Preparing for Your First Child: Essential Financial and Legal Considerations
Discover key financial planning steps, important documents to prepare, and resources available for welcoming your first child. Learn about financial education programs, major purchases, and other essential considerations for military families. Get ready for this life-changing event with expert guidance and practical tips.
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Presentation Transcript
TC 8 Welcoming Your First Child
Agenda Documents Financial Planning Insurance Retirement Planning for Education Resources Welcoming Your First Child Checklist Available
Documents Important Documents Birth certificate Certificate of adoption Social Security Card DEERS Military ID Check LES or Payslip after DEERS registration Legal Documents Will Power of attorney Special needs considerations Family care plan Estate Planning Handout Available
Financial Planning: Spending Plans STEP 1: Understand your current situation STEP 1: Understand your current situation Track inflows and outflows Review past financial statements STEP 2: Know where your money should go Save and/or invest 10% 15%* Transportation less than 15% 20%* Limit BAH to 25% or less* 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 Spending Plan Worksheet Handout Available * Pretax income
Financial Education and Assistance Programs Military Parental Leave Program Women, Infants and Children (WIC) Navy-Marine Corps Relief Society (NMCRS) Budget for Baby Coast Guard Mutual Assistance (CGMA)
Major Purchases Make smart purchases Logic beats emotion Additional costs matter Shop around Housing Work with base housing Transportation Analyze your needs Review your spending plan Major Purchases and 5 Rules of Buying a House Handouts Available
Other Considerations Military Consumer Protection Survivor Benefits Dependency and Indemnity Compensation (DIC) Dependents Educational Assistance (DEA) Survivor Benefit Plan (SBP) Death Gratuity Social Security Survivors Benefits Changes to your income tax situation Income tax withholdings Tax credits Military Consumer Protection, Sources of Help for Military Consumers, and Survivor Benefits Handouts Available
Insurance Health TRICARE coverages Medical o Spouse employer coverage o Flexible Savings Account (FSA) Dental Property Homeowners Renters Auto TRICARE Overview Handout Available
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
Coverage Options Servicemembers Group Life Insurance (SGLI) Coverage Death benefit Beneficiaries Family Servicemembers Group Life Insurance (FSGLI) Private Life Insurance Term and permanent coverage War clause and other restrictions Beneficiaries Premium payments
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 contributions Service match Continuation Pay Retirement Lump Sum Pension Military Retirement Handout Available
Paying for College 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
Summary Congratulations on having your first child! It s important to talk about financial goals with your spouse so you can work together to meet them. Let s recap what you learned. Documents Financial Planning Insurance Retirement Planning for Education
Resources Checklist and Handouts Financial Education and Support Command Financial Specialists (CFS) Personal Financial Managers (PFM) Installation Family Support Center or Health, Safety, Work-Life (HSWL) Regional Practice Relief Societies Military OneSource or CG SUPRT Financial Literacy mobile apps MyNavy Financial Literacy Sen$e
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