Personal Finance Tips for Military Families


Presented by: Megan Hurches, Private Wealth Advisor

Read Time: 4 MIN

One study found that military personnel have more credit problems and are more likely to make late house payments than their civilian counterparts. ¹

While the financial situation of military personnel and their families mirrors the general population in many respects, heavy indebtedness and mismanagement of credit cards may be especially acute issues for service members.

Of course, military families face unique challenges, such as deployment to conflict zones, overseas assignments, and the constancy of change, making personal finance even more critical.

Money Tips to Consider

  • 1- The Savings Deposit Program allows eligible personnel serving in designated combat zones to invest up to $10,000 and receive a return of up to 10%. ²
  • 2- Saving in a Roth IRA may be a good idea if you receive tax-free combat-zone pay. This allows you to deposit tax-free income and take tax-free qualified withdrawals in retirement. ³
  • 3- The Post-9/11 GI Bill covers the full cost of in-state tuition, for up to 36 months.
  • 4- Servicemembers’ Group Life Insurance protects your family with low-cost life insurance.4
  • 5- Set Goals—Like any mission, success begins with articulating the goals you want to pursue.
  • 6- Establish a Budget—A budget provides the financial discipline that may help you control spending impulses that can lead to greater debt levels.
  • 7- Pay Yourself First—Determine how much money you need to set aside to reach your savings goal, deduct this amount from your paycheck, and attempt to live within the limits of what remains.
  • 8- Establish an Emergency Fund—Uncertainty marks the life of military families, so be sure you have an emergency fund that allows you to be as prepared as possible for these changes.
  • 9- Control Your Debt—Indebtedness is one of the enemies of financial independence.

As you think through your financial goals, remember – acting today is your first and most important step.


Megan Hurches, Private Wealth Advisor may be reached at 248.924.3129 or, July 13, 2021

2The Savings Deposit Program is a benefit offered to eligible personnel serving in designated combat zones. The guaranteed rate of return is subject to change.

3To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals also can be taken under certain other circumstances, such as because of the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

4Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

EWM does not offer tax or legal advice.Executive Wealth Management (EWM) is a Registered Investment Advisor with the Securities and Exchange Commission. Reference to registration does not imply any specific level of qualification or skill. Investment Advisor Representatives of EWM offer Investment Advice and Financial Planning Services to customers located within the United States. EWM does not offer tax or legal advice. Executive Wealth Management, EWM Tax Solutions, and EWM Legal Services are affiliated but separate companies.

Megan Hurches

Megan Hurches has been a member of the Executive Wealth Management team since early 2023. Megan's mission and passion lie in helping clients feel empowered by their finances by equipping them with the necessary tools and processes to help bring long-term financial success. Her expertise and dedication help them in achieving this success and living their best lives. Her previous nursing career has given her the unique ability to form genuine and trusting relationships during critical moments in clients' lives. This trait serves her well as a financial advisor. As a devoted wife and mother of two daughters, Megan enjoys spending time with her family in the kitchen or traveling anywhere they can hike and be outdoors. Megan holds a Bachelor of Science in dietetics and nursing.

Executive Wealth Management