Two-thirds of American military personnel have more debt than they are comfortable with, or have gone deeper into debt within the past year, according to a new study commissioned by Kiplinger and the Council of Better Business Bureaus’ BBB Military Line®.
The national survey, which was conducted by the Opinion Research Corporation, states that 78 percent of the military personnel questioned plan to stay in the service longer than originally intended because of the turbulent economy. The study also found that 39 percent have no retirement savings other than their military pension and 35 percent of respondents do not have savings or investments of any kind.
To help service members and their families take advantage of the special resources available to them, Kiplinger’s Personal Finance magazine and the BBB Military Line have created a free booklet called the Kiplinger-BBB Personal Finance Guide for Military Families.
The 16-page booklet, written by Kiplinger’s Personal Finance contributing editor (and military spouse) Kimberly Lankford, offers financial advice and guidance to military personnel and their families. It will be distributed by the military to more than 700,000 service members. Copies will also be available at BBB offices.
The booklet provides comprehensive guidance on a dozen diverse personal finance topics, including:
- Deployment Preparation/Financial Readiness
- Buying A Home
- Taxes
- Insurance
- Avoiding Scams that Target Military Families
- Retirement Planning
The information can be found on a variety of Web sites including Kiplinger’s at www.kiplinger.com/links/military. For more information, start with www.bbb.org/military.