Actions to Address Retirement Savings Shortfalls for Military Spouses
Spouses of service members face unique challenges in the workforce, including unemployment and relocations, that can make it difficult to save in retirement plans.
Reported by
Patrick Beagle relocated four times in the first five years of his enlistment in the U.S. Marine Corps. With every move, his wife lost her job, and, ultimately, lost out on savings for retirement.
Now a certified financial planner (CFP), consultant and owner and president of WealthCrest Financial Services LLC, Beagle reflects on the hardships that spouses of military members face, especially when they’re trying to save steadily on their own. “They’re not able to get consistent employment because every time a military member has to transfer duty stations, in those cases, they end up giving up a job,” he says. “So how does a spouse get any consistency?”