07-22-2014 05:16 PM
Dear USAA Member,
What motivates you? What worries you? What are your personal and financial goals? The answers to those questions are influenced not only by the generation to which you belong but also by your stage of life.
Although USAA members have different financial hurdles and priorities, they have much in common – including a family heritage of service to country and the legacy of USAA membership passed down from generation to generation. In 2014, USAA continues to deliver solutions to help our members of every generation reach their short-term and long-term financial goals.
Starting Out: A Strong Foundation
If you’re one of the 86 million Americans born after 1980, you might be establishing your finances, launching a career and starting a family – and we know that’s a challenge. Millennials, you are the best educated of any generation and also the first to have higher levels of student loan debt and unemployment than your two predecessor generations[i]. And if you’re an active-duty service member, hundreds of thousands like you are making the uncertain transition back to civilian life.
To help you get on firmer financial ground, USAA created an online tools and advice center at usaa.com/startsaving. Here, you can build your plan to pay off debts, track money, set long-term goals and even start investing. Also, the USAA mobile app is more versatile. You can now change debit-card withdrawal limits, request credit-card line increases, deactivate lost cards and even list your car for sale to other USAA members.
For those of you leaving the military, we extended our suite of military transition tools to mobile devices, and so far this year, our representatives have advised twice the number of transitioning members compared with this time last year. Notably, we are taking advantage of the great talent coming out of the military by making sure at least 30 percent of USAA’s new hires are veterans and military spouses. We know it’s not only about jobs – it’s about careers. So we are sharing what we’ve learned about developing post-military careers with more than 200 other employers.
Midlife: Raising Families, Juggling Financial Priorities
Some of you are in your 30s and 40s, juggling household expenses and car payments, all while looking out for a growing family. Sometimes, these challenges mean more debt. With more people and more possessions to protect, midlife families have to think about the right levels of home, property and life insurance.
Earlier this year, USAA introduced our powerful Debt Manager tool on usaa.com and mobile to help you create a plan to pay off debt in the right order. To help stretch your dollars, USAA continues to offer highly competitive homeowner and automobile insurance rates, as well as banking without all the fees others might charge. We also want to save you time. Starting next month, making claims on fender benders can be a little less painful. Through our mobile app, you’ll be able to upload photos of the damage and receive estimates back more quickly.
Paring Down, Getting Ready
Many of us are either nearing retirement or figuring out how to make retirement savings last for life. Every day for the next 10 to 15 years, some 10,000 baby boomers will retire. Paring down debt, ramping up retirement savings, coping with lower-than-expected returns on savings and investments, and dealing with rising health care costs are top of mind.
USAA stands ready with advice and retirement planning tools. Members can visit our Retirement Center on usaa.com or work with our licensed investment professionals to create a plan tailored to your goals. We also want to help as you make important health care decisions. USAA’s Health Care Cost Planner provides recommended coverage choices, helps you get a better handle on costs and lets you discover how you better can help protect you and your family. You can compare Medicare solutions, long-term care, dental and vision plans on USAA’s Health Insurance Marketplace. For those who prefer face-to-face interactions and advice, USAA opened two more financial centers this year in cities with large military communities.
Strong to Serve Every Generation
At USAA, we work to keep expenses down and invest prudently for a secure future of serving military families for many years to come. As of June 30, USAA’s net worth – the key indicator of USAA’s ability to meet commitments today and into the future – grew 13 percent year over year to $26 billion. Our industry-leading expense ratios enable USAA to keep rates competitive and service levels high, even as more military families – 10.4 million members and counting – discover the value of USAA. (For more financial detail, please click this link.)
Whatever your stage of life, we hope you’ll count on USAA to help build a more secure future for you and your family.
Josue (Joe) Robles Jr.
Major General, USA (Ret.)
Chief Executive Officer
[i] Pew Research, “Millennials in Adulthood,” March 2014
Investments/Insurance: Not FDIC Insured • Not Bank Issued, Guaranteed or Underwritten • May Lose Value
Use of the term “member” or “membership” does not convey any eligibility rights for auto and property insurance products, or legal or ownership rights in USAA. Ownership rights are limited to eligible policyholders of United Services Automobile Association.
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