Financial Planning Guide for Military Families
Discover essential financial planning insights for military families welcoming their first child. Learn about documents, major purchases, spending plans, and more to ensure a secure financial future. Explore key considerations, resources, and tips to navigate this exciting milestone effectively.
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Presentation Transcript
TC 8 Welcoming Your First Child
Agenda Documents Spending plans Major purchases Military consumer protection Health, dental and property insurance Life insurance and military survivor benefits Military retirement Income taxes Education planning Welcoming Your First Child Member Checklist Available Internal
Documents Important documents Birth certificate Certificate of adoption Social Security card DEERS Military ID Check Payslip after DEERS registration Legal documents Will Power of attorney Special needs considerations Family care plan Estate Planning Handout Available Internal
Financial Planning: Spending Plans STEP 1: Understand your current situation Track inflows and outflows Review past financial statements STEP 1: Understand your current situation STEP 2: Know where your money should go Save and/or invest 10% 15%* Transportation less than 15% 20%* Housing Limit to BAH or 25% 30%* STEP 2: Know where your money should go STEP 4: Make adjustments 4-STEP BUDGETING PROCESS STEP 3: Create a plan Plan for new child expenses Build an emergency fund STEP 3: Create a plan STEP 4: Make adjustments Update with life changes Review frequently * Pretax income Spending Plan Worksheet Handout Available Internal
Spending Plan Considerations Military Parental Leave Program Women, Infants and Children (WIC) Coast Guard Mutual Assistance (CGMA) Layette Program Adoption Reimbursement Remind adoptive parents that they may qualify for partial reimbursement of adoption expenses dcms.uscg.mil/Our-Organization/Assistant-Commandant-for-Human- Resources-CG-1/Health-Safety-and-Work-Life-CG-11/Office-of-Work- Life-CG-111/Adoption-Reimbursement CGMA offers loans and grants to help provide some relief associated with the costs of adoptions cgmahq.org/programs/adoption.html Internal
Major Purchases Make smart purchases Logic beats emotion Additional costs matter Shop around Housing Work with nearest military housing office Speak with Health, Safety and Work-Life (HSWL) Regional Practice Transportation Analyze your needs Review your spending plan Major Purchases and 5 Rules of Buying a House Handouts Available Internal
Military Consumer Protection Servicemembers Civil Relief Act (SCRA) Military Lending Act (MLA) Credit reports annualcreditreport.com Assigned CFS or PFM at HSWL Regional Practice Protect children from identity theft Free credit monitoring for Active Duty TransUnion Equifax Experian Military Consumer Protection, Servicemembers Civil Relief Act, and Sources of Help for Military Consumers Handouts Available Internal
Insurance: Health, Dental, Property Health TRICARE coverages o Time frames o Reservist irregular pay risk o Reservist civilian insurance coordination Dental TRICARE Dental offers affordable plans for family members Property Homeowners or renters Auto Umbrella? TRICARE Overview Handout Available Internal
LIFE Insurance Needs Liabilities (debts and obligations) Income (amount X number of years needed) Final expenses Education and other goals + + + Subtract current coverage and assets Your Total Need Internal
Coverage Options and Survivor Benefits Servicemembers Group Life Insurance (SGLI) Death benefit Beneficiaries Family Servicemembers Group Life Insurance (FSGLI) Private Life Insurance Term and permanent coverage War clause and other restrictions Beneficiaries Survivor Benefits Dependency and Indemnity Compensation (DIC) Dependents Educational Assistance (DEA) Survivor Benefit Plan (SBP) Death Gratuity Social Security Survivors Benefits Survivor Benefits Handout Available Internal
Military Retirement Which system are you under? Legacy High-Three Retirement System Blended Retirement System Thrift Savings Plan Member contributions Pension Thrift Savings Plan Member contributions Service automatic and matching Continuation Pay Retirement Lump Sum Pension Military Retirement Handout Available Internal
Income Taxes Federal or state withholding updates Direct Access IRS withholding estimator Child tax credits Certified tax professional or CG SUPRT Money Coach Internal
Education Planning Post-9/11 GI Bill benefits transfer College savings account 529 College Savings Plan Coverdell Education Savings Plan Uniform Transfer/Gift to Minors Act (UTMA /UGMA) Financial aid, scholarships and grants Student loans Education Benefits and Savings, and Paying off Student Loans Handouts Available Internal
Summary Congratulations on having your first child! It s important to talk about financial goals with your partner or spouse so you can work together to meet them. Let s recap what you learned. Documents Spending plans Major purchases Military consumer protection Health, dental and property insurance Life insurance and military survivor benefits Military retirement Income taxes Education planning Internal
Resources Checklist and Handouts Financial Education and Support Command Financial Specialists (CFS) Personal Financial Managers (PFM) Health, Safety and Work-Life (HSWL) Regional Practice CG SUPRT Coast Guard Mutual Assistance (CGMA) Financial Literacy Mobile Apps Coast Guard Work-Life mobile app DoD FINRED Sen$e mobile app Internal
Thank You! The appearance of U.S. Department of Homeland Security (DHS) visual information does not imply or constitute DHS endorsement. Internal
