1 / 17

Presented by Military & Family Personal Financial Counselor

Personal Finance. Before You Take Off Financial Planning for Deployment Pre-Deployment. Presented by Military & Family Personal Financial Counselor. Deployment Prep— Questions to Consider. What important documents do I need to have prepared or updated?

lynda
Télécharger la présentation

Presented by Military & Family Personal Financial Counselor

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Personal Finance Before You Take Off Financial Planning for Deployment Pre-Deployment Presented by Military & Family Personal Financial Counselor

  2. Deployment Prep— Questions to Consider • What important documents do I need to have prepared or updated? • What financial considerations do I need to review concerning my personal goals, spending plan, savings plan, investments, and Service Member benefits? • What will happen to my home or apartment and my vehicle while I am deployed? • How will I communicate with my family while I am away? • How can I help my family prepare for emergencies in my absence?

  3. Important Documents Put your legal affairs in order. • Will • Advance Medical Directives • Powers of Attorney (POA) • General • Specific/Limited • Legal Assistance Free of Charge in Your Area: • http://legalassistance.law.af.mil/content/locator.php Important Papers

  4. Know Your SCRA Rights • Servicemembers Civil Relief Act (SCRA) • 6% cap on debts incurred before active duty • Temporary stays of civil proceedings • Divorce • Child Paternity and Support • Foreclosure • Bankruptcy • Ability to terminate a lease • Limited eviction protection

  5. Financial Preparations: • DOD Savings Deposit Program The DOD Savings Deposit Program: Short term savings account, higher than average return.

  6. Financial Preparations: • DOD Savings Deposit Program Criteria: • Combat Zone • Hostile Fire Pay • Up to $10,000 • 10% Annual Interest Rate • Interest continues up to 90 days after return

  7. Financial Preparations: • DOD Savings Deposit Program • Withdrawal • MyPay Request • 120 day Automatic Direct Deposit • Emergency: Command Approved • Deposits • Cash • Check • Allotment • Flexible Amounts • Stops Automatically

  8. Financial Preparations: • DOD Savings Deposit Program • Where to get help: • Military finance offices in theater • Toll Free (Stateside Only): 1-888-332-7411 • Commercial: 216-522-5096 • DSN: 580-5096 • Fax: (Attention SDP): 216-522-5060 • E-mail: CCL-SDP@dfas.mil

  9. Financial Preparedness Thrift Saving Plan • What is TSP? • Voluntary • Automatic Payroll Deductions • Contributions  Pre-tax • Contributions  Grow Tax-deferred • Low Administrative Costs • Beneficiary of Your Choice

  10. Index-Based Fund Options

  11. Financial Preparedness: How much should I contribute? • How much to contribute depends on several factors : • Your age • Your investing experience • The amount of money you will need for retirement • The length of time the money will be invested • The amount of money you are investing now • The amount of investment dollars can be committed to retirement investments • Whether or not you have a Roth IRA • When in doubt, MAX it out!

  12. Financial Arrangements: Taxes • Filing Extensions for Deployed Personnel • Automatic 60-day filing extension • Automatic 180-day Combat Zone extension • 180-day freeze on any IRS Assessments by emailing combatzone@IRS.gov

  13. Financial Arrangements: • Taxes • Power of Attorney or Spouse--Filing Your Taxes or Asking for Extension • Prior year’s tax returns along with • IRS Form 2848 and Power of Attorney to file Joint Tax Return • IRS Form 4869 for a 4-month Extension

  14. While You’re Deployed • Online Access to Leave and Earnings Statement • Protect Your Identity • “Active Duty” Alert • Credit Freeze • Order Free Credit Reports • Credit Bureaus: • Equifax: http://www.equifax.com • 1-800-525-6285 • Experian: http://experian.com • 1-888-397-3742 • TransUnion: http://transunion.com • 1-800690-7289

  15. Preparing for Emergencies • Develop a Support System: • Friends • Family • Community • The Red Cross • Military Relief Organizations • Discuss How to Handle: • Car Issues • Home Maintenance • Finances • Have on Hand: • Up-to-date Contact List • Emergency Funds

  16. Before You Take Off Financial Planning for Deployment Questions?

  17. Information Sources • Information for this presentation came from the following sources: • Military OneSource: www.militaryonesource.mil • Military.com: www.military.com • Defense Finance and Accounting Service: www.dfas.gov • Internal Revenue Service: www.irs.gov • Federal Trade Commission: http://www.ftc.gov • Military4Life: www.military4life.com • SaveandInvest.org:www.saveandinvest.org

More Related