From the U.S. military, the most common form of financial planning for military families includes the Military Financial Planning Guide (MFPG).
The guide offers a wealth of information on military expenses, including monthly and yearly amounts.
“The MFPG is a fantastic resource, especially for military spouses who are looking to plan their retirement, or who want to make sure their finances are in good shape before and after retirement,” said retired Army Maj. Col. Michelle Kuehnle, author of the book Military Finance for Women.
“Military spouses are often in a difficult position.
If you don’t have enough savings, or you don the military, there are some really hard decisions to make, and they often come down to this one simple fact: You don’t need to make that decision right now.”
In the MFPGs guide, which can be purchased at military.com and the Pentagon, there’s also a section titled, “How to Save for Retirement,” which describes how military families can set aside money for retirement.
“They’re a good resource to get a sense of how much your family can save,” said Kuehmle.
“I’m sure you’ve seen some of the military spouses get their hands on some MFPPs.
They’re often a really good resource, so it’s great to know that you can rely on them.”
A similar resource, the Military Retirement Savings Plan (MRSP), can be found at the Pentagon’s website.
It is aimed at military spouses and their dependents, and offers a comprehensive list of financial aid programs available to servicemembers, including financial assistance for housing, medical, education and travel expenses.
“One of the most important things for the military spouse is to be prepared,” said John DeFaulkner, author and chief executive officer of the Military Spouse Support and Assistance Program, or MASAP.
“If the military is going to cut back on benefits, then they’re going to have to do it before the benefits are cut back.”
For example, military spouses with kids, or military spouses without children, may need to save more than the military will provide for their family.
For example: Military spouses with children may have to pay for their children’s school, and other costs that would not be covered by their benefits.
Military spouses without kids may also need to pay higher health care costs for their families, which could also be a burden.
Military families may also have to make some financial sacrifices in order to save enough money to make ends meet.
“You need to think about how you’re going do it,” said DeFauckel.
“What do you need to live on?
What are you going to do for the rest of your life?”
For military spouses, there may be a simple financial decision to make: Do you want to be able to live off your military pension, which has a maximum of $100,000 a year?
Or do you want a more traditional plan that will pay you at least $250,000 annually?
Military spouses who decide to take the more traditional route may want to consider the benefits offered by their employer.
“For military spouses that want to take advantage of the employer retirement plan, the plan will pay at least half of their benefits, and will provide you with financial assistance,” said B.J. Tisch, chief financial officer of MASAP and author of “Military Finance for Military Spouses: How to Save to Save and Survive in a Military Family.”
“You may also be asked to work longer hours and take on additional duties, which may impact your overall retirement savings.
You may also face financial challenges as your family moves into retirement.
Military spouse plans can be flexible, but it’s important that military spouses are aware of how they can be prepared for retirement.”
The military spouse support program, MASAP, is an organization dedicated to providing military spouses financial assistance to help them live on and meet their needs after retirement.
The organization also offers a number of financial counseling services to military spouses to help guide them through the transition to retirement.
MASAP also offers the Military Dependent Care Assistance Program (MDACCAP), which provides a number or service-connected disability pension.
For more information on the military retirement savings plan, visit the Department of Defense website.
Military widows can also take advantage for free financial counseling at a number health care clinics, or a local VA clinic.
“These services are really good for the widow because they can provide guidance and provide resources to help the widow plan for retirement,” explained DeFaukner.
“Many of these services can help you save money on a variety of financial items.”
For a military widow with children, a financial adviser can also be an important resource.
“In my experience, there is a lot of overlap between what military widows need,” said Tisch.
“It can be really helpful to have a financial advisor who can provide you the information you