The magnetic moment is a fundamental property of particles. The measurement of these magnetic moments and the comparison with the values predicted by the standard model of particle physics is a way to test our understanding of the fundamental building blocks of our world. In some cases, such as for the electron, this comparison has resulted in confirmation of the standard model with incredible precision. In contrast, the magnetic moment of the muon has shown a long-standing disagreement in the measured and the predicted value. There is currently a tantalizing three-standard-deviation difference between the current best measurement (with a precision of 0.54 ppm) and the state-of-the-art standard model prediction. This represents one of the very few experimental hints for physics beyond the standard model. There are currently two major experimental efforts underway to improve the precision of the muon magnetic moment measurement. The first is an evolution of the E-821 experiment, originally located at Brookhaven National Laboratory in the United States. This is experiment, E-989, is located at Fermilab and will measure the spin precession rate of positive muons in a 14-m diameter storage ring using decay positrons. The goal of the experiment is to reduce the current experimental uncertainty by a factor of three. The experiment is currently being constructed and aims to start taking data in 2017. An alternative, and very complementary, experiment is being planned at J-PARC in Japan. This experiment, E-34, will utilize low energy, ultra-cold muons in a much smaller storage ring. This experiment aims for a similar precision to the Fermilab experiment and aims to begin data taking on a similar timescale.