The retirement panic hasn’t swept across the military nearly as much as the civilian population. Almost half of all U.S. service members say they are confident about their ability to retire comfortably. What’s more, findings from The Military Financial Confidence Survey (MFCS), conducted by the FINRA Foundation in cooperation with the Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates, show they are almost twice as likely as civilians to seek out an independent financial advisor.
Perhaps it’s the more disciplined lifestyle, but U.S. service members are also less likely to subscribe to attitudes that may falsely increase retirement confidence – they agree more that they lifestyle adjustments to prepare for a shortfall in savings, and unlike 44 percent of civilians, 28 percent agree they may not live long enough to use all of their retirement savings.
Almost 30 percent of service members say their most immediate financial problem is paying down debt, followed closely with 25 percent saying saving for retirement is the most pressing. Eighteen percent are concerned with not being able to make ends meet.