personal finance before you take off financial planning for deployment pre-deployment presented by...
TRANSCRIPT
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Personal Finance
Before You Take OffFinancial Planning for Deployment
Pre-Deployment
Presented by Adam R. StevensJFSAP Personal Financial Counselor, State of New
York
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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
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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
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• What is TSP? • Voluntary• Automatic Payroll Deductions• Contributions Pre-tax• Contributions Grow Tax-deferred• Low Administrative Costs• Beneficiary of Your Choice
Financial PreparednessThrift Saving Plan
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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!
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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 [email protected]
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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
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Property ManagementProtect Your Assets In Your Absence
VehiclesArrange for continued
paymentsRenew registration, tags,
inspectionNotify insurance company
and check on reduced rates
Perform maintenance and repairs
Locate a storage facility
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Home or ApartmentArrange for continued
paymentsCheck credit if sublettingSet up scheduled
maintenance or lawn care
Property ManagementProtect Your Assets In Your
Absence
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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