Welcoming Your First Child TC 8 Agenda Documents

Transcript:Welcoming Your First Child TC 8 Agenda Documents:
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 planning Welcoming Your First Child Member Checklist Available 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 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 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 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 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 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? LIFE Insurance Needs Your Total Need Subtract current coverage and assets Coverage Options and Survivor Benefits Servicemembers’ Group Life Insurance (SGLI) Death benefit Beneficiaries Family Servicemembers’ Group Life