion coming out of the DoD budget. That's exactly what happenend.
Get your financial life squared away.®