Welcoming Your First Child TC 8 Agenda Documents
Description: Welcoming Your First Child TC 8 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
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slide1. Welcoming Your First Child TC
8<br>
slide2. 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<br>
slide3. 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 Documents Estate Planning Handout Available<br>
slide4. Financial Planning: Spending Plans 4-STEP BUDGETING
PROCESS STEP 1:
Understand your current
situation STEP 2:
Know where
your money
should go STEP 3:
Create a plan STEP 4:
Make
adjustments * Pretax income Spending Plan Worksheet Handout Available 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%*
Housing – Limit to BAH or 25% – 30%*
STEP 3: Create a plan
Plan for new child expenses
Build an emergency fund
STEP 4: Make adjustments
Update with life changes
Review frequently<br>
slide5. 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<br>
slide6. Major Purchases Major Purchases and 5 Rules of Buying a House Handouts Available 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<br>
slide7. 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<br>
slide8. Insurance: Health, Dental, Property TRICARE Overview Handout Available Health
TRICARE coverages
Time frames
Reservist irregular pay risk
Reservist civilian insurance coordination
Dental
TRICARE Dental offers affordable plans for family members
Property
Homeowners or renters
Auto
Umbrella?<br>
slide9. LIFE Insurance Needs Your Total Need Subtract current coverage and assets<br>
slide10. 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<br>
slide11. Military Retirement Handout Available Military Retirement Which system are you under? Legacy “High-Three”
Retirement System Thrift Savings Plan
Member contributions
Pension Blended Retirement
System Thrift Savings Plan
Member contributions
Service automatic and matching
Continuation Pay
Retirement Lump Sum
Pension<br>
slide12. Federal or state withholding updates
Direct Access
IRS withholding estimator
Child tax credits
Certified tax professional or CG SUPRT Money Coach Income Taxes<br>
slide13. 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 Education Planning<br>
slide14. 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 Summary<br>
slide15. 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<br>
slide16. Thank You! The appearance of U.S. Department of Homeland Security (DHS)
visual information does not imply or constitute DHS endorsement.<br>
8<br>
slide2. 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<br>
slide3. 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 Documents Estate Planning Handout Available<br>
slide4. Financial Planning: Spending Plans 4-STEP BUDGETING
PROCESS STEP 1:
Understand your current
situation STEP 2:
Know where
your money
should go STEP 3:
Create a plan STEP 4:
Make
adjustments * Pretax income Spending Plan Worksheet Handout Available 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%*
Housing – Limit to BAH or 25% – 30%*
STEP 3: Create a plan
Plan for new child expenses
Build an emergency fund
STEP 4: Make adjustments
Update with life changes
Review frequently<br>
slide5. 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<br>
slide6. Major Purchases Major Purchases and 5 Rules of Buying a House Handouts Available 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<br>
slide7. 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<br>
slide8. Insurance: Health, Dental, Property TRICARE Overview Handout Available Health
TRICARE coverages
Time frames
Reservist irregular pay risk
Reservist civilian insurance coordination
Dental
TRICARE Dental offers affordable plans for family members
Property
Homeowners or renters
Auto
Umbrella?<br>
slide9. LIFE Insurance Needs Your Total Need Subtract current coverage and assets<br>
slide10. 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<br>
slide11. Military Retirement Handout Available Military Retirement Which system are you under? Legacy “High-Three”
Retirement System Thrift Savings Plan
Member contributions
Pension Blended Retirement
System Thrift Savings Plan
Member contributions
Service automatic and matching
Continuation Pay
Retirement Lump Sum
Pension<br>
slide12. Federal or state withholding updates
Direct Access
IRS withholding estimator
Child tax credits
Certified tax professional or CG SUPRT Money Coach Income Taxes<br>
slide13. 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 Education Planning<br>
slide14. 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 Summary<br>
slide15. 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<br>
slide16. Thank You! The appearance of U.S. Department of Homeland Security (DHS)
visual information does not imply or constitute DHS endorsement.<br>