Almost nine out of ten surveyed military members surveyed noted that Tricare is a vital part of their military retirement benefits.
Faced with the possibility of an erosion of TRICARE benefits due to military budget cuts, active-duty families are actively learning more today about saving more for their healthcare needs tomorrow.
Military families are searching for new ways to cover their medical costs during retirement.
Thirty one percent of middle-class military families (those in pay grades E-6 and above with household incomes of $50,000 or more) are nervous about proposed TRICARE changes, which could mean increased out-of-pocket costs during retirement.
PREPARED TO SAVE FOR HEALTHCARE
Military families are responding with a preparedness attitude, as they increase their savings for healthcare costs during retirement, closely follow updates on the proposed changes, and investigate different retirement options (16 percent).
An increase in savings for healthcare costs during retirement is a significant challenge, as middle-class military families have saved considerably less for this need than their civilian counterparts
Among consumers who save for medical needs in retirement, military families report saving a median amount of $30 per month compared to $100 in the general population.
If you want more information on retirement planning, consult a qualified financial planner, one who specializes in military lifestyle needs. Ask your military colleagues for the name of a financial planner they are satisfied with, or ask on your local base for a recommendation.