Financial Readiness

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Financial Readiness is a crucial component of family readiness. For new military families, this may be their first job with a consistent paycheck. The youthfulness and inexperience of junior service members makes them easy targets for financial predators. Military families tell us they want ongoing financial education and resources. Military families are taxpayers, too, and we know they are concerned about the financial health of the country they serve. The Department of Defense must have the resources to deal with the long-term effects of over tenyears at war on service members, veterans, and their families, as well as the capacity to meet emerging needs as the wars continue.

Our Association supports:

• the Department of Defense Financial Readiness Campaign
• the Office of Servicemember Affairs (OSA) within the Consumer Financial Protection Bureau (CFPB) gives military families a voice to express their financial concerns
• flexible solutions for housing needs at growth installations
• an increase to the Family Separation Allowance
• an increase in travel allowances and reimbursement rates to keep pace with out-of-pocket costs associated with PCS moves
• Flexible Spending Accounts for Uniformed service members

Association Testimonies, Letters + Articles

Letters to Congress

• February 21, 2013 Letter to State Representative G. Murrell Smith, Jr. (R-67/SC) supporting Property Tax Assessments Bill, H. 3027. This legislation will allow service members and their families to claim a four percent property tax assessment ratio regardless of the owner’s permanent change of station (PCS) orders and any potential rental income. Currently, service members and their families have to pay six percent in property taxes if renting their home in the state of South Carolina due to a PCS move.

Articles

• Warning: No Official Thrift Savings Plan Mobile Application
• Financial Help for Military Families
• FINRA Foundation Military Spouse Fellowship Application Period Open from March 1 – 31, 2013
• Tax Filing Resources for Military Families
• Legislative Changes Impact Military Pay
• 2013 BAH and BAS Rates Announced
  

Updates

• February 25 – March 1, 2013 Association participates in Financial Readiness Fair at the Pentagon
• February 19, 2013 Association participates in Military Saves Day at the National Guard Bureau
  Related Articles: Military Saves: Set a Goal. Make a Plan. Save Automatically.
  Military Saves Week: Starting to save
  5 Easy Ways to Get Involved in Military Saves Week and Save Successfully
• January 17, 2013 Association attends Military Saves meeting as a planning partner to facilitate annual savings campaign.
• January 3, 2013 The NDAA FY 13 contains a provision to enhance the protections for service members and family members concerning consumer credit, calls for punishments for those who violate those protections, and clarifies the definition of dependent for eligibility for the protection. See Related Article
• June 2012 The Federal Housing Finance Agency (FHFA) announced that military homeowners with Fannie Mae or Freddie Mac loans who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale, even if they are current on their mortgage.
  Related Article: New Assistance for Military Homeowners