Called The New Military Retirement Analyzer, this proprietary tool is designed for
“The new military retirement system has made long-term financial planning a lot more complicated and less guaranteed,” said
The new system, which goes into effect on
“Defined contribution plans generally have not worked better for middle-class Americans in building a suitable income for retirement,” Spiker said. “There is no reason to believe they will work better for our middle-class military force either. While every family situation is different, we anticipate that in most cases military families will want to stick with the traditional pension. The results of the Analyzer will typically reinforce this decision.”
The Index reveals that 87 percent of career military families say they are likely to consult a financial advisor for help with the opt-in decision. But for career service members who are still on the fence about seeking professional help, First Command is illustrating the value of knowledgeable advice through a simplified version of the Analyzer. Called the New Military Retirement Preview, this mobile app is intended to give service members and their families a quick demonstration of the type of comparative analysis that
About the First Command Financial Behaviors Index®
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data.
About First Command