Before You Take Off: Financial Planning for Deployment Please - - PowerPoint PPT Presentation

▶

Aug 27, 2023 159 likes •288 views

Before You Take Off: Financial Planning for Deployment Please download the Before You Take Off: Financial Planning for Deployment 1 Worksheet and Handouts before beginning this class. Before You Take Off: Financial Planning for Deployment (FEB

SLIDE 1

Before You Take Off: Financial Planning for Deployment (FEB 2013) 1

Before You Take Off: Financial Planning for Deployment

Please download the Before You Take Off: Financial Planning for Deployment Worksheet and Handouts before beginning this class.

SLIDE 2

Before You Take Off: Financial Planning for Deployment (FEB 2013) 2

Defense Enrollment Eligibility Reporting System (DEERS) –

verify enrollment for all dependents so they are eligible for TRICARE benefits

Check expiration dates of all ID Cards
Make a Will and Living Will
Update beneficiaries on all accounts (bank, investment,

insurance policies)

Create Powers of Attorney (POA) so others may conduct

business on your behalf; general or specific/special

Update Important Documents

SLIDE 3

Before You Take Off: Financial Planning for Deployment (FEB 2013) 3

Spending Plan

INCOME

– Wages/Salary – Alimony – Child Support – Retirement income – Social Security

EXPENSES

– Savings/Emergency – Food – Housing – Utilities – Transportation – Insurances – Clothing

SLIDE 4

Before You Take Off: Financial Planning for Deployment (FEB 2013) 4

Basic Pay
BAH, BAS, Per Diem
Family Separation Pay
Incentive or Special Pay
Hostile Fire/

Imminent Danger Pay

Combat Zone Tax

Exemption Know Your Income

SLIDE 5

Before You Take Off: Financial Planning for Deployment (FEB 2013) 5

Check your Leave and Earnings Statement (LES)

SLIDE 6

Before You Take Off: Financial Planning for Deployment (FEB 2013) 6

Regular Expenses

‒ Rent/Mortgage ‒ Utilities ‒ Transportation ‒ Insurance ‒ Savings ‒ Debt Payments

Anticipate Expenses

Deployment Expenses

– Uniforms

– Storage Fees – Packages/Stamps – Child care/Maid Service – Meals away from home

SLIDE 7

Before You Take Off: Financial Planning for Deployment (FEB 2013) 7

Financial arrangements

– Financial Caretaker

– Direct Deposit – Allotments – Automatic bill pay

Taxes

– Automatic 60-Day filing Extension

– 180-Day Automatic Combat Zone Extension – POA or Spouse – Help www.militaryonesource.com

(FREE tax preparation or questions) 1-800-342-9647

Develop a Plan

SLIDE 8

Before You Take Off: Financial Planning for Deployment (FEB 2013) 8

Savings

Emergency savings
Revolving savings
Long-term savings

– Saving Deposit Program – Thrift Savings Plan

SLIDE 9

Before You Take Off: Financial Planning for Deployment (FEB 2013) 9

 Service Members’ Group Life Insurance (SGLI)  Family Service Members’ Group Life Insurance (FSGLI)  Traumatic Injury Protection Under Service Members' Group Life Insurance (TSGLI)

Insurance

SLIDE 10

Before You Take Off: Financial Planning for Deployment (FEB 2013) 10

Credit Bureaus:

Equifax 1-800-525-6285

– www.equifax.com

Experian 1-888-397-3742

– www.experian.com

TransUnion 1-800-680-7289

– www.transunion.com Register an “active duty alert” Order your free credit reports at www.annualcreditreport.com

Protect Your Identity

SLIDE 11

Before You Take Off: Financial Planning for Deployment (FEB 2013) 11