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

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 2013)

Update Important Documents  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 2 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Spending Plan • INCOME • EXPENSES – Wages/Salary – Savings/Emergency – Alimony – Food – Child Support – Housing – Retirement income – Utilities – Social Security – Transportation – Insurances – Clothing 3 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Know Your Income  Basic Pay  BAH, BAS, Per Diem  Family Separation Pay  Incentive or Special Pay  Hostile Fire/ Imminent Danger Pay  Combat Zone Tax Exemption 4 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Check your Leave and Earnings Statement (LES) 5 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Anticipate Expenses  Regular Expenses  Deployment Expenses ‒ Rent/Mortgage – Uniforms ‒ Utilities – Storage Fees ‒ Transportation – Packages/Stamps ‒ Insurance – Child care/Maid Service ‒ Savings – Meals away from home ‒ Debt Payments 6 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Develop a Plan  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 7 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Savings • Emergency savings • Revolving savings • Long-term savings – Saving Deposit Program – Thrift Savings Plan 8 Before You Take Off: Financial Planning for Deployment (FEB 2013)

Insurance  Service Members’ Group Life Insurance (SGLI)  Family Service Members’ Group Life Insurance (FSGLI)  Traumatic Injury Protection Under Service Members' Group Life Insurance (TSGLI) 9 Before You Take Off: Financial Planning for Deployment (FEB 2013)

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

Things to Do Resources 11 Before You Take Off: Financial Planning for Deployment (FEB 2013)