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Personal Finance Before You Take Off Financial Planning for Deployment Pre-Deployment Presented by Adam R. Stevens JFSAP Personal Financial Counselor,

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Presentation on theme: "Personal Finance Before You Take Off Financial Planning for Deployment Pre-Deployment Presented by Adam R. Stevens JFSAP Personal Financial Counselor,"— Presentation transcript:

1 Personal Finance Before You Take Off Financial Planning for Deployment Pre-Deployment Presented by Adam R. Stevens JFSAP Personal Financial Counselor, State of New York

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: Important Papers

4 Record of Emergency Data Account Beneficiaries Service Record/Contact List Defense Enrollment Eligibility Report System (DEERS) Identification Cards Spouse Relocation

5 Family Care Plan Single Parents Dual Military Couples Individuals with Custody or Joint Custody Individuals Responsible for Dependent Family Members

6 Family Care Plan Names and Contact Information Provisions for Absences Financial Arrangements Logistical Arrangements Names of those not to be caregivers Designated Responsible Person

7 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

8 Financial Preparations: Financial Readiness Re-evaluate Your Financial Goals Create SMART Goals DoD Savings Deposit Program Deployment Spending Plan Review Investments Avoid Combat Overspending Review Combat Zone Service Member Benefits pay/special-pay/combat-zone-tax-exclusions.html

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

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

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

12 Financial Preparations: DOD Savings Deposit Program Where to get help: Military finance offices in theater Toll Free (Stateside Only): Commercial: DSN: Fax: (Attention SDP):

13 Financial Preparations: Financial Readiness With “New Money,” take the opportunity to save! Pay Down Debt Create Revolving Savings and Safety Savings Save for Long-term Goals

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

15 Index-Based Fund Options

16 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!

17 Financial Arrangements: Paying Bills Financial Responsibilities continue during your deployment. Plan ahead to take care of bill paying while you are away. Spouse or Power of Attorney Direct Deposit Allotments Automatic Bill Pay Credit Cards Follow your Deployment Spending Plan. Pay Bills!

18 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 ing

19 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

20 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: Experian: TransUnion:

21 Property Management Protect Your Assets In Your Absence Vehicles Arrange for continued payments Renew registration, tags, inspection Notify insurance company and check on reduced rates Perform maintenance and repairs Locate a storage facility

22 Home or Apartment Arrange for continued payments Check credit if subletting Set up scheduled maintenance or lawn care Property Management Protect Your Assets In Your Absence

23 Keeping in Touch During Deployment Communication Tools Pre-paid Phone Cards Phones Regular Mail Care Packages

24 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

25 Deployment Prep Tools

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28 Summary DoD Module “Before You Take Off—Financial Planning for Deployment” provided information on the following topics: Important Documents to update or prepare Financial Preparation TSP & SDP Property Management Communication Emergency Preparation Tools to help you Prepare

29 Questions? Before You Take Off Financial Planning for Deployment

30 Information Sources Information for this presentation came from the following sources: Military OneSource: Military.com: Defense Finance and Accounting Service: Internal Revenue Service: Federal Trade Commission: Military4Life: SaveandInvest.org:


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