If your son or daughter has chosen to join the United States military, chances are you’re experiencing a wide range of emotions. There are also countless details to attend to and plans to make as this new chapter begins for your family.
Amidst all the excitement, critical financial decisions can be rushed or overlooked. And some new recruits may not fully appreciate the implications of these decisions, which can have lasting repercussions.
At First Command, we’ve spent over 60 years helping members of America’s Armed Forces pursue a secure financial future. In fact, nine out of ten of our Advisors are veterans or military spouses who know the ins and outs of military life. Over the years, we’ve worked with many parents of military members who are just starting their careers.
That’s why we’ve put together this resource guide with suggestions, links, tips and more to help parents of new military members navigate the financial decisions ahead.
New service members, many of whom are attending training away from home or embarking on their first career, may be overwhelmed by the complexities of the military pay system, benefits and policies. We explain how the military handles pay, insurance and housing costs, and we offer advice on how trainees, cadets, and midshipmen can maximize their benefits and begin building a solid financial foundation.
We explain what parents of students participating in a college ROTC program or one of the U.S. military academies can expect as commissioning approaches and young officers’ careers begin. We also explain the realities of taking on a career starter loan and how to take advantage of the Blended Retirement System (BRS) and Thrift Savings Plan (TSP).
For current cadets at West Point, the United States Coast Guard Academy and the United States Air Force Academy, and midshipmen at the United States Naval Academy, Parents’ Weekends are special occasions not to be missed. As a thank you from First Command, parents can receive a complimentary commemorative game coin by visiting with the local First Command team on game weekend.
At First Command we’ve spent over 60 years helping parents of children joining the military plan their financial future. To speak with a Financial Advisor near you, visit our Get Started page.
