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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?

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Presented by Military & Family Personal Financial Counselor

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  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

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