1. JAX/Norfolk Element 42 Pg. 193
Financial Management
Element 42
Pg. 193
Navy Pre-Sep Day 1

2. Managing your finances is KEY to a successful transition!

3. To make informed decisions:
JAX/Norfolk
To make informed decisions:
Invest time & thought developing your 12-month post-transition budget
Calculate the total value of your military pay and benefits
Understand your options related to your Thrift Savings Plan
If retiring, discuss with your spouse /dependents if you should opt for the Survivor Benefit Plan (SBP)
(and, if you entered the service before 01 Jan 2018 and have less than 12 years service, select your Retirement Plan by the end of 2018)
Navy Pre-Sep Day 1

4. Your 12-month post transition plan
JAX/Norfolk
Your 12-month post transition plan
Workshop typically occurs during Day 1 of TGPS
Completing a plan meets a Career Readiness Standard; completing a complete and accurate plan prevents stress and hardship
To prepare, take advantage of your unit’s Command Financial Specialist and FFSC financial counselors and workshops prior TGPS
Use Block 1 of the ITP to help identify likely expenses
Navy Pre-Sep Day 1

5. Calculate the total value of your military pay and benefits
JAX/Norfolk
Calculate the total value of your military pay and benefits
Medical and dental coverage
Specialty pay & allowances
Child care, MWR, JAG services
Commissary (30% cost advantage)
Tax advantages for BAH/BAQ
Paid Time Off (holidays, leave and sick time)
Education benefits
Navy Pre-Sep Day 1

6. Understand your options related to your Thrift Savings Plan
JAX/Norfolk
Understand your options related to your Thrift Savings Plan
Meet with a financial specialist to discuss the pro’s and con’s of:
Leaving your money in the Plan to grow (and keep your address updated)
Rolling it over into another qualified retirement account
Taking a partial or full withdrawal (may be taxable, and will subject to a penalty if you’re under 59 ½)
See more details at
Navy Pre-Sep Day 1

7. JAX/Norfolk
If retiring, decide whether to opt in or out of Survivor Benefit Plan (SBP)
Similar to life insurance; continues to pay a percentage of your retirement pay to your spouse / children if you die before them
You’ve been covered while on Active Duty; when you retire, you will automatically be enrolled unless you opt out, and this requires your spouse’s signature
You and your spouse should run the numbers with a financial specialist to decide which options make most sense
Navy Pre-Sep Day 1

8. Resources 12-month Post-Transition Budget: FFSC, MOC Crosswalk Manual
Thrift Savings Plan
Survivor Benefit Plan
militarypay.defense.gov/Benefits/Survivor-Benefit-Program/