Pre-Deployment TC 12A Agenda Pre-Deployment

Transcript:Pre-Deployment TC 12A Agenda Pre-Deployment:
Pre-Deployment TC 12A Agenda Pre-Deployment Checklist Available Financial planning Insurance and legal documents Saving and investing Managing debt and credit Financial Planning Setting Financial Goals If necessary, set new or additional goals to establish SMART Goals Specific Measurable Achievable Realistic Time-bound Write down your financial goals Prioritize your goals Determine how much to save Spending Plan Worksheet Handout Available Spending Plan Create and update your spending plan Set up automatic bill pay Account for changes to income, taxes and expenses Special Pays Monthly Hostile Fire Pay/Imminent Danger Pay (HFP/IDP) $250 Family Separation Allowance Hardship Duty Pay (HDP) Per Diem $50 – $150 $225 Varies Source: dcms.uscg.mil Special Pay and Entitlements Taxes Combat Zone Tax Exclusion (CZTE) Exempts all or a portion of earnings from federal income taxes while deployed to a designated combat zone Unlimited for enlisted Service members Officers’ pay is limited to the maximum rate for enlisted Service members plus imminent danger or hostile fire pay ($9,069.30 in 2020) Tax filing considerations and residency issues Resources irs.gov/pub/irs-pdf/p3.pdf Ref. pg.15 CZTE Handout Available Insurance and Legal Documents LIFE Insurance Needs Your Total Need Subtract current coverage and assets TRICARE Overview Handout Available Insurance Overview Life Insurance SGLI Private Policy (Term/Permanent) Coverage Beneficiaries War clause and other restrictions TRICARE Auto, Homeowners, Renters, Dental Review and update your current insurance policies Estate Planning Handout Available Legal Documents Safeguard information and documents while deployed Review and update important documents Will Power of attorney Living will Medical directives Record of Emergency Data Religious preference Home of record considerations Survivor Benefits Overview Handout Available Survivor Benefits Servicemembers’ Group Life Insurance (SGLI) Casualty Assistance Office Dependency and Indemnification Compensation (DIC) Dependents’ Educational Assistance (DEA) Survivor Benefit Plan (SBP) Death Gratuity Social Security Survivors’ Benefits VA Burial Saving and Investing Emergency Funds Start with saving up to $1,000 Strive to save and maintain 3 to 6 months of living expenses Automate savings Keep funds accessible Savings Deposit Program (SDP) Deployed to designated combat zone Deposit up to $10,000 Earnings are taxable Earn 10% annually Withdrawals Emergency Automatic direct deposit after 120 days dcms.uscg.mil/ppc/news/Article/1119913/ savings-deposit-plan-sdp Calculate Your Earnings Estimate your earnings Multiply the average quarterly balance by .025 (10% ÷ 4) Example If your average quarterly balance is $3,000 $3,000 x .025 = $75 You earned $75 that quarter Savings Deposit Program (SDP) Combat Zone Tax Exclusion Reserve must coordinate contributions Thrift Savings Plan (TSP) Thrift Savings